Their collective wealth has reached unprecedented levels. The number of billionaires in the world is higher than ever.
Altrata’s 2023 Billionaire Census shows that the number of billionaires in the world has increased by 4%, to 3,323 people, and their net worth is up 9%, to an astounding $12.1 trillion.
The growing divide in wealth even between the ultra-rich is evident from this remarkable accumulation of wealth.
A group of 18 elite billionaires each with a net worth of over $50 billion now controls nearly $2 trillion, or 16% of the total wealth of billionaires.
The rapid accumulation of wealth at the top is evident by the four-fold increase in the share they hold compared with a decade earlier.
The billionaire boom is dominated by tech tycoons in North America
North America continues to be the center of wealth for billionaires, as its population has risen by 9.9% from 1,111 people.
Strong stock market gains, and the rapid rise in mega-cap tech stocks drove the region’s wealth to exceed $5 trillion.
Bloomberg Billionaires Index, however, does name notable tech titans like Elon Musk and Jeff Bezos. Mark Zuckerberg is also included.
The leaders of today have benefited from the bullish market and confidence investors show in technology-driven innovations.
Source : Altrata, Wealth-X company 2024
Unequal distribution among billionaires
The wealth of billionaires is still unevenly distributed despite the increase in number.
Most billionaires–84%–have fortunes between $1 billion and $5 billion, accounting for 42% of total billionaire wealth.
A smaller group of 194 billionaires each with a net worth of $10 billion or higher controls 41% or $5 trillion of the global wealth of billionaires.
Maya Imberg is the head of Altrata’s thought leadership. She said that “the wealth of billionaires has increased year on year, reaching its highest number ever.”
This accumulation was attributed to the compounding of investment returns in periods of economic growth, even though there were challenges like inflation and geopolitical uncertainty.
Altrata’s Wealth-X company in 2024
India is the leader in the number of billionaires.
India had the highest growth of billionaires in 2023 with an increase of 16% to 131 people.
India is the fourth most wealthy country after China, the US and Germany, with a collective wealth of $395 billion.
China’s billionaire population, on the other hand, shrank by 15 percent to just 304 people, and its total wealth fell to $1,2 trillion.
Altrata attributes the decline in China’s stock market to its slowing economy, which is a reflection of macroeconomic issues.
The number of women billionaires is on the rise
The number of female billionaires is now 431, representing 13%.
Amongst them, 38% of their fortunes were inherited, such as Alice Walton who is the heir apparent to Walmart and Francoise Betencourt Meyers (the world’s richest woman, granddaughter of L’Oreal’s founding father)
Interesting, women billionaires own 1.5 times as much luxury real estate than men and are 1.3 times likely to buy fine art.
Portfolios of these families also contain a greater proportion of private investments. These are often linked to family businesses that span multiple generations.
Female billionaires who are self-made are primarily active in financial services, technology and philanthropy.
The growing wealth concentration at the top of the economic pyramid is causing debates on its wider economic and social implications.
The post Billionaire Boom: Richest and most numerous individuals have never been more wealthy or more abundant than they are today may change as new information becomes available.
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