The world’s wealthiest individuals were already expecting a prosperous 2024. However, the year turned out to be even more lucrative than they thought. According to the Billionaire Ambitions Report 2024 from Swiss investment bank UBS, billionaires have experienced unexpected growth in their wealth.
$14 trillion among 2,700 people. The UBS report highlights some striking figures. Notably, billionaires have seen their fortunes rise by 121% over the past decade. From a collective wealth of $6.33 trillion in 2015, their total reached $13.96 trillion in 2024. To put this into perspective, the total annual GDP of the U.S. was $27.36 trillion in 2023.
This immense wealth is concentrated among just 2,700 individuals worldwide, often referred to as the richest 1%. According to the UBS report, this concentration of wealth marks a significant milestone.
Wealth is moving across continents. The study also suggests that wealth is shifting across continents. Between 2015 and 2024, China has seen the most significant increase in billionaires, gaining a total of 25 new billionaires. Similarly, Western Europe has also experienced growth, adding 20 new billionaires in the past decade.
For its part, North America has welcomed 13 new ultra-wealthy individuals. The total of billionaires living in the U.S. in 2024 is 835.
In contrast, Eastern Europe, which includes Russia, has experienced the largest decline, losing 29 billionaires. It’s followed by South and Central America, which lost nine.
The pandemic effect. According to the UBS report, after five years of steady growth, the number of billionaires and their overall wealth stalled in 2020. This led to a rebound effect in 2021, but by 2022, their wealth readjusted to match the levels seen in 2020.
From 2023 onward, the pace of growth has continued, becoming more pronounced in 2024. Between 2022 and 2023, the total wealth held by ultra-wealthy individuals increased from $11.02 trillion to $11.99 trillion. However, it rose from $11.99 trillion to $13.96 trillion between 2023 and 2024, with a notable increase among North America’s ultra-wealthy.
An increase in the number of self-made millionaires. The 2023 UBS report highlighted the rise in the number of new millionaires who became rich through inheritances. However, this isn’t expected to become a consistent trend, given that the presence of self-made super-rich has rebounded in 2024.
The recent report indicates that there are 268 new billionaires in 2024. 60% of them are entrepreneurs who amassed their wealth thanks to the rise of artificial intelligence, cybersecurity, cryptocurrencies, and robotics. As a result, by the end of 2024, there are 1,877 self-made billionaires, while 805 inherited a big fortune.
The “Great Transfer of Wealth.” While birth rates have become a significant concern for governments worldwide, the wealthy seem largely unaffected by this trend. The average number of children per billionaire has risen from 4.1 in 2015 to 6.4 by 2024.
This trend reinforces the concept of the so-called “Great Transfer of Wealth,” expected to occur over the next decade. During this period, billionaires from the Baby Boomer generation will pass on their fortunes to their heirs, resulting in a broader distribution of wealth and a reduction in the current concentration of wealth among a small number of individuals.
Image | Mike Swigunski
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