Billionaire

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SpaceX CEO Elon Musk explains the future capabilities of his company’s "Starship" to senior leaders of the North American Aerospace Defense Command, U.S. Northern Command, and Air Force Space Command, April, 2019

A billionaire is a person with a net worth of at least one billion units of a given currency, usually of a major currency such as the United States dollar, euro, or pound sterling. It is a sub-category of the concept of the ultra high-net-worth individual. The American business magazine Forbes produces a global list of known U.S. dollar billionaires every year and updates an internet version of this list in real time. [1] The American oil magnate John D. Rockefeller became the world's first confirmed U.S. dollar billionaire in 1916. [2]

Contents

As of April 2024, there are 2,781 billionaires worldwide, with a combined wealth of over US$14.2 trillion, up from US$12.2 trillion in 2023. [3] [4] According to a 2024 Oxfam report, the world's top 1% of earners own more combined wealth "than 95% of humanity". [5] As of October 2024, seventeen people have reached the status of USD centibillionaires, meaning that each has had a net worth of at least $100 billion. [6]

Current U.S. dollar billionaires

Global share of wealth by wealth group, Credit Suisse, 2021 Global Wealth Distribution 2020 (Property).svg
Global share of wealth by wealth group, Credit Suisse, 2021
Global share of wealth by wealth group, Credit Suisse, 2017 Global-share-of-wealth-by-wealth-group-768x409.png
Global share of wealth by wealth group, Credit Suisse, 2017

According to the UBS/PwC Billionaires Report 2019 report released in November 2019, there are currently 2,101 U.S. dollar billionaires worldwide, from 66 countries, with a combined net worth of $8.5 trillion. [7] [8] Also according to the report, billionaires have a substantial positive impact on the sustainability and success of companies controlled by them. Billionaire-controlled companies listed on the equity market returned 17.8 percent, compared with the 9.1 percent of the MSCI AC World Index. According to the authors of the report, this Billionaire Effect is connected with smart risk-taking and willingness to plan and invest for the long term.

The majority of billionaires are male, as fewer than 11% (197 of 1,826) on the 2015 list were female billionaires. [9] The United States has the largest number of billionaires of any country, with 536 as of 2015, [9] while China, India and Russia are home to 213, 90 and 88 billionaires, respectively. [10] [11] As of 2015, only 46 billionaires were under the age of 40, [9] while the list of American-only billionaires, as of 2010, had an average age of 66. [12]

Different authorities use different methodologies to determine net worth and to rank them, and not all information about personal finances is publicly available. In 2019, Forbes counted a record 607 billionaires in the U.S.. [13] Over the course of the 2020s, depending on the source and the year, the world's richest person has been reckoned to be Jeff Bezos, Bernard Arnault and family, or Elon Musk.

In 2019, 19 people became billionaires. Four were a result of death or divorce, including Julia Koch, and Jeff Bezos's former wife MacKenzie Scott. [14] From 2014 to 2019, the number of female billionaires grew by 46%. That is more than the number of male billionaires in the same period (39%). As of 2019 there were 233 female billionaires in the world, compared to 160 in 2013. [7]

Education and work experience

Billionaires come from a very wide number of backgrounds. A review of the education and work histories of the top 400 billionaires shows little correlation between education and success. Nearly 30% of billionaires do not have a college degree, greatly exceeding any other educational background. The most common field of university education was finance and economics, which only contributed to a combined 15.5% of billionaire educations. [15] [16] There is little correlation between any university and becoming a billionaire. The top 10 universities produced just 99 of the top 400 billionaires combined, significantly less than the total number of billionaires who were not college educated. Military service produced 21 billionaires, more than any single university. [16]

Very few college-educated billionaires pursued business interests in their field of study, with the exception of computer science majors. All twelve of the computer science major billionaires worked in computer science, while only half of engineers worked in engineering, and less than a quarter of finance and economics majors ever worked in finance or economics. The most common field for billionaires to enter was sales and military service. [16]

Inequality

The number of billionaires that, with assets combined, would own as much money as half the world population, and what transport they would fit on, from years 2010 to 2016 Billionaires who own the same wealth as half the world.png
The number of billionaires that, with assets combined, would own as much money as half the world population, and what transport they would fit on, from years 2010 to 2016

According to a 2016 Oxfam report, the wealth of the poorest 95% dropped by 38% between 2010 and 2015, due to an increase in the global population of 400 million. [17] In the same period, the wealth of the richest 62 people between the World's Billionaires increased by $500bn (£350bn) to $1.76tn. More recently, in 2017 an Oxfam report noted that just eight billionaires have as much net worth as "half the human race". [18] [19] However, the Oxfam report has been criticized for considering debt as negative wealth, which leads to wealthy people with large amounts of debt to be considered poor or not wealthy. [20]

Statistics

These aggregated statistics for billionaires include the total number of known billionaires and the net worth of the world's wealthiest individual for each year since 2008. Data for each year is from the annual Forbes list of billionaires, with currency figures given in U.S. dollars. Data since 2018 also includes the Wealth-X billionaire census which typically finds higher numbers than Forbes.

