The latest Hurun Global Rich list points to China as the country with the highest number of billionaires in 2024. But which global city do billionaires prefer to call home? Details below.
The life of a billionaire is an aspirational dream that many of us long to achieve. Inquiries into the notable traits and characteristics of billionaires — from their habits and their zodiac signs to the industries that fuel their massive wealth — have provided insights for those who aspire to gain affluence.
The findings are such: Not all billionaires are born into wealth, and not all famous people are rich. Likewise, not all rich people are famous.
The newly released Hurun Global Rich List 2024 is produced with data captured as of January 15, 2024. According to the list, which has been produced for 13 years now, China has once again topped the list of countries with the highest number of billionaires in the world. However, the nation has also seen a stark decline in the number of billionaires who call it home, marking a net loss of 155 for a total of 814 billionaires in 2024.
Conversely, the United States of America, which has retained its position in second place with 800 billionaires saw a net growth of 108. Ditto for India, which has once again come in third on the list of countries with the highest number of billionaires in the world with 271 total billionaires, and a net gain of 84.
As a whole, 167 people gained billionaire status in the past year, making for a total of 3,279 billionaires in the world. Of the 3,279, 1,933 billionaires increased their wealth, whilst 1,346 saw a decline in financial prospects. Additionally, 278 billionaires fell off the list, whilst another 278 remained the same. The cumulative wealth of the world’s billionaires thusly also saw an increase of 9 percent, up to a staggering USD 15 trillion. Most notably, 67% of these billionaires were self-made, outpacing those of the old money set, with only 33% of the world’s billionaires having inherited their wealth.
2023 was also the year of young and emerging billionaires, with 93 individuals in the list clocking in below 40 years of age. Of these, eight were under the age of 30, led by 19-year-old Clemente Del Vecchio of Essilor Luxottica eyewear who boasts a net worth of USD 4.6 billion. While Del Vecchio inherited his wealth and his Essilor Luxottica shares from his father, the late Italian billionaire Leonardo Del Vecchio, the world’s youngest self-made billionaire as of 2024 is Ryan Breslow of fintech platform Bolt, who boasts a net worth of USD 1.3 billion at the age of 29.
The average age of billionaires who made the list is 66.
American businessman and investor Elon Musk defended his place as the richest man in the world, with a net worth of USD 231 billion. He is trailed by Jeff Bezos, who came in second with a net worth of USD 185 billion, Bernard Arnault with 175 billion, Mark Zuckerberg with 158 billion, and Larry Ellison and Warren Buffet with 144 billion apiece.
Steve Balmer and Bill Gates of Microsoft come in at seventh and eighth, with USD 143 billion and USD 138 billion respectively. In ninth place is Alphabet’s Larry Page, who entered the top 10 with USD 123 billion.
India’s Mukesh Ambani is 10th on the list of the world’s wealthiest billionaires with a net worth of USD 115 billion, while China’s ‘Bottled Water King’ Zhong Shanshan remained the richest person of China with USD 63 billion. Colin Huang Zheng of e-commerce company Pinduoduo climbed up to second position with USD 53 billion, whilst Tencent’s Pony Ma took third place with USD 35 billion.
In fourth place is Zhang Yiming, internet entrepreneur and founder of Bytedance, parent company of TikTok and Douyin, with a net worth of USD 34 billion.
The Knight Frank Wealth Report 2024 posits that women now represent 11 percent of Ultra-High-Net-Worth-Individuals in the world, up 3 percent from a paltry 8 percent less than a decade ago. A Forbes report published in April 2023 stated that there were 337 women billionaires in the world.
While this is a small figure compared to the broader ensemble of billionaires, it is a fast-growing segment that incorporates 218 self-made women, including one Taylor Allison Swift who debuted on the list this year with a net worth of USD 1.2 billion. Swift joins fellow self-made billionaire and musician Rihanna, who as of 2024 boasts a net worth of USD 1.4 billion.
