The total wealth of the world’s billionaires increased by 17% over the past year, driven by significant gains among the super rich in the United States, which offset declines in China, according to Swiss bank UBS’s Billionaire Ambitions Report for 2024, released Thursday.
The report states that the number of billionaires globally rose to 2,682 from 2,544, with their combined wealth growing to $14 trillion from $12 trillion. In 2015, their collective wealth was $6.3 trillion.
The world’s population, according to the World Bank, stood at just over 8 billion last year, with a gross domestic product (GDP) of about $105.4 trillion, highlighting the stark concentration of wealth among a small fraction of individuals. Most of this year’s new billionaires were self-made, contrasting with 2023, when inheritance played a larger role in wealth accumulation.
The UBS survey, conducted between June and September, indicated that billionaires view geopolitical conflict and inflation as their primary concerns. North America was overwhelmingly favored as offering the best investment returns over the coming year.
In the United States, the number of billionaires rose to 835 from 751, with industrial and tech magnates leading the charge. Their combined wealth surged to $5.8 trillion from $4.6 trillion.
In contrast, mainland China saw its billionaire count drop to 427 from 520, with total wealth falling to $1.4 trillion from $1.8 trillion. UBS data shows that in 2021, China had 626 billionaires with a combined worth exceeding $2.5 trillion.
Benjamin Cavalli, head of strategic clients at UBS global wealth management, attributed the decline to losses in real estate markets and reduced firm valuations amid economic uncertainty.
India experienced a significant rise in billionaires, with their numbers growing by over 20% to 185, and their combined wealth increasing by more than 40% to nearly $906 billion. In Western Europe, Switzerland overtook the UK as the second-highest country for billionaire numbers, after Germany, with its total rising by 10 to 85.