YearTotal number of
billionaires		Combined wealth of
known billionaires		Number of billionairesWorld's wealthiest
individual
U.S. Chinese Indian German Russian NameNet worth
2021 [21] 2,755724626140136117 Elon Musk $320 billion [22]
2020 [23] [24] 2,095$10.2 trillion61438910299 Jeff Bezos $188 billion
2019 [25] [26] 2,153–2,604$8.6–8.7 trillion609–705285–32482–10698–102 Jeff Bezos $131 billion
2018 [27] [28] 2,208–2,754$9.1–9.2 trillion585–680338–372117–11996–111 Jeff Bezos $133 billion
2017 [29] 2,043$7.71 trillion565319101106 Jeff Bezos $99.6 billion
20161,810$6.48 trillion5402519075 Bill Gates $75 billion
2015 [10] 1,826$7.05 trillion5362138888 Bill Gates $79.2 billion
2014 [30] 1,645$6.4 trillion49215256 [31] 111 Bill Gates $78 billion
2013 [32] 1,426$5.4 trillion442122–110 Carlos Slim $73 billion
2012 [33] 1,226$4.6 trillion42595–96 Carlos Slim $73 billion
2011 [34] 1,210$4.5 trillion413115–101 Carlos Slim $74 billion
2010 [35] 1,011$3.6 trillion40489–62 Carlos Slim $53.5 billion
2009 [36] 793$2.4 trillion35928–32 Bill Gates $40 billion
2008 [37] 1,125$4.4 trillion470––87 Warren Buffett $62 billion

See also

Related Research Articles

<span class="mw-page-title-main">Millionaire</span> Person with wealth beyond a certain value

A millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. Depending on the currency, a certain level of prestige is associated with being a millionaire. Many national currencies have, or have had at various times, a low unit value, in many cases due to past inflation. It is much easier and less significant to be a millionaire in those currencies, thus a millionaire in Hong Kong or Taiwan, for example, may be merely averagely wealthy, or perhaps less wealthy than average. A millionaire in Zimbabwe in 2007 could have been extremely poor. Because of this, the term 'millionaire' generally refers to those whose assets total at least one million units of a high-value currency, such as the United States dollar, euro, or pound sterling.

<span class="mw-page-title-main">Jim Walton</span> American businessman

James Carr Walton is an American businessman, currently an heir to the fortune of Walmart, the world's largest retailer. As of August 2024, Walton was the 15th-richest person in the world, with a net worth of US$92.5 billion according to Forbes. He is the youngest son of Sam Walton.

<span class="mw-page-title-main">Distribution of wealth</span> Spread of wealth in a society

The distribution of wealth is a comparison of the wealth of various members or groups in a society. It shows one aspect of economic inequality or economic heterogeneity.

<span class="mw-page-title-main">High-net-worth individual</span> People with net worth at least $1 million USD

High-net-worth individual (HNWI) is a technical term used in the financial services industry for people who maintain liquid assets at or above a certain threshold. Typically, they are defined as holding financial assets valued over US$1 million. A secondary level, a very-high-net-worth individual (VHNWI), refers to someone with a net worth of at least US$5 million. The terminal level, an ultra-high-net-worthindividual (UHNWI), holds US$30 million in investible assets. Individuals with a net worth of over US$1 billion are considered to occupy a special bracket of the UHNWI. These thresholds are broadly used in studies of wealth inequality, government regulation, investment suitability requirements, marketing, financing standards, and general corporate strategy.

<span class="mw-page-title-main">Black billionaires</span>

Black billionaires are individuals who are of predominantly African ancestry with a net worth of at least US$1 billion.