The duo is set to follow in the footsteps of the world’s richest self-made billionaire, 77-year-old Oklahoma-based businesswoman and film producer Diane Hendricks who boasts a net worth of USD 22 billion. Meanwhile, L’Oreal mogul Francoise Bettencourt tops the list of the richest women in the world with a net worth of USD 91 billion.
While Taylor Swift and her record-breaking Eras tour can certainly claim credit for driving local businesses and the growth of the entertainment industry, the top source of wealth is financial services, which accounted for 10 percent of the world’s billionaires.
This was followed by consumer goods, which accounted for 8 percent of the world’s billionaires, and 7 percent each for food and beverage and real estate billionaires.
Despite retaining second place in the list of industries that contribute to the wealth of billionaires, the consumer goods sector saw an 8.7 percent decline. This is most notable in the USD 27 billion loss sustained by Bernard Arnault of the LVMH family, the most of anybody in the year; subsequently, Arnault dropped down to third place on the list, though his net worth still stands at a hefty USD 175 billion. Per Forbes, Leonord Lauder of Estée Lauder also lost USD 3 billion in the past year, pointing to a difficult year for luxury goods.
However, the media and entertainment segment saw a good year, with a 5% increase in the number of billionaires. Beyond Taylor Swift’s debut on the list, the sector can also expect American singer Beyonce’s entrance in due time, with media reports suggesting she is well on the way to billionaire status herself.
The segment added USD 226 billion in 2023, outperforming the software and services segment which surged by USD 149 billion, the financial services segment which saw an increase of USD 118 billion, and the retail segment which had a growth of USD 104 billion.
These are the countries with the highest number of billionaires in the world as of 2024.
China – 814
USA – 800
India – 271
United Kingdom – 146
Germany – 140
Switzerland – 106
Russia – 76
Italy – 69
France – 68
Brazil – 64
Canada – 53
Thailand – 49
Indonesia – 47
Australia – 45
Japan – 44
Singapore – 42
South Korea – 37
Israel – 29
Spain – 27
Sweden – 25
Turkey – 25
UAE – 24
Mexico – 22
Malaysia – 19
Philippines – 18
Monaco – 18
Netherlands – 17
Austria – 16
Denmark – 16
Norway – 13
These are the cities with the highest number of billionaires.
New York – 119
London – 97
Mumbai – 92
Beijing – 91
Shanghai – 87
Shenzhen – 84
Hong Kong – 65
Moscow – 59
New Delhi – 57
San Francisco – 52
Bangkok – 49
Taipei – 45
Paris – 44
Hangzhou – 43
Singapore – 42
Guangzhou – 39
Jakarta – 37
Sao Paolo – 37
Los Angeles – 31
Seoul – 31
Tokyo – 30
Milan – 28
Bengaluru – 27
Dallas – 23
Palm Beach – 23
Istanbul – 22
Ningbo – 22
Dubai – 21
Stockholm – 19
Melbourne – 18
Mexico City – 18
Suzhou – 18
Read the full report here.
(Main image: Beata Zawrzel/NurPhoto via Getty Images, Antoine Gyori/Corbis via Getty Images; featured image: Beata Zawrzel/NurPhoto via Getty Images)
Frequently Asked Questions (FAQs)
– Which country has highest number of billionaires?
Topping the list of countries with the highest number of billionaires in 2024 is China, with 814 billionaires.
– How many billionaires are in India?
According to Hurun’s Global Rich List of the countries with the highest number of billionaires in the world, there are 271 billionaires in India.
– Which country has the richest person?
United States businessman and investor Elon Musk is the richest person in the world, with a net worth of USD 231 billion.
– Which continent has the most billionaires?
According to Hurun’s Global Rich List 2024, Asia has just under half of the world’s known billionaires.
Associate Digital Editor
Emmelyn curates and creates content in Kuala Lumpur, where she's spent the past decade building a portfolio comprising copy and video spanning print and digital platforms. Endlessly fascinated with cookbooks, ..Read More
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