The United States continues to lead the world for billionaires – led by Elon Musk who could become the first ever trillionaire - with the population of these super-wealthy people growing according to a new report.
There were 1,050 US-based billionaires in 2023, up 9.9% year-over-year, with a combined wealth of almost $5 trillion. This puts the US well ahead of the second-placed China with 305 billionaires (down almost 15% year-over-year) with a combined $1.7 trillion.
The stats are from New York based Altrata’s Billionaire Census, which reveals that America is home to almost one third of the world's billionaires who hold 40% of the world's billionaire wealth. Their investment in the US tech-focused stock market has helped this outperformance and offset slight currency weakness and political instability.
Billionaires make up less than 1% of the world’s ultra-high-net-worth population (assets of $30 million or more) but hold 25% of its wealth. There is also an elite 0.5% of billionaires with fortunes of $50 million or more. This cohort is just 18 people and they account for 16% of billionaire wealth, a dramatic increase from 4% in 2014.
New York is the city with the most billionaires at 144, followed by Hong Kong (107), and San Francisco (87) in the top three. Los Angeles - with 62 billionaires - is the only other US city in the top 15.
Women are growing their share of the billionaire population but account for just 13%, with three quarters having inherited their wealth while 24% are self-made billionaires compared to 65% of men.
The average age of female billionaires is 67, slightly lower than for men, while 13% of women in the cohort are under 50, a group which added Taylor Swift during this year.
Women billionaires are most likely to be professionals in the nonprofit space and financial services while those who are self-made are most commonly from financial services or tech.
The report also found that billionaire women are 1.5 times more likely to own high-end real estate and 1.3 times more likely to own valuable art than male billionaires.
President says he has a ‘couple of people in mind’ for central bank role.
Wall Street firm partners with Dutch online broker to fuel push into EU market.
Agreement with the US Department of Justice comes eight years after settlement.
Series C funding will accelerate unification of TAMP’s model portfolios.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
