Billionaire wealth in the United States surged to unprecedented levels last year as markets recovered and privately held enterprises reinforced the country’s dominance in global wealth creation.
The US billionaire population now totals 1,135, amounting to roughly one third of the world’s total and controlling about $5.8 trillion in combined net worth, which is almost 40% of the $13.4 trillion global billionaire assets, which grew 10% year-over-year in 2024.
Across the North American region, the billionaire cohort was 8% bigger in 2024 than in 2023, a total of 1,198. Of these, Canada has just 63 billionaires, controlling $134 billion. Meanwhile, Europe gained 6% to 1,002, surpassing 1,000 for the first time, while Asia was third with 827 billionaires, a rise of 2.6% year-over-year.
Altrata’s Billionaire Census 2025, released this week, reveals that much of the US billionaire wealth rebound stems from gains in technology, finance, and diversified private capital. After a difficult 2022, 2024 brought strong recoveries in both public and private valuations, lifting many fortunes back to record highs.
Technology remains the leading engine of billionaire wealth, fueled by the surge in artificial intelligence investment, digital infrastructure, and enterprise software. Private ownership continues to serve as a stabilizer, with Altrata’s data showing that privately held assets help protect fortunes through market cycles.
However, despite the headline growth, the report’s findings emphasize that billionaire wealth can change.
“The billionaire population is far from static. Wealth creation and loss are accelerating alongside the volatility of global markets and the disruptive impact of new technologies,” says Brian Alster, CEO of Altrata.
The report notes that billionaires whose fortunes rest on public company holdings, especially those in the $1 billion to $2 billion range, are more than twice as likely to slip below the billionaire line as peers whose wealth is privately held. Last year, 8% of the wealthy people in this cohort slipped below $1 billion.
The report also shows that the total ultra-high-net-worth population globally (those with fortunes of at least $30 million) in 2024 – excluding billionaires - totaled 483,500 and controlled $42.8 trillion, while there were 4.5 million very-high-net-worths ($5M-$30M) who controlled $45.1 trillion.
However, billionaires comprise less than 1% of the global UHNW population but hold almost 25% of this group’s total wealth. An exclusive 26 individuals reside in the highest tier of billionaire wealth, each with a fortune in excess of $50bn and account for a combined 21% of total billionaire wealth, up from 4% a decade ago.
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