APPLIED WEALTH INTELLIGENCE

BILLIONAIRE CENSUS 2021

BILLIONAIRE CENSUS 2021

JAMES LAVELL
CHIEF EXECUTIVE OFFICER, EUROMONEY PEOPLE INTELLIGENCE
RICHARD GREEN
CHIEF COMMERCIAL OFFICER, EUROMONEY PEOPLE INTELLIGENCE
MANUEL BIANCHI
SENIOR VICE PRESIDENT OF SALES, WEALTH SOLUTIONS, EUROMONEY PEOPLE INTELLIGENCE
MICHAEL PHILLIPS
VICE PRESIDENT, MARKETING AND COMMUNICATIONS, EUROMONEY PEOPLE INTELLIGENCE

LEAD AUTHORS
MAYA IMBERG
HEAD OF THOUGHT LEADERSHIP AND ANALYTICS, EUROMONEY PEOPLE INTELLIGENCE
MAEEN SHABAN
DIRECTOR, RESEARCH AND ANALYTICS, EUROMONEY PEOPLE INTELLIGENCE


STEPHANIE WARBURTON
DIRECTOR OF VISUAL COMMUNICATIONS, EUROMONEY PEOPLE INTELLIGENCE

© WEALTH-X SEPTEMBER 2021

THIS PUBLICATION IS FOR YOUR INFORMATION ONLY AND IS NOT INTENDED AS AN OFFER,
OR A SOLICITATION OF AN OFFER, TO BUY OR SELL ANY PRODUCT OR OTHER SPECIFIC SERVICE.
ALL INFORMATION AND OPINIONS INDICATED ARE SUBJECT TO CHANGE WITHOUT NOTICE.
TABLE OF CONTENTS
Executive Summary 1

Introduction 2

Global Billionaire Map 3

Billionaire Performance in 2020 5

Distribution of Billionaire Wealth 10

Top 15 Billionaire Countries 15

Top 15 Billionaire Cities 17

Profiling Today’s ‘New’ Billionaires 19

Size and Median Wealth 19

Source of Wealth 20

Gender 21

Age 22

Primary Industry 23

Asset Allocation 24

Methodology 25

About Wealth-X and Euromoney People Intelligence 26

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EXECUTIVE SUMMARY

largest
2020 witnessed the Some 670 individuals
absolute growth became billionaires in 2020.
in billionaire individuals These ‘new’ billionaires are younger, less
since our records began. wealthy (for the moment), comprise
For the first time, the number of global a higher proportion of entrepreneurs and
billionaires surpassed 3,000 (to 3,204), have a slightly greater focus on the
an increase of 13.4%. Their combined technology and healthcare sectors than
wealth hit $10trn, a rise of 5.7%. the general billionaire population.
This is a striking development given
the upheaval of the coronavirus
(Covid-19) pandemic and the deepest
contraction in world economic output
Almost half of the
for a generation. world’s 15 wealthiest
billionaires in 2020 made
their fortunes primarily in
the technology sector.
Billionaires account for a
rising proportion Many of such individuals’ fortunes have
benefitted from the rapid digitalization
of global wealth. of the global economy and the scalability
Billionaire wealth as a share of the gains for ‘big tech’, in addition to the
ultra high net worth (UNHW) transformative impact of the pandemic
population — people with $30m+ on the use of digital platforms.
in net worth — has risen from
23% in 2012 to 28% in 2020. Among the top 15 countries,
There was also an acceleration of
diverging wealth gains between China and India
billionaires in the ‘top’ wealth tiers recorded the strongest
and those in ‘lower’ tiers — the growth in billionaire numbers.
wealthiest two groups of billionaires
Their billionaire populations grew by
recorded the fastest growth in 2020.
19.9% and 19.5% respectively and all the
top 15 countries posted increases. The US
remains by far the dominant billionaire
North America and Asia country, accounting for 29% of the global
population. This compares with shares of
had the most dynamic regional
around 13% for second-placed China and
population growth and the most
5% for third-ranked Germany.
significant wealth gains in 2020.
Billionaire population growth was also in
double digits in Europe and the Pacific,
with all remaining regions recording
slower but still positive growth.

