In 2024, the stock market surge from the previous year significantly boosted the wealth of many of the world’s top billionaires. The number of billionaires reached a historic high of 3,508, with a total wealth of $13.4 trillion, marking a 10.3% increase from the previous year. The United States leads in the number of billionaires, accounting for one-third of the global total, surpassing the second-ranked China by a large margin.
According to data from the wealth intelligence company Altrata, in 2024, billionaires accounted for only 0.07% of the global population with a net worth exceeding $5 million; however, they held approximately 13% of the total wealth of this group. Focusing on the ultra-high net worth (UHNW) individuals – around 487,000 people with a net worth exceeding $30 million each, billionaires make up only 0.7% of this group, yet their total net assets of $13.4 trillion represent 24% of the UHNW group’s total wealth.
The latest survey indicates that the wealthiest individuals are becoming even wealthier. Altrata data shows that the combined wealth of 26 “super billionaires” accounts for 21% of the total wealth of all billionaires, a stark increase from only 4% a decade ago.
North America has solidified its position as the global hub for billionaires, with over three-quarters of the world’s billionaires concentrated in the top 15 countries. Approximately one-third of the global billionaire population (1,135 individuals) hail from the United States, owning 43% of the world’s total wealth. China ranks second with 321 billionaires, holding around 10% of global wealth, followed by Germany in third place.
However, Europe has emerged as the second-largest region for billionaires after North America. In 2024, the number of European billionaires surpassed 1,000 for the first time since Altrata began collecting data. The list includes French magnate Bernard Arnault (worth $236.4 billion), the longtime CEO of the luxury goods conglomerate LVMH, and German retail tycoon Dieter Schwarz (worth $45.9 billion), the mastermind behind the food and grocery giant Lidl.
Over the past decade, the distribution of billionaires in various regions has steadily shifted, but the appeal of top global cities offering high-end business, cultural, and lifestyle opportunities continues to attract billionaires.
Against the backdrop of growing wealth among billionaires globally, most top-ranking cities have seen an increase in the number of super-rich individuals, with significant growth noted in cities like Paris and Los Angeles. Dubai, a luxurious commercial and retail hub, has also maintained steady growth recently, while consistent growth in cities like Chicago and Houston highlights the widespread expansion of wealth among American billionaires.
As a few Asian billionaires drop off the list, notable Chinese billionaires currently on the list include Zhong Shanshan, founder of Nongfu Spring, with a net worth of $79.9 billion, and Ma Huateng, CEO of Tencent, with a net worth of $71.5 billion.
Artificial intelligence is exacerbating the wealth disparity among super billionaires, with strong stock market gains in recent years boosting the wealth of American billionaires like Elon Musk, Mark Zuckerberg, and Jeff Bezos.
The boundaries of billionaire status are not clear-cut, as market fluctuations can lead to individuals entering or falling off the list. Given the volatility of net worth, only individuals with a net worth of at least $4.2 billion can make it onto Altrata’s list. In 2024, the number of individuals dropping off the list was lower compared to previous years.
(Adapted from a report by The Wall Street Journal)