<span class="mw-page-title-main">Mohammed Dewji</span> Tanzanian billionaire businessman and politician

Mohammed "Mo" Gulamabbas Dewji is a Tanzanian billionaire businessman and former politician. He is the owner of MeTL Group, a Tanzanian conglomerate founded by his grandmother, developed by his father in the 1970s. Dewji served as Member of the Tanzanian Parliament for Chama Cha Mapinduzi (CCM) from 2005 to 2015 for his home town of Singida. As of October 2024, Dewji has an estimated net worth of US$1.8 billion, Africa's 17th richest person and youngest billionaire. Dewji was the first Tanzanian on the cover of Forbes magazine, in 2013.

<span class="mw-page-title-main">Income inequality in India</span>

Income inequality in India refers to the unequal distribution of wealth and income among its citizens. According to the CIA World Factbook, the Gini coefficient of India, which is a measure of income distribution inequality, was 35.2 in 2011, ranking 95th out of 157. Wealth distribution is also uneven, with one report estimating that 54% of the country's wealth is controlled by millionaires, the second highest after Russia, as of November 2016. The richest 1% of Indians own 58% of wealth, while the richest 10% of Indians own 80% of the wealth. This trend has consistently increased, meaning the rich are getting richer much faster than the poor, widening the income gap. Inequality worsened since the establishment of income tax in 1922, overtaking the British Raj's record of the share of the top 1% in national income, which was 20.7% in 1939–40.

<i>The Worlds Billionaires</i> Annual ranking of the worlds billionaires by Forbes magazine

The World's Billionaires is an annual ranking of people who are billionaires, i.e., they are considered to have a net worth of US$1 billion or more, by the American business magazine Forbes. The list was first published in March 1987. The total net worth of each individual on the list is estimated and is cited in United States dollars, based on their documented assets and accounting for debt and other factors. Royalty and dictators whose wealth comes from their positions are excluded from these lists. This ranking is an index of the wealthiest documented individuals, excluding any ranking of those with wealth that is not able to be completely ascertained.

The World's Billionaires 2024 edition was 26th annual ranking of The World's Billionaires by Forbes magazine. The list estimated the net worth of the world's richest people, excluding royalty and dictators, as of February 14, 2024. It was released online on March 7, 2024.

<i>Bloomberg Billionaires Index</i> Ranking of the worlds 500 richest people

The Bloomberg Billionaires Index, launched in March 2012, is a daily ranking of the world's 500 richest people based on their net worth. It features a profile of each billionaire, and includes a tool that allows users to compare the fortunes of multiple billionaires. The index is updated every day at the close of trading in New York.

