The total net worth of the billionaire class increased by 10.3 per cent to a record $13.4trn in 2024, the third consecutive year of rising billionaire wealth, Altrata has revealed.

Billionaire total net worth was worth more than the market caps of NVIDIA, Apple, and Microsoft combined, the report noted.

Altrata’s latest Billionaire Census report also revealed the global billionaire population grew by 5.6 per cent last year to a record high of 3,508 individuals, the largest rise since 2020.

The US accounted for almost a third of all billionaires with 1,135, while the number of billionaires in Europe passed the 1,000 threshold for the first time in 2024.

Europe saw its billionaire population increase by 6.1 per cent, making it the world’s second-most populated billionaire region.

The number of billionaires in North America rose by 7.8 per cent in 2024 to 1,198, representing 34 per cent of the global billionaire population.

Asia saw below average growth with a 2.6 per cent increase in its billionaire population, which the report said was due to the structural slowdown of the Chinese economy, a varied performance across other markets in the region, and trade tensions.

While billionaires comprised less than 1 per cent of the global ultra high net worth population, they held nearly a quarter of the group’s total wealth.

Altrata stated that, over the past 10 years, billionaires whose wealth was tied to technology or the hospitality and entertainment industry had seen the strongest growth in net worth.

Despite the overall growth in billionaire wealth, 8 per cent of individuals worth between $1bn and $2bn lost their billionaire status in 2024.

Commenting on the findings, Altrata CEO, Brian Alster, said: “The billionaire population is far from static. Wealth creation and loss are accelerating alongside the volatility of global markets and the disruptive impact of new technologies.

“This constant movement underscores the importance of understanding not just where wealth exists today, but how it will evolve based on external factors and an individual’s asset allocation.

“Our data continues to shed light on the changes in the global distribution of wealth, helping organisations and policymakers anticipate what’s next.”

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