Global Billionaire Population Grew 4% in 2023
The global billionaire population expanded by 4% in 2023 to 3,323 individuals, more than reversing the previous year’s decline to hit a new high in billionaire numbers, according to Altrata, the definitive leader in global wealth intelligence, professional relationship mapping, and affluent market dynamics.
In its 11th edition of the latest Billionaire Census powered by data from Wealth-X, their numbers were bolstered by rising stock markets and a world economy that proved more resilient than expected, given the constraints of high inflation, tight monetary policy, cost-of-living pressures and geopolitical instability.
The report said that the total wealth of billionaires increased by 9% to a record $12.1 trillion, and the richest among them became richer. An exclusive 18 individuals reside in the very top tier of billionaire wealth, each with a fortune in excess of $50 billion.
Over the past decade, the number of individuals with $50 billion+ has risen just slightly to 0.5% of all billionaires, yet more remarkable by far has been the fourfold increase in their share of billionaire wealth: from under 4% in 2014 to 16% in 2023. The total net worth of these 18 individuals amounted to $2 trillion, implying an average 12-figure fortune of just over $100 billion.
North America saw the fastest growth in billionaire numbers of any region in 2023. A resilient economy and equity surge helped to bolster North America’s status as the world’s leading billionaire region, recording a 9.9% increase in its population to 1,111 individuals, and raising its global share to 33.4%.
Asia was the only region to record a decline in billionaire numbers and wealth, experiencing a 3.5% fall in its billionaire population (to 806 individuals) and a 2% drop in total net worth. Europe’s billionaire population registered above-average growth of 5% to 980 individuals, consolidating its position as the world’s second-largest billionaire region (with a 30% share), the report said.
India recorded the strongest expansion (16%) in billionaire numbers of all the leading countries in 2023, rising to a population of 131.
In marked contrast, China experienced the largest relative decline in billionaire numbers of all major wealth markets for a second consecutive year, with its billionaire population falling by almost 15% to 304.
The US enhanced its status as the dominant billionaire country, recording a 10% rise in its population to 1,050 individuals. New York maintained its lead at the top of the city table, ahead of Hong Kong, which lost ground for a third consecutive year as a result of the fallout from the political clampdown and portfolio exposure to underperforming China-related assets.
Female Billionaires
There were a total of 431 female billionaires in 2023. While accounting for an increasing share of billionaires, at 13%, women still remain very much in the minority. Three-quarters of female billionaires have inherited at least a portion of their wealth, compared with a third of male billionaires; though the number of self-made female billionaires is rising quickly.
The sectoral focus of a third of billionaire women is either the non-profit sector or banking and finance. Philanthropy is, without doubt, the preferred interest, far ahead of sports and art.
“Female billionaires are more likely than their male counterparts to own luxury property and valuable art. Billionaire women are one-and-a-half times more likely to own high-end real estate (worth more than $10 million), and 1.3 times more likely to own valuable art (a single item worth more than $1 million). In contrast, private jets, yachts and in particular valuable cars are more popular among male billionaires,” the report added.
