Despite the world’s economy going through a bit of a rough patch, late last year Yahoo Finance reports that 155 new billionaires were minted over the previous year and the world’s billionaire population is at an all-time high.
Where are they all?
The United States is home to the most billionaires.
In fact 57 new billionaires were recorded there this year, according to the Wealth-X and UBS Billionaire Census 2014 released on Wednesday.
Asia and Latin America and the Caribbean were also large contributors, with 52 and 42 new entrants, respectively.
The fastest growing segment of the billionaire population, in terms of wealth source, are those who inherited only part of their fortunes and became billionaires through their own entrepreneurial endeavors.
The average billionaire is 63 years old, with a net worth of $3.1 billion, according to the report, which noted that most wealthy individuals do not reach the $1 billion threshold until their late forties.
Almost 90 percent of male billionaires are married, 6 percent are divorced, 3 percent are single and 2 percent widowed.
For male billionaires the top five industries are finance and banking, industrial conglomerates, real estate, manufacturing and textiles, and apparel and luxury goods.
Sixty-five percent of female billionaires are married, 10 percent divorced, 4 percent single and 21 percent widowed.
They are involved in similar industries to their male peers, but one difference is that many run non-profit and social organizations.
More findings of the Wealth-X and UBS Billionaire Census 2014
- 155 new billionaires joined the billionaires group in 2014 pushing the global billionaire population to 2325 which is a 7 percent rise from 2013.
- The combined wealth of all the billionaires increased by 12 percent to 7.3 trillion US dollars. This is higher than the combined market capitalisation of all the companies that make up the Dow Jones Industrial Average.
- Europe with 775 billionaires is the region with the most billionaires earning wealth of 2.37 trillion US dollars. In 2013, North America was the region with the most billionaire wealth.
- Asia shows the largest billionaire wealth increase with the billionaires wealth growing by 18.7 percent over 2013. Billionaire population in Asia grew by 10 percent in 2014 with 52 new entrants into the billionaire club, out of which 33 are from China.
- The United States maintained its position as the world’s top billionaire country with a population of 571 billionaires in 2014.
- China was listed on the second position with 190 billionaires in 2014 and the United Kingdom is the third topmost billionaire country with 130 billionaires in 2014.
- Latin America and the Caribbean region saw the most significant growth in terms of the size of its billionaire population that grew to 37.8 percent in 2014.
- The billionaire population in the Middle East region shrank by 1.9 percent. However, total billionaire wealth in the region increased by 16.7 percent.
- The billionaire population of Africa decreased by 4.8 percent but its billionaire wealth increased by 12.9 percent.
- Pacific region witnessed no change in the billionaire population but the its total billionaire wealth dropped by 2 percent.
- Around 35 percent of the billionaires are concentrated in 20 cities. Moreover, only 5 percent of all the billionaires are worth more than 10 billion US dollars.
- The average wealth of billionaire rose by 4.4 percent in 2014 and the average age of the typical billionaire came out to be 63 which is one year older than it was in 2013.
- There are 2039 male billionaires accounting for 87.7 percent of the world’s total billionaire wealth of 7.3 trillion US dollars in 2014. Besides, there are 286 female billionaires accounting for a 12.3 percent share of global billionaire wealth in 2014.
- Wealth-X and UBS Billionaire Census 2014 on India
- As per the census, India retained its sixth position in terms of 100 number of billionaires possessing wealth of 175 billion US dollars in networth. Moreover, India has more number of billionaires than Switzerland, Hong Kong and France.
- However, the number of billionaires decreased over last year as there were 103 billionaires in 2013.
- The financial capital Mumbai comprises of 28 billionaires. Mumbai is among the top 20 billionaire cities globally. New York topped the list of 20 billionaire cities which is home to 103 billionaires.