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INTRODUCTION

Our eighth and latest edition of the Wealth-X Billionaire Census analyzes the status of
the world’s billionaires, who, despite being modest in number, hold immense wealth and
wield a significant influence over the global economy.

In a year of dramatic upheaval and polarizing trends in wealth generation, we explore

the global billionaire population and its wealth in 2020, presenting global wealth drivers,
regional trends and a ranking of the leading billionaire countries and cities.

We analyze the distribution of wealth among the global rich1, providing context that
highlights the considerable and growing influence of the billionaire class. We also reveal
wealth gains by wealth tier and identify the top primary industries accounting for the
largest billionaire wealth gains. Within this we detail the 15 wealthiest individuals by their
total wealth, wealth source, primary company and industry.

For the first time, this report shines a spotlight on ‘new’ billionaires — those who became
billionaires in 2020. We draw out a range of characteristics — their number and median
wealth, wealth source, gender, age, industry focus and asset holdings — and explore the
extent to which they differ from their peers in the general billionaire population.

Wealth-X’s comprehensive database of billionaires (as defined by net worth) provides

an unrivaled insight into the status of the world’s wealthiest individuals and their
characteristics, making it an essential read for any provider looking to prospect for and
engage with individuals in this extraordinarily exclusive group.

KEY DEFINITIONS
‘New’ billionaires
Individuals who became billionaires in 2020 (those with a net worth of $1bn+).

Ultra high net worth (UHNW) individuals

Those with a net worth of $30m+ (also referred to as the ‘ultra wealthy’).

Very high net worth (VHNW) individuals

Those with a net worth of $5m to $30m.

1 Wealth-X’s demarcated ‘major’ wealth tiers, in descending order of wealth, are: billionaires and the ultra wealthy with $30m
and more; the very high net worth population with $5m to $30m; and people with $1m to $5m in net worth.

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% Change in population % Change in wealth

13.4% 5.7% from 2019
from 2019

2020 3,204 $9,974

Billionaire Total wealth
Number of
population and ($bn)
billionaires
GLOBAL BILLIONAIRE MAP total wealth

ASIA

883 16.5%

AFRICA EUROPE 7.5%

$2,581bn
LATIN AMERICA AND
THE CARIBBEAN 44 893 MIDDLE EAST
7.3% 10.4%

NORTH AMERICA 217 PACIFIC

149 4.2% 4.8%
0.8% 6.3%
980 17.5% $89bn $2,544bn 38 15.2%

-9.4% -7.6%
$414bn $461bn
8.0% 7.7%
$3,810bn $74bn

27.9%

30.6%
6.8%
27.6%
1.4%
4.7%
% of the world’s billionaires

1.2%
Note: Data on % of the world’s billionaire population may not total 100% owing to rounding.
Source: Wealth-X

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BILLIONAIRE
PERFORMANCE IN 2020:
A PANDEMIC BOOM
ROCKETING NUMBERS
The global billionaire population surged in 2020, rising by 13.4% to 3,204 individuals.
This followed robust gains a year earlier and was the strongest annual growth since 2017
— a striking development amid the upheaval of the coronavirus (Covid-19) pandemic
and the deepest contraction in world economic output for a generation.

The number of billionaires surpassed

3,000 for the first time

Huge monetary stimulus from global central banks and expansive government support
measures propelled a dramatic rally in financial markets, after an initial pandemic-driven
collapse. Almost all major equity indices ended the year posting healthy returns, with
other asset classes and IPO activity also rebounding strongly. At an aggregate level,
billionaire wealth gains lagged the double-digit growth of the population, reflecting
in part the extremity of market behavior during the year and the highly uneven
disruptive forces of the pandemic across different industries, economies and regions.
Nevertheless, the combined wealth of the world’s billionaires still expanded strongly,
rising by 5.7% to $10trn.

