Number of billionaires worldwide falls, collective wealth dips
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The global billionaire class took a hit to both its collective net worth and population last year, but there was no change in the rankings for the top three countries that boast the greatest number of individuals in the elite club, according to the latest data.
Altrata's Billionaire Census 2023 released Wednesday shows the United States still completely dominates the rankings with a billionaire population of 955, followed by distant-second China at 357 and No. 3 Germany with 173.
Elon Musk on Jan. 24, 2023, in San Francisco, California. Musk is the wealthiest person in the U.S. and second-wealthiest in the world with a net worth of $180 billion, according to Forbes. (Justin Sullivan/Getty Images / Getty Images)
All three nations saw a decline in billionaires in 2022, however, with America experiencing a 2.1% year-over-year drop, China taking a 10.8% hit, and Germany losing 1.7%.
The report found 2022 brought the first annual decline in the global billionaire population since 2018, dropping 3.5% to 3,194 individuals in what the analysts called "a year of extremes," pointing to global market volatility, Russia's war in Ukraine, historically high inflation and monetary tightening.
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Total billionaire wealth also declined, falling 5.5% to $11.1 trillion, which is the second-largest drop in the past decade. However, the report noted the drop in collective net worth for the super-wealthy only partially offset the double-digit gains the class saw in 2021.
Amazon and Blue Origin founder Jeff Bezos in New York City on Sept. 20, 2021. Bezos is currently the third-wealthiest person in the world with a net worth of around $114 billion, according to Forbes. (Michael M. Santiago/Pool via REUTERS / Reuters Photos)
According to Altrata, billionaires whose fortunes are strongly linked to technology, health care and real estate saw the greatest declines in net worth, while the most resilience was shown in those whose wealth is tied to industries such as aerospace, defense, construction, and food and beverages.
Of the top 15 billionaire countries, only two saw an increase in their billionaire population.
Russia's billionaire population climbed 4.7% to 112, while Singapore experienced an 8% surge to 54.
Perhaps unsurprisingly, the top billionaire cities saw similar trends.
View of the New York City skyline across Central Park looking south toward Billionaires Row. The Big Apple holds the largest population of billionaires of any city in the world. (Photo by: Lindsey Nicholson/UCG/Universal Images Group via Getty Images / Getty Images)
New York City lost two billionaire residents last year, but still holds the world's largest billionaire population at 136. Hong Kong also lost a pair of billionaires but still comes in second at 112, and San Francisco ranks third with 84 after losing one billionaire in 2022.
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Only two billionaire cities in the top 16 showed a gain in their nine-plus figure population. No. 4 Moscow added one billionaire for a total of 76, and No. 8 Singapore added four to reach a total of 54.