The global billionaire population grew by 4 per cent to 3,323 individuals in 2023, more than reversing the previous year’s decline to hit a new record high, Altrata’s Billionaire Census has revealed.

Altrata’s report, using data from Wealth-X, stated that billionaire numbers were bolstered by stock markets and the world economy proving more resilient than expected amid high inflation, tight monetary policy, cost-of-living pressures, and geopolitical instability.

Billionaires’ total wealth increased by 9 per cent in 2023 to a record $12.1trn.

North America saw the greatest increase in billionaire numbers in 2023, recording a 9.9 per cent increase to 1,111 individuals, while its global share of billionaires rose to 33.4 per cent.

Europe remained the second most billionaire-populous region with a 30 per cent share, as its billionaire population experienced above-average growth of 5 per cent to 980 individuals, and their wealth increased by 9.6 per cent to $3.2trn.

However, Altrata noted that the economic performance of the continent’s largest wealth markets, Germany and the UK, “disappointed in the face of high inflation, tight monetary policy and structural constraints”.

Despite this, the UK still saw a 7 per cent rise in the number of billionaires in 2023, up to 112 individuals with a combined wealth of $296bn, making it the fifth most billionaire-populous country.

Globally, the richest billionaires were found to be getting richer, with the 18 individuals with a fortune of more than $50bn increasing their share of billionaire wealth from less than 4 per cent in 2014 to 16 per cent in 2023.

While the number of female billionaires increased, they were still underrepresented, making up 13 per cent of billionaires.

“Despite being a small segment of the population, billionaires wield vast influence in the global economy, with a combined net worth now exceeding $12trn,” Altrata said.

“In a turbulent 2023 marked by global conflicts, shifting monetary policies, and a volatile economic climate, the billionaire class saw its numbers rise by 4 per cent to a record 3,323 individuals.

“This report examines how investor enthusiasm for generative AI and expectations of monetary easing fuelled a late-year surge in stock markets, bolstering billionaire wealth worldwide.”

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