The rich are getting richer. Many Americans struggled to keep their heads above the water while sailing Sky-high inflation And housing costs, but billionaires have another record year in 2023.
As inequality increases, more people are joining the billionaire class. Last year, the world’s population increased by 4%, pushing the group to a new high – according to a recently released report by data company Altrata. Billionaires Census 2024which uses data from Wealth-X.
And this wasn’t their only achievement: billionaires’ wealth rose by 9% to a record $12.1 trillion in 2023.
Where do rich people choose to live? North America has proven to be a particularly comfortable place for wealth growth.
The region has cemented itself as the “world’s leading billionaire region” in 2023, with one in three billionaires living there. This is thanks in part to the fastest growth in billionaires of any region, with the number of individuals named increasing by 9.9%. However, every other region in the world besides Asia has seen a growth in the number of billionaires, which Ultrata attributes to China’s volatile stock market.
Narrowing it down even further, the United States has the largest number of billionaires. Followed by China, Germany, India and the United Kingdom. The number of billionaires in the United States increased by 10% to 1,050 people. New York City remains the apple of billionaires’ eyes, as it has the largest number of billionaires in the world.
Top 15 cities for billionaires
1. New York
2. Hong Kong
3. San Francisco
4. London
5. Moscow
6. Los Angeles
7. Beijing
8. Singapore
9. Shenzhen
10.Mumbai
11. Dubai
12. Paris, Sao Paulo, Istanbul (draw)
15. Hangzhou
The rich are getting richer
Simply becoming a millionaire is no longer exceptional, as wealth has become incredibly concentrated at the top. A group of just 18 people, each worth more than $50 billion, has made steady gains. They represent less than 1% of billionaires (0.5%), and their share of billionaire wealth has increased from less than 4% in 2014 to 16% in 2023.
Big cities are set to be a place to work and live, with the top 15 cities accounting for 28% of billionaires. While cities within the United States (New York and Los Angeles) saw the greatest growth in billionaires, centers within China saw a loss in population amid challenges in the economy.