SELECT GLOBAL INDICATORS FOR 2020 (year-on-year change %)

-3.2% 16% +19% +29%

(US$ terms) transactions capital raised

REAL GDP MSCI WORLD GLOBAL IPO

GROWTH EQUITY INDEX ACTIVITY

Sources: International Monetary Fund, World Economic Outlook, July 2021; Morgan Stanley Capital International (MSCI);
EY Global IPO Trends: Q4 2020

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BILLIONAIRE PERFORMANCE IN 2020: A PANDEMIC BOOM

POLARIZING FORTUNES
Viewed in aggregate, the global pandemic delivered a windfall to billionaire wealth,
boosted by the flood of monetary stimulus and swelling profits in key sectors that coined
a new wave of younger, self-made billionaires. However, this was by no means a uniform
trend across the billionaire population, with the polarizing impact of the pandemic
delivering prosperity across technology and healthcare, while weighing heavily on
portfolios focused on travel, commodities and entertainment. A related outcome was an
acceleration of the diverging wealth gains between a select group of ‘super billionaires’
and those in ‘lower’ ultra wealth tiers. At the very peak, the soaring net worth of Jeff
Bezos and Elon Musk delivered a new ‘space race’, one no longer fought by national
superpowers but between modern tycoons of tech-focused multinationals.

At a broader level, the growing divide in wealth across societies and between countries
— exacerbated by the pandemic — was a contributory factor fueling existing trends
of rising protectionism, nationalism, civil tensions and state censorship in a growing
number of countries around the world. In a period of intense economic and social strain,
surging wealth gains among the extremely wealthy contrasted sharply with the increased
unemployment, rising health fears and falling incomes experienced by many non-wealthy
individuals. As the global economy gradually emerges from the crisis, the issue of
widening inequality may well spur more concerted redistributive policy efforts in areas
such as tax and regulation.

Surging wealth gains among billionaires in 2020

contrasted sharply with the challenging economic
circumstances of many non-wealthy individuals

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BILLIONAIRE PERFORMANCE IN 2020: A PANDEMIC BOOM

NORTH AMERICA: riding the tech wave

North America bolstered its status as the world’s leading billionaire region in 2020,
recording the most dynamic population growth and wealth gains. The number of
billionaires increased by a remarkable 17.5% from a year earlier to 980 individuals,
equivalent to a 31% global share. Wealth portfolios were buoyed by equity markets, which
rallied strongly from a first-quarter slump amid a flood of liquidity from the US Federal
Reserve (the US central bank), government stimulus (such as the US CARES Act) and the
surge in online activity. Gains for mega-cap US tech stocks propelled the main US indices
to record highs, with the S&P 500 closing the year up 18% and the tech-heavy NASDAQ
Composite Index up a staggering 45%, outperforming their global peers. There was also
support from the ‘safe haven’ status of the US dollar, which appreciated against most
other major currencies. Collective net worth of the region’s billionaires rose by 8% to
$3.8trn, lifting its global share to a dominant 38%.

ANNUAL CHANGE IN BILLIONAIRE POPULATION BY REGION 2020

North America 17.5%

Asia 16.5%

Pacific 15.2%

Europe 10.4%

Africa 7.3%

Middle East 4.8%

Latin America and
4.2%
the Caribbean

Source: Wealth-X

ASIA: virus suppression drives faster economic rebound

Growth of the billionaire class in Asia lagged only just behind North America, with its
population increasing by 16.5% to 883 individuals and cumulative wealth expanding
by 7.5% to $2.6trn. There were strong wealth gains in the technology and healthcare
sectors, with another key driver being more effective control and suppression of the virus
compared with many global peers. This allowed for a quicker economic rebound (China
was the only G20 economy to report full-year GDP growth), supporting the region’s large
industrial and export base. On the whole, equity markets performed strongly and most
currencies showed resilience against the US dollar. The Shanghai Composite Index rose
14% (in local currency terms) and Japan’s Nikkei Index was up 16%, although both were
outshone by a 31% jump in South Korea’s tech-heavy stock market.

