The Hurun Report unveiled its 2024 Global Rich List, ranking the world's US dollar billionaires based on wealth as of January 15, 2024.
The ‘nine-zero club’, those with US$10 billion or more, has doubled from 126 10 years ago to 234, while the ‘ten-zero club’, those with US$100 billion or more, has gone from zero to 13 in six years.
Stock markets globally performed well in the year leading up to January 15, 2024, except for China and the UK.
Notable increases were observed in the US, India, and parts of Europe, while China and the UK experienced declines.
The dollar strengthened against the Japanese Yen and the Chinese Yuan but weakened against the British Pound Sterling and the Euro.
The 2024 list included 3,279 billionaires from 73 countries, up 5% from the previous year, with their total wealth increasing by 9%. Self-made billionaires accounted for 67% of the list, with an average age of 66.
AI played a significant role in wealth growth, particularly benefiting tech giants.
The US led in new billionaire additions, followed by India, while China added new faces despite challenges in sectors like real estate and renewables. Russia and Israel also saw increases in billionaire numbers.
The top 10 billionaires collectively added $426 billion, accounting for 56% of total new wealth and totaling $1.5 trillion. The cut-off to enter the top ten has almost doubled every five years, reaching $115 billion in 2024.
Top 10
1,933 saw their wealth increase, of which 480 were new faces. The biggest gainers of the year were Mark Zuckerberg, adding US$90 billion, and Elon Musk adding US$74 billion.
Elon Musk, at 52 with a net worth of US$231bn, regained his title as the world's richest person, driven by Tesla's stock surge and SpaceX's valuation reaching new highs.
Jeff Bezos, aged 60, climbed to second place with US$185bn, fueled by Amazon's cloud computing success.
Bernard Arnault, known as the 'Luxury King', lost US$27bn, dropping to third with US$175bn.
Mark Zuckerberg amassed significant wealth with Meta's shares doubling, while Larry Ellison rose to fourth with US$144bn.
Warren Buffett maintained fifth place with US$144bn, emphasizing philanthropy. Steve Ballmer, at 67, secured seventh place with US$143bn mainly from Microsoft shares.
Bill Gates held onto eighth place with US$138bn, focusing on investments.
Larry Page rose to ninth with US$123bn, known for his kiteboarding passion. Mukesh Ambani, at 66, fell to tenth despite a 40% wealth increase to US$115bn, notable for his son's extravagant pre-wedding celebration.
China remains the global leader in billionaires with 814, despite a loss of 155 individuals, while the USA closely follows with 800 billionaires, gaining 109.
Together, they account for 49% of the world's billionaires, down 4% from last year.
India saw significant growth, adding 84 billionaires and nearly doubling the UK's billionaire count. Brazil, Indonesia, and Japan experienced positive trends, contrasting with China's downturn.
New York reclaimed its status as the world's billionaire capital, with London rising to second place.
Mumbai emerged as the fastest-growing billionaire city, ranking third globally and becoming Asia's billionaire hub, with New Delhi entering the Top 10 for the first time. Additionally, Palm Beach,
Istanbul, Mexico City, and Melbourne joined the Hurun Top 30 Cities.
Financial Services overtook Consumer Goods for first place. Food & Beverages and Real Estate overtook Retail for third and fourth places.
It has been a good year for billionaires in the fields of Media & Entertainment, Software & Services and Financial Services and a relatively tough year for those in Healthcare, Industrial Products and Food & Beverages.
Countries:
In the Hurun Billionaire rankings, the UK surpassed Germany, claiming 4th place with 146 billionaires and a total wealth of US$563 billion. Key sectors include Real Estate, Retail, and Financial Services, with London hosting 97 billionaires.
80 billionaires experienced wealth growth, while 10 dropped off and 20 joined the list, with an average age of 66.
Germany slipped to 5th place; housing 140 billionaires worth US$611 billion. Notable industries are Food & Beverages, Healthcare, and Retail, with Munich and Hamburg as top cities. Despite 47 billionaires witnessing a wealth decline, the average age remains 66.
Switzerland secured 6th place with 106 billionaires worth US$482 billion. Geneva is the hub for billionaires, particularly in Healthcare and Consumer Goods.
58 billionaires saw their wealth grow, with an average age of 68.
Russia ascended to 7th place with 76 billionaires amassing US$341 billion, driven by industries like Metals & Mining and Energy.
Moscow is the preferred city, with 45 billionaires experiencing increased wealth and an average age of 60.
Italy climbed to 8th place with 69 billionaires and US$187 billion in combined wealth, led by the Consumer Goods sector.
Milan boasts the most billionaires, including the wealthiest individual, Massimiliana Landini Aleotti. Notable growth was seen, with 12 new additions to the billionaire list.
France dropped to 9th with 68 billionaires worth US$529 billion, with Paris as the billionaire hub. Key sectors include Food & Beverages and Consumer Goods, with Bernard Arnault as the richest individual.
While 35 billionaires saw wealth growth, 27 experienced declines, with 4 new additions.
Brazil ranked 10th globally, hosting 64 billionaires with a total wealth of US$177 billion. Financial Services,
Investments, and Retail are prominent sectors, with Sao Paulo being the origin of 37 billionaires. Marcel Herrmann Telles leads as the richest individual, with an average age of 60.
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