2023 Wealth Report: Bezos And Musk Zoom Ahead In The Rich Race As US And China Host Over Half Of Global Ultra-Rich

The year 2023 saw a remarkable surge in the wealth of the ultra-rich, with the U.S. and China emerging as the top countries for the wealthiest individuals.

What Happened: The U.S. is home to over 225,000 ultra-high net worth individuals (UHNWIs), which is more than double the number in China, which stands at 99,000. This means that the two largest economies in the world are collectively home to half of the world’s wealthiest individuals, According to the Knight Frank Wealth Report 2024.

The global UHNWI population, individuals with a net worth exceeding $30 million, has seen a significant increase in 2023. Over half of the world’s wealthiest individuals live in the U.S. and China.

Despite tightening monetary policies and a surge in bond yields, the equity market continued to perform strongly, largely due to the growing enthusiasm for artificial intelligence. This, in turn, led to a substantial increase in wealth creation and the number of UHNWIs globally.

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Germany, the third-ranked country, is home to nearly 30,000 UHNWIs. This trend of the most powerful economic nations with the most wealthy individuals is generally consistent across the top countries.

Other countries that follow this pattern include Canada, Australia, Switzerland, and India. These top countries account for 92% of all individuals with a net worth exceeding $30 million.

As per the Bloomberg Billionaires Index, the majority of the world’s wealthiest individuals, nine out of ten, are located in the United States. As of the reporting time, Jeff Bezos leads the list, followed by Bernard Arnault from France. Elon Musk, also based in the U.S., holds the third position.

Why It Matters: The rise in the number of UHNWIs in 2023 is indicative of the global economic landscape. As the two largest economies, the U.S. and China continue to be the primary destinations for wealth accumulation despite the challenges posed by tightening monetary policies and surging bond yields.

Jeff Bezos, the founder of Amazon, recently reclaimed the title of the world’s richest person, surpassing Tesla CEO Elon Musk. This shift in the top spot reflects the ongoing competition among the world’s wealthiest individuals and the fluctuations in their net worth.

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