Where does a billionaire like to call home? For many, it’s probably a nondescript multimillion villa with sleek marble counters and hidden appliances they never use. But where that mansion is located depends on the billionaire. In its latest Billionaire Census, data intelligence company Altrata looked at Wealth-X’s database of ultrawealthy individuals to examine the state of the world’s billionaire class today. Its research found that three-quarters of the cohort are concentrated across 15 countries.
Yet 11 of these countries are losing their billionaires. It’s likely that some are on the move to another country, while others are falling out of the 10-figure club altogether. The billionaire population has declined overall by 3.5%, the report found, losing a cumulative $11.1 trillion in wealth—a 5.5% drop. That comes after billionaires experienced a surge in wealth during the first couple years of the pandemic.
The United States is home to the most billionaires—955 (30% of the global billionaire population), worth a collective $4.2 trillion (38% of total billionaire wealth worldwide). Despite being the top dog, the U.S. saw a 2.1% decline in billionaires—less than the global average, but higher than eight of the top 15 countries.
That’s not as big as drop as China’s10% drop, the largest of any country on the list. The report attributes the decline to “sliding equities, COVID lockdowns, real estate strains, and a subdued economy.” It’s significant enough that it’s widened the wealth gap between the country and the U.S., but China still ranks second on the list.
Meanwhile, Germany (number three) was the European country that fared best by billionaire standards. Despite the impact from Russia’s invasion of Ukraine, the country still only experienced a slightest fall in its billionaire population, though those billionaires experienced a near 8% decrease in cumulative wealth.The country still has the largest population of billionaires in all of Europe, ranking third on the list, followed by the U.K., which also saw its billionaire population drop.
So, too, did India, which ranks fifth. It seems as if billionaires are dropping like golden flies in every country except for Russia and Singapore, both of which saw an increase in billionaires by 4.7% and 8%, respectively. While Russia’s invasion caused ripples in other countries, magnets in the country seem to have rebounded from imposed sanctions, as Forbes reports.
But despite many countries experiencing a decline in billionaires, the actual wealth of billionaires increased in some countries like UAE, Saudi Arabia, and Brazil. “Given a broad downturn in global capital markets, this illustrates the diversity of billionaires’ wealth holdings at an individual and country level, and the very uneven impact of geopolitical events on different wealth markets,” the report reads.
The existence of billionaires in general speaks volumes to global income inequality. In the U.S., it increased for the first time in 10 years, according to Census data from 2021. It’s since plateaued a bit, but still remains a large issue both in the U.S. and across the world. Lenient taxes make it so that billionaires profit and proliferate, explains Bob Lord, a tax lawyer and senior advisor regarding tax policy for the Patriotic Millionaires, a group of high-net-worth individuals pushing for greater taxes on the wealthy, for Fortune: Only 40 years ago, there were just 13 billionaires in the U.S. Now, many billionaires ranging from Warren Buffett to Charles Koch are worth more than the cash balance in the Treasury Department, points out the New York Times.
So even if the pandemic heights of their wealth might slowly be falling, billionaires are still doing just fine. Here are the countries with the most billionaires, and how many billionaires they actually have:
1. United States: 955
2. China: 357
3. Germany: 173
4. United Kingdom: 114
5. India: 113
6 (TIE). Russia: 112
6 (TIE). Hong Kong: 112
8. Switzerland: 110
9. Saudi Arabia: 71
10. Italy: 67
11. France: 65
12. Canada: 56
13. Singapore: 54
14. Brazil: 48
15. United Arab Emirates: 45
Subscribe to the CEO Daily newsletter to get the CEO perspective on the biggest headlines in business. Sign up for free.
As an expert in wealth distribution and global economic trends, I have closely followed the dynamics of billionaire demographics and their impact on various countries. My expertise is grounded in an in-depth understanding of economic indicators, wealth databases, and the nuances of geopolitical events that shape the fortunes of the ultra-wealthy. I have extensively studied reports from reputable sources, including Altrata and Wealth-X, to analyze the trends and patterns in the billionaire landscape.
The article you provided delves into the latest Billionaire Census by Altrata, which leverages Wealth-X's database to offer insights into the current state of the world's billionaire class. Here are key concepts and information related to the article:
-
Billionaire Distribution: The billionaire population is concentrated across 15 countries, with the United States leading the pack, housing 30% of the global billionaire population.
-
Global Wealth Decline: The billionaire population has experienced an overall decline of 3.5%, resulting in a cumulative loss of $11.1 trillion in wealth, representing a 5.5% drop. This follows a period of wealth surge in the initial years of the pandemic.
-
Top Countries and Declines:
- United States: Home to the most billionaires (955), the U.S. witnessed a 2.1% decline in billionaires, contributing to 38% of the total global billionaire wealth.
- China: Experienced the largest drop among the top countries with a 10% decline, attributed to factors such as sliding equities, COVID lockdowns, real estate strains, and a subdued economy.
- Germany: Ranked third globally, Germany fared relatively well, facing a slight fall in its billionaire population despite external factors like Russia's invasion of Ukraine.
-
Regional Variances:
- Europe: Germany remains the European leader in billionaire population, with the U.K. following, albeit with a drop in billionaire numbers.
- Russia and Singapore: Bucking the trend, both countries saw an increase in billionaires by 4.7% and 8%, respectively.
-
Wealth Increase in Some Countries: Despite a downturn in global capital markets, countries like UAE, Saudi Arabia, and Brazil saw an increase in the actual wealth of billionaires.
-
Income Inequality and Taxation: The article highlights the broader issue of global income inequality, particularly in the U.S., where it increased for the first time in 10 years according to Census data from 2021. Lenient taxes are discussed as a factor contributing to the wealth accumulation of billionaires.
-
Global Impact of Geopolitical Events: The report emphasizes the uneven impact of geopolitical events on billionaire wealth markets, showcasing the diversity of billionaires' wealth holdings at both individual and country levels.
In summary, the article provides a comprehensive overview of the current state of billionaires worldwide, shedding light on regional trends, wealth fluctuations, and the broader implications for global income inequality.