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BILLIONAIRE PERFORMANCE IN 2020: A PANDEMIC BOOM

EUROPE: double-digit billionaire growth despite severe virus spread

The number of billionaires in Europe rose by 10.4% to 893 individuals, keeping the
region just ahead of Asia in terms of population size. Collective net worth increased
by an above-average 6.3% to $2.5trn, although growth lagged that of North America
and Asia — the latter having overtaken Europe in recent years as the second-ranked
region for billionaire wealth. This relative underperformance reflected a range of factors:
elevated levels of virus cases and repeated lockdowns; a more limited influence of tech
stocks on regional equity indices; exposure to hard-hit consumer-facing industries, such
as hospitality and tourism; and Brexit-related disruption. These contributed to varied
stock market returns and net worth gains across the region’s largest wealth markets.
Portfolios were, nevertheless, supported by huge policy stimulus, a swift transition online
across the region’s well-developed digital networks, and significant new wealth-creation
opportunities in retail and healthcare.

AFRICA AND THE PACIFIC: resilience in the former and strong wealth gains in
the Pacific

The comparatively small billionaire populations in both regions mean caution is required
in interpreting annual growth rates, but wealth developments were generally more
positive than in the Middle East and Latin America. Cumulative wealth among Africa’s
44 billionaires increased slightly to $89bn, with stock market and currency effects
more limited than in the two aforementioned regions. Billionaire totals for the Pacific
— the region with the smallest population, equivalent to a 1.2% global share — largely
reflect wealth developments in Australia. Despite taking a hit from travel curbs, asset
portfolios were buoyed by low numbers of virus cases, the resilience of China (supporting
commodities and the currency) and real-estate gains. Cumulative wealth among the
region’s 38 billionaires increased by 7.7% to $74bn.

The number of billionaires in Europe rose by 10.4%

to 893 individuals, with the region just ahead
of Asia in terms of population size (though not
combined wealth)

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BILLIONAIRE PERFORMANCE IN 2020: A PANDEMIC BOOM

MIDDLE EAST: slumps in commodities and travel shrink billionaire wealth

The fourth-largest billionaire region recorded a 4.8% rise in its billionaire population, to
217 individuals, equivalent to a 7% global share. However, cumulative wealth declined
by 7.6% to $461bn. Although the pandemic’s impact and a fairly rapid vaccine rollout in
some countries opened up new avenues for wealth generation, the Middle East’s largest
wealth markets were badly hit by a slump in oil demand and restrictions on international
travel, which weighed on domestic stock markets and contributed to a broad weakening
of local currencies against the US dollar. Rising disaffection among marginalized young
populations and elevated geopolitical tensions in the region also made an impact on
wealth holdings.

The Middle East and Latin America and the

Caribbean were the only two regions to
experience falling billionaire wealth in 2020

LATIN AMERICA AND THE CARIBBEAN: currency and structural weaknesses hit
asset portfolios

The billionaire population of Latin America and the Caribbean increased slightly to 149
individuals, with growth of 4.2% the weakest of all the regions. This followed relative
underperformance in 2019. Combined net worth slumped by 9.4% to $414bn as asset
portfolios were hit by falling economic activity, weakened commodity and equity markets
(despite a late-year revival) and a depreciation of most local currencies against the US
dollar. Economically, Mexico and Argentina (the latter defaulted on its external debt)
fared worse than Brazil and Chile, but this did not necessarily tally with the public health
fallout from the virus.

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DISTRIBUTION OF BILLIONAIRE WEALTH:

WIDENING INEQUALITIES

Billionaires account for an enormous — and rising — proportion of

global wealth
The uneven distribution of global wealth is evident at all levels of society and across
all wealth tiers, but is increasingly stark when evaluating the world’s super rich. In 2020,
billionaires represented 1.1% of the global ultra high net worth (UNHW) population —
those with $30m+ in net worth — yet held a staggering 28% share of cumulative
UHNW wealth.

