New Report: This is Where the World's Wealthiest Live

Geopolitical tensions and economic uncertainty? For the world’s billionaires, they’re just a backdrop. A new report from Altrata shows that this exclusive elite has grown to 3.323 members, with a combined wealth of €11.4 trillion. Where do they live and how are they growing their fortunes? MASTERS takes a closer look at the report.

From the Billionaire Census 2024 turns out that billionaires flourished again in 2023. Their number grew by 4% to 3.323 individuals, a new record. Together they are good for a fortune of €11.4 trillion, an increase of 9%. The absolute top? The 18 richest in the world together have €1.89 trillion - an average of €105 billion per person.

North America remains the undisputed home of the super-rich, with 1.111 billionaires (up 9,9% on last year) and a combined wealth of over €4.7 trillion. Europe follows with 980 billionaires and a combined wealth of €3 trillion. Asia was less fortunate, with the number of billionaires falling by 3.5%, largely due to a slowing economy in China, the report said.

Undisputed capital

New York remains the undisputed capital of the super-rich, with 144 billionaires representing a large portion of the world’s wealth. No surprise, given the city’s vibrant business, cultural and financial epicentre. Hong Kong follows at a respectable distance with 107 billionaires. San Francisco (87 billionaires) and London (78) also feature high on the list, while Los Angeles is growing strongly. Chinese cities such as Beijing and Shenzhen, on the other hand, have had to take a step back.

Strikingly, 13% of billionaires are women, and that share is growing steadily. Although three-quarters of them inherited part or all of their wealth, the number of self-made billionaires is rising rapidly. Women are more likely to focus on philanthropy, real estate and art, while men are more likely to opt for fast cars and private jets.