Billionaires Decrease for the First Time Since Financial Crisis... Russia Sees an Increase Instead

Decrease in Net Assets Held
Due to Global Conflicts, Inflation, and Interest Rate Hikes

Last year, the number of billionaires worldwide decreased for the first time since the 2018 global financial crisis. Moreover, the total net assets held by billionaires also declined.

According to a report published on the 3rd (local time) by global workforce information company Altrata, the number of billionaires worldwide last year was counted at 3,194, down 3.5% (117 people) from the previous year.

The factors behind the decrease in the number of billionaires included economic elements such as global conflicts, inflation, and interest rate hikes.

In 2022, not only did the number of billionaires worldwide decrease, but their total assets also dropped by 5.5% to $11.1 trillion (approximately 1,454.1 trillion KRW).

The report stated, "For some ultra-wealthy individuals, the turbulent environment provided new opportunities to increase their wealth," but "in most cases, especially among tech moguls, the focus was on maintaining existing assets."

The country with the most billionaires is the United States (955 people). China (357 people) and Germany (173 people) followed. Although the rankings of billionaires in the US, China, and Germany remained the same as last year, the number of billionaires decreased. The US saw a 2.1% decline compared to the previous year, while China and Germany decreased by 10.8% and 1.7%, respectively.

By country, among the top 15 countries where billionaires reside, only two countries?Russia and Singapore?saw an increase in the number of billionaires. Russia's billionaires increased by 4.7% to 112 people. Singapore's billionaires rose by 8% from the previous year, reaching 54 people.

Except for these two countries, all others experienced a decrease in billionaires, with Asia seeing the largest drop at 7.1%. North America and Europe saw decreases of 2.3% and 2.2%, respectively.

Billionaires generally preferred living in major cities. Although the number of billionaires residing in New York decreased by two from the previous year, it remains the city with the most billionaires in the world (136 people). Hong Kong ranked second with 112 billionaires, and San Francisco (3rd) had 83 billionaires.

Last year, the total assets of billionaires amounted to $11.1 trillion, a 5.5% decrease from the previous year. This was the second-largest decline in the past decade. According to Altrata, the net assets of billionaires in the technology, healthcare, and real estate sectors decreased the most. In contrast, the net assets of billionaires in aerospace, defense, construction, and food sectors did not decline significantly.

The average age of billionaires was 67 years. Billionaires under 50 years old accounted for only 10% of the total, while those aged 70 and above made up 40%.

Altrata said, "Most self-made billionaires started their businesses at a relatively young age, but it is rare to become a billionaire before the age of 40."

This content was produced with the assistance of AI translation services.