According a report from Swiss bank UBS released on Thursday, the wealth of the world’s billionaires has surged by approximately 17% over the past year, with substantial gains among the ultra-rich in the United States more than compensating for a decline in China.
The UBS Billionaire Ambitions Report for 2024 indicates that the total number of billionaires in US dollars increased to 2,682, up from 2,544 the previous year, with their collective wealth rising to $14 trillion from $12 trillion. This compares to a total wealth of $6.3 trillion in 2015.
The report highlights that the global population was just over 8 billion last year, and the world’s gross domestic product (GDP) reached around $105 trillion, illustrating the stark concentration of wealth among a small segment of the population.
Most of the newly minted billionaires in the past year were self-made, contrasting with the previous year when new billionaires primarily acquired their wealth through inheritance rather than entrepreneurship.
The report, which is based on a survey conducted between June and September and wealth data on the super-rich, reveals that geopolitical conflict and inflation are major concerns for billionaires. Additionally, North America is overwhelmingly viewed as the region with the best investment potential for the upcoming year.
In the United States, the billionaire count rose to 835 from 751, largely driven by industrial and technology tycoons, with their total wealth increasing to $5.8 trillion from $4.6 trillion.
Conversely, in mainland China, the number of billionaires fell to 427 from 520, and their wealth declined to $1.4 trillion from $1.8 trillion. In 2021, there were 626 billionaires in mainland China with a combined net worth exceeding $2.5 trillion, according to earlier UBS reports.
Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management, noted that this decline is reflective of losses in real estate markets and a decrease in the value of companies owned by some of China’s wealthiest individuals amidst a more uncertain economic outlook.
In India, the number of billionaires grew by over 20% in the past year to reach 185, with their combined wealth increasing by more than 40% to nearly $906 billion, according to UBS.
In Western Europe, Switzerland surpassed Britain to become the country with the second-highest number of billionaires after Germany, increasing its total by 10 to 85. France gained 12 billionaires for a total of 46, Germany increased by 8 to reach 117, Italy added 6 for a total of 62, and Spain grew by 3 to 27, while Britain saw its total drop by one to 82. France’s billionaires collectively hold the highest wealth among their European counterparts.
