Billionaire Wealth Doubles Since Financial Crisis: Report
British billionaire Richard Branson is worth about $4.6 billion. (ERIC PIERMONT/AFP/Getty Images)
More in International
Our World in 7 Headlines: Nov. 12
Taiwan Expands Military Base in Contested Waters
Our World in 7 Headlines: Nov. 11
Billionaire wealth has doubled in the past four years since the financial crisis, says a report from Wealth-X. The combined wealth of billionaires has doubled from $3.1 trillion to $6.5 trillion.
The total wealth of the world’s billionaires is larger than any country on Earth except the United States and China, reported CNBC.
The number of billionaires also grew from 810 to 2,170. The vast majority are male entrepreneurs with around 60 percent being self-made; around 20 percent inherited all their fortune, while another 20 percent inherited part of it.
The wealthiest of the billionaires–Bill Gates, Carlos Slim, Amancio Ortega, and Warren Buffet–are all self-made. And China has the most self-made billionaires at 89 percent.
Some 87 percent of the world’s billionaires are male, while 17 percent of the women on the list were self-made, as most gained their fortune via inheritance.
On average, each billionaire is 67 years old, male, and worth around $3 billion–with about 18 percent liquid assets.
However, marriage plays a key role, the report found. “Spouses often play a pivotal role in the success of their partners,” it said.
Unsurprisingly, New York City has the most billionaires with 96.
Hong Kong, Moscow, London and Mumbai are next on the list, according to Foreign Policy. The United States has the most billionaires at 515.
Billionaires’ passions include art, aviation, real estate, traveling, and playing golf.
Average billionaires spend $22 million on yachts, some $16 million on private planes, and around $14 million on art, CNBC reported.