These proportions are even more extreme when moving further down the wealth tiers.
For example, the billionaire class accounted for a tiny 0.1% of the global population of
three million individuals with a net worth of at least $5m, yet held a 16% share of this
group’s cumulative wealth.

POPULATION AND WEALTH BY MAJOR WEALTH TIER 2020

POPULATION WEALTH ($BN)

3,015,180 $62,523bn
$5m+ in net worth $5m+ in net worth

295,450 3,204 $35,459bn $9,974bn

UHNW Billionaires UHNW Billionaires

Note: UNHW denotes ultra high net worth individuals with $30m+ in net worth.
Source: Wealth-X

In 2020 billionaires represented just over 1% of the

global UNHW population yet held a staggering
28% share of cumulative UHNW wealth

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The distribution of billionaire wealth has become increasingly skewed over time,
signaling the growing influence of this exclusive club. Since the publication of our
first Billionaire Census in 2013, billionaire wealth as a share of UHNW wealth has risen
from 23% to 28%, despite the size of the billionaire population as a share of the UHNW
population remaining largely stable (at around 1%).

BILLIONAIRE AND ULTRA WEALTH OVER TIME ($bn)

30,000

25,486bn
25,000

ULTRA WEALTH
20,231bn EXCLUDING BILLIONAIRES
20,000
Wealth ($bn)

15,000

10,000 9,974bn

6,190bn
5,000 BILLIONAIRE WEALTH

0
2012 2013 2014 2015 2016 2017 2018 2019 2020

Sources: Wealth-X 2021 and previous Billionaire Census publications.

Contributory factors have been the rapid digitalization of the global economy (including
across almost all emerging markets) and the scalability gains for ‘big tech’; the
abundance of central bank liquidity poured into the world’s financial markets over the
past decade; and the related expansion of real-estate portfolios, among others. The
pandemic reinforced these trends in 2020, accentuating the relative net-worth standing
of the billionaire class, particularly those individuals at the very peak of the global
wealth pyramid.

Billionaire wealth as a share of UHNW

wealth has risen from 23% in 2012 to 28%
just eight years later

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BILLIONAIRE PERFORMANCE IN 2020: A PANDEMIC BOOM

Large disparities within the billionaire class

An uneven distribution of wealth is just as evident among the billionaire population

itself. Just over half of global billionaires in 2020 resided in the ‘lowest’ wealth bracket
— with a net worth of $1bn to $2bn — while accounting for just 18% of all billionaires’
combined wealth. A further one third of the population had a net worth of $2bn to $5bn.
Grouped together, this cohort of 83% of billionaires controlled less than half (47%) of
total billionaire wealth, again showing the propensity for the majority of a population set
to lie within the lower wealth tiers.

Among the upper tiers, a total of 212 individuals each held a net worth in excess of
$10bn. This elite group comprised just 6.6% of the billionaire class but held almost
36% of global billionaire wealth — a sum of $3.6trn, equivalent to just shy of the
annual market value of the German economy, the fourth largest in the world. Even
more exclusive still, one third of this total was held by just 19 individuals (0.6% of the
population) in the very top tier of billionaire wealth, each with a fortune of more
than $50bn.

BILLIONAIRE POPULATION AND WEALTH BY WEALTH TIER

2020 3,204 $9,974bn

Billionaires Total wealth

NUMBER OF TOTAL WEALTH

BILLIONAIRES ($bn)

19
193 1,171

319

2,384

1,039
WEALTH TIER
$50bn+
1,695 $10bn-$50bn
$5bn-$10bn
$2bn-$5bn
$1bn-$2bn

2,842
1,634

1,882

Source: Wealth-X

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The wealthiest two groups of billionaires recorded the fastest wealth growth in 2020 The top tier of 19 ‘super billionaires’ registered the second-highest growth in population
size (a rise of 27%) and the strongest growth in combined net worth at 9.3%. Not
Across the five billionaire wealth brackets, the strongest growth in 2020 (in terms surprisingly, given the industry focus of many of the world’s richest billionaires and the
both of population and combined net worth) was recorded in the two upper tiers. The transformative impact of the pandemic on digital use, the technology sector accounted
number of billionaires with wealth of $10bn-$50bn surged by 40%, three times faster for the largest share of wealth gains among this exclusive group.
than growth of the global billionaire population.

