The global billionaire population expanded by 4 percent in 2023 to 3,323 individuals, more than reversing the previous year’s decline to hit a new high in billionaire numbers.
This cohort’s numbers were bolstered by rising stock markets and a world economy that proved more resilient than expected, given the constraints of high inflation, tight monetary policy, cost-of-living pressures and geopolitical instability, per a new report from Altrata.
High jump
Billionaires’ total wealth worldwide grew strongly by 9 percent to a record $12.1 trillion.
The richest billionaires are getting richer, according to Altrata’s Billionaire Census 2024 report whose lead authors were Maya Imberg, Maeen Shaban and Bettina Lengyel.
An exclusive 18 individuals reside in the very top tier of billionaire wealth, each with a fortune in excess of $50 billion.
Over the past decade, the number of individuals with $50 billion-plus has risen just slightly to 0.5 percent of all billionaires.
Yet more remarkable by far has been the fourfold increase in their share of billionaire wealth, per Altrata: from under 4 percent in 2014 to 16 percent in 2023.
The total net worth of these 18 individuals amounted to $2 trillion, implying an average 12-figure fortune of just more than $100 billion.
China takes Asia down
India recorded the strongest expansion (16 percent) in billionaire numbers of all the leading countries in 2023, rising to a population of 131, according to the report.
In marked contrast, China experienced the largest relative decline in billionaire numbers of all major wealth markets for a second consecutive year, with its billionaire population falling by almost 15 percent to 304.
The United States enhanced its status as the dominant billionaire country, recording a 10 percent rise in its population to 1,050 individuals.
New York maintained its lead at the top of the city table, ahead of Hong Kong, which lost ground for a third consecutive year as a result of the fallout from the political clampdown and portfolio exposure to underperforming China-related assets.
North America saw the fastest growth in billionaire numbers of any region in 2023.
A resilient economy and equity surge helped to bolster North America’s status as the world’s leading billionaire region, recording a 9.9 percent increase in its population to 1,111 individuals, and raising its global share to 33.4 percent.
Asia was the only region to record a decline in billionaire numbers and wealth, experiencing a 3.5 percent fall in its billionaire population to 806 individuals and a 2 percent drop in total net worth.
Europe’s billionaire population registered above-average growth of 5 percent to 980 individuals, consolidating its position as the world’s second-largest billionaire region with a 30 percent share.
Women more invested in luxury real estate, valuable art
There were a total of 431 female billionaires in 2023, per the report.
While accounting for an increasing share of billionaires, at 13 percent, women still remain very much in the minority.
Three-quarters of female billionaires have inherited at least a portion of their wealth, compared with a third of male billionaires, though the number of self-made female billionaires is rising quickly.
The sectoral focus of a third of billionaire women is either the nonprofit sector or banking and finance. Philanthropy is, without doubt, the preferred interest, far ahead of sports and art.
Female billionaires are more likely than their male counterparts to own luxury property and valuable art.
Billionaire women are one-and-a-half times more likely to own high-end real estate – worth more than $10 million – and 1.3 times more likely to own valuable art, defined as a single item worth more than $1 million.
In contrast, private jets, yachts and, in particular, valuable cars are more popular among male billionaires.
Please click or tap here to download the Billionaire Census 2024 report
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