The ultra-rich are declining: Most billionaires are retired

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Last year, the number of billionaires worldwide decreased slightly – after the era of Corona caused the number of billionaires to rise sharply. The data firm counted 3,194 billionaires measured in dollars for 2022.

There were 3311 in the previous year. It’s a 3.5 percent drop. And the first drop since 2018.

Wild boys got attention

The list is particularly interesting in terms of the age of billionaires. Relatively young tech billionaires like Elon Musk (51) or Mark Zuckerberg (39) get the most media attention. However, the vast majority of billionaires are already past retirement age.

The average age of all billionaires worldwide is currently 67, according to Altrata figures. Less than ten percent are under the age of 50, and 42 percent are over 70.

Was it a gift?

There are also real entrepreneurs in the media who have created most of their fortunes themselves over the years. For example, the world’s richest man, LVMH boss Bernard Arnault (74) or star investor Warren Buffett (92).

Even young tech billionaires didn’t inherit it. However, it built up assets relatively quickly, especially based on the big tech scam in the stock market.

Among billionaires under 50, technology (20 percent) and banking/finance (21%) make up the majority of their wealth. Billionaires aged 50 to 70 made the most money in banking/finance (24 percent) and industrial companies (8.3 percent). Those over 70 made billions in finance (18 percent), large corporations (11 percent) and real estate (8.3 percent).

several women

The proportion of women among billionaires is as low as 12.5%. On the other hand, there are proportionally more young female billionaires: 18 percent of them are under 50.

The Altrata report states that the increasing proportion of women reflects “the rise in female entrepreneurship and the slowly evolving culture at the top of the board.”

better distribution

The emergence of new strong economies is also obvious. The US, with 955 billionaires, still accounts for about a third of the Nine Zero Club and 40 percent of the total billionaire wealth, and New York is the super-richest city with 136 billionaires. But China is right behind it with 357 billionaires, 112 of them in Hong Kong alone. Cities with a particularly high density of billionaires also include San Francisco (84), Moscow (76) and London (75).

Asia already accounts for 26 percent of all billionaires. Africa is at the other extreme, with just 46 billionaires with a net worth of $101 billion. Less than Bernard Arnault alone.

With 110 billionaires owning 388 billion, Switzerland ranks 8th in the world and is by far the smallest country in the top 15.

Source :Blick