Report: World’s billionaires’ wealth to grow 17% in 2024 to $14 trillion

The Swiss bank UBS confirmed that the wealth of the world’s billionaires jumped by about 17% over the past year, as large gains among the wealthy in the United States offset the decline in China.

The bank’s 2024 report indicated that the total number of billionaires rose to 2,682 billionaires in 2024 from 2,544 billionaires a year ago, and the value of their wealth rose to $14 trillion from $12 trillion. In 2015, their total wealth amounted to $6.3 trillion.

According to the World Bank, the world’s population exceeded eight billion people last year, and the gross domestic product reached about $105.4 trillion, confirming the extent to which wealth is concentrated in a small segment of humanity, according to CNBC.

Most of the new billionaires during the year were self-made and built their wealth themselves. Contrary to what the bank’s 2023 report showed, new billionaires gain more wealth through inheritance than entrepreneurship.