References

  1. ↑ Miller, Matthew; Kroll, Luisa (10 March 2010). "Bill Gates No Longer World's Richest Man". Forbes . Archived from the original on 26 September 2011. Retrieved 7 June 2010.
  2. ↑ O'Donnell, Carl (11 July 2014). "The Rockefellers: The Legacy Of History's Richest Man". Forbes. Archived from the original on 20 November 2016. Retrieved 7 January 2014.
  3. ↑ Peterson-Withorn, Chase. "Forbes' 38th Annual World's Billionaires List: Facts And Figures 2024". Forbes. Retrieved 22 October 2024.
  4. ↑ Peterson-Withorn, Chase. "Forbes' 37th Annual World's Billionaires List: Facts And Figures 2023". Forbes. Retrieved 22 October 2024.
  5. ↑ "World's top 1% own more wealth than 95% of humanity, as "the shadow of global oligarchy hangs over UN General Assembly," says Oxfam". Oxfam International. 23 September 2024. Retrieved 22 October 2024.
  6. ↑ Mohamed, Theron (22 October 2024). "Meet the 17 people in the $100 billion club — who are jointly worth more than Amazon or Google". Business Insider Africa. Retrieved 22 October 2024.
  7. 1 2 "UBS/PwC Billionaires Report 2019". UBS.com. Archived from the original on 7 December 2019. Retrieved 20 December 2019.
  8. ↑ "Billionaires insights 2018". Billionaires insights. Archived from the original on 20 December 2019. Retrieved 20 December 2019.
  9. 1 2 3 "Behind the Numbers in Forbes' Billionaires List". U.S. News & World Report . 2 March 2015. Archived from the original on 26 July 2018. Retrieved 12 March 2018.
  10. 1 2 "Inside The 2015 Forbes Billionaires List: Facts And Figures". Forbes . 2 March 2015. Archived from the original on 28 June 2018. Retrieved 3 March 2015.
  11. ↑ "A Record 90 Indians On Forbes Billionaires List 2015". Forbes . 3 March 2015. Archived from the original on 2 August 2015. Retrieved 9 August 2015.
  12. ↑ Rappeport, Alan (9 March 2011). "Brics becoming billionaire factory". Financial Times . Archived from the original on 9 June 2020. Retrieved 20 May 2011.
  13. ↑ "Real Time Billionaires". Forbes. Archived from the original on 25 April 2012. Retrieved 8 September 2020.
  14. ↑ "Newcomers: These 19 Billionaires Join the Forbes 400 List in 2019". Forbes . 3 October 2019. Archived from the original on 24 January 2021. Retrieved 15 September 2019.
  15. ↑ Shen, Lucinda (8 August 2016). "You'd be Surprised How Many Billionaires Don't Have a College Degree". fortune.com. Archived from the original on 16 May 2021. Retrieved 12 May 2021.
  16. 1 2 3 Forrest, Conner (23 October 2018). "These 10 college majors have created more billionaires than any other fields of study". TechRepublic. Archived from the original on 16 May 2021. Retrieved 12 May 2021.
  17. 1 2 "62 people own same as half world – Oxfam". Oxfam. Archived from the original on 29 October 2018. Retrieved 30 June 2016.
  18. ↑ Ratcliff, Anna (16 January 2017). "Just 8 men own same wealth as half the world" (Press release). Oxfam. Archived from the original on 16 January 2017. Retrieved 16 January 2017.
  19. ↑ Mullany, Gerry (16 January 2017). "World's 8 Richest Have as Much Wealth as Bottom Half of Global Population". The New York Times . Archived from the original on 16 January 2017. Retrieved 17 January 2017.
  20. ↑ "Are 26 billionaires worth more than half the planet? The debate, explained". vox.com. 22 January 2019. Archived from the original on 8 November 2019. Retrieved 8 November 2019.
  21. ↑ "The Countries with the Most Billionaires 2021". www.forbes.com. Retrieved 27 February 2024.
  22. ↑ Team, Forbes Wealth. "The Top 10 Richest People In The World (February 2024)". Forbes. Retrieved 27 February 2024.
  23. ↑ Moskowitz, Dan (13 July 2021). "A Look at the 10 Richest People in the World". Investopedia. Archived from the original on 30 January 2015. Retrieved 20 July 2021.
  24. ↑ "The Countries with the Most Billionaires 2020". www.forbes.com. Archived from the original on 20 July 2021. Retrieved 20 July 2021.
  25. ↑ "Billionaires 2019". Forbes. 5 March 2019. Archived from the original on 4 January 2019. Retrieved 13 March 2019.
  26. ↑ Dhiraj, Amarendra (16 May 2019). "Top 15 countries with the most billionaires, ranked". Business Insider. Archived from the original on 2 June 2019. Retrieved 25 November 2019.
  27. ↑ Kroll, Luisa (6 March 2018). "Forbes Billionaires 2018: Meet The Richest People On The Planet". Forbes. Archived from the original on 8 March 2018. Retrieved 6 March 2018.
  28. ↑ "Number of billionaires worldwide surged to 2,754 in 2017". The Guardian. Archived from the original on 18 May 2018. Retrieved 18 May 2018.
  29. ↑ Kroll, Luisa; Dolan, Kerry A. "Forbes 2017 billionaires list: Meet the richest people on the planet". Forbes . Archived from the original on 13 March 2018. Retrieved 12 March 2018.
  30. ↑ "Billionaires". Forbes . 3 March 2014. Archived from the original on 14 March 2014. Retrieved 17 March 2014.
  31. ↑ "Indian Billionaires 2014: Big Winners, Big Losers". Forbes . 3 March 2014. Archived from the original on 12 September 2015. Retrieved 9 August 2015.
  32. ↑ "Inside The 2013 Billionaires List". Forbes . 25 March 2013. Archived from the original on 13 July 2018. Retrieved 20 October 2014.
  33. ↑ "Forbes World's Billionaires 2012". Forbes . 7 March 2012. Archived from the original on 8 March 2012. Retrieved 20 October 2014.
  34. ↑ "World's Billionaires 2011: A Record Year In Numbers, Money And Impact". Forbes . 9 March 2011. Archived from the original on 15 April 2012. Retrieved 1 April 2012.
  35. ↑ "Bill Gates No Longer World's Richest Man". Forbes . 10 March 2010. Archived from the original on 26 September 2011. Retrieved 1 April 2012.
  36. ↑ "The World's Billionaires". Forbes . 11 March 2009. Archived from the original on 27 April 2011. Retrieved 1 April 2012.
  37. ↑ "World's Billionaires". Forbes . 5 March 2008. Archived from the original on 6 June 2012. Retrieved 1 April 2012.

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