The expansion of this cohort was driven, in particular, by wealth generation in the
automotive, technology, materials, and shipping and distribution industries. Right at the 15 WEALTHIEST BILLIONAIRES, JULY 2021
top end, among those with fortunes of more than $50bn, hospitality makes a surprising Industry from where majority of wealth originated, net worth, and
entry, but this is largely explained by the very small number of billionaires in this tier and current primary company/organization (shown underneath bar)
our definition of primary industry2. Technology All other industries
Wealth source not entirely self-made (i.e., inheritance)

1 Jeff Bezos (US) Retail (online)/e-commerce $201.2bn

ANNUAL CHANGE IN BILLIONAIRE WEALTH PERFORMANCE OF THE Amazon
POPULATION AND WEALTH TOP TWO PRIMARY INDUSTRIES
BY WEALTH TIER 2020 BY WEALTH TIER 2020 2 Elon Musk (US) Automobiles $181.1bn
Tesla

Change in population 3 Bernard Arnault (France) Textiles, apparel and luxury goods $154.4bn
Change in wealth LVHM
Wealth tier
4 Bill Gates (US) Information technology services $142.4bn
27.4% Technology Bill and Melinda Gates Foundation
$50bn+
9.3% Hospitality and entertainment
5 Mark Zuckerberg (US) Information technology services $137.4bn
39.7% Automobiles Facebook
$10bn-$50bn Materials
8.5%
6 Sergey Brin (US) Information technology services $127.7bn
Energy Alphabet
23.2% $5bn-$10bn Technology
2.4%
7 Larry Page (US) Information technology services $126.7bn
11.6% Technology Alphabet
$2bn-$5bn Automobiles
7.9%
8 Steve Ballmer (US) Information technology services $110.5bn
Technology Los Angeles Clippers
10.4% $1bn-$2bn Shipping/packaging/
0.3% Investments and asset
distribution 9 Warren Buffett (US) management $104.2bn
Berkshire Hathaway
Source: Wealth-X
10 Larry Ellison (US) Internet/software services $94.3bn
Oracle

Industrial
11 Mukesh Ambani (India) conglomerates $84.6bn
Reliance Industries

12 Amancio Ortega (Spain) Textiles, apparel $80.5bn

and luxury goods
Inditex
Technology dominates as a focus among 13 Jim Walton (US) Retail $76.3bn
the world’s wealthiest billionaires Arvest Bank Group

14 Alice Walton (US) Retail $74.7bn

Walmart

15 Rob Walton (US) Retail $72.7bn

Walmart

Notes: The Wealth-X Database categorizes individuals across 46 core industries. If an individual
has no bullet point to the left of their name, this indicates that the majority of their wealth has
been entirely self-made. A billionaire's current primary company/organization may be in a
different industry from where the majority of their wealth originated.
Source: Wealth-X

2 Primary industry refers to the industry to which the wealthy devote most of their time, not necessarily the industry by which
they created their wealth, although they are often one and the same.

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BILLIONAIRE PERFORMANCE IN 2020: A PANDEMIC BOOM

TOP 15 BILLIONAIRE COUNTRIES NOTABLE HIGHLIGHTS

TOP 15 BILLIONAIRE COUNTRIES

Year-on-year change THE TOP 15 COUNTRIES ARE HOME TO JUST OVER THREE-
Rank and wealth ($) Billionaire population 2020 in population (wealth) QUARTERS OF THE WORLD’S BILLIONAIRES AND
1 United States 81% OF GLOBAL BILLIONAIRE WEALTH.
927 17.6% (8.1%)
$3,709bn
2 China
410 19.9% (13.3%) THE US IS BY FAR THE DOMINANT BILLIONAIRE COUNTRY.
$1,303bn
3 