The world’s billionaires saw their collective wealth rise by 17% over the past year, according to the UBS Billionaire Ambitions Report for 2024.
Their combined fortune reached $14 trillion, up from $12 trillion last year.
The number of billionaires globally also increased, growing from 2,544 to 2,682.
This marks a stark contrast to 2015 when the total wealth stood at $6.3 trillion.
The report highlights the growing concentration of wealth, noting the super-wealthy account for a small fraction of the global population.
According to the World Bank, the world’s population exceeded 8 billion last year, with a global GDP of $105.4 trillion.
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US Billionaires Lead the Surge
Billionaire growth was led by the United States, which saw a significant increase in both the number and their total wealth:
- Billionaire Count: Increased from 751 to 835.
- Total Wealth: Climbed from $4.6 trillion to $5.8 trillion.
- Key Sectors: Industrial and tech magnates drove the growth.
North America was viewed as the most promising region for investment over the next year, with respondents citing high returns as a key factor.
The world’s richest person is currently Elon Musk, the owner of Tesla and X.
The richest woman is Walmart heiress Alice Walton.
Musk’s latest role is to head up the new Department of Government Efficiency. He has stated he could lead a project to cut as much as $2 trillion from US government spending.
China’s Decline: Economic Uncertainty Hits Hard
China, which once boasted rapid growth, saw a sharp decline:
- Billionaire Count: Fell from 520 to 427.
- Total Wealth: Dropped from $1.8 trillion to $1.4 trillion.
- Reasons: Declines in real estate markets and the value of major firms due to economic instability.
In 2021, China had 626 billionaires worth more than $2.5 trillion. UBS attributed the ongoing decline to geopolitical tensions and a weaker economic outlook.
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India and Europe See Gains
India:
- Billionaire Count: Rose by over 20% to 185.
- Wealth Growth: Increased by 40% to $906 billion.
Western Europe:
Switzerland overtook the UK as the second-highest country for billionaires in the region, with a total of 85 (+10). Other countries also saw growth:
- France: Billionaires rose by 12 to 46, with the highest combined wealth among Europeans.
- Germany: Added 8 billionaires, reaching 117.
- Italy: Gained 6, now totaling 62.
- Spain: Added 3, totaling 27.
In contrast, the UK experienced a slight decline, dropping to 82 billionaires, one fewer than the previous year.
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Self-Made Billionaires Dominate
The report noted that most new billionaires in 2024 were self-made, marking a reversal from 2023, when wealth inheritance played a larger role. Despite the gains, many billionaires expressed concerns over:
- Geopolitical conflicts.
- Rising inflation.
The Bigger Picture
The rapid rise in billionaire wealth reflects shifting economic trends but also underlines widening global inequality.
With $14 trillion concentrated in the hands of 2,682 people, questions about wealth distribution and economic sustainability are more pressing than ever. The next year could bring further changes, driven by economic recovery, market fluctuations, and geopolitical events.
You can download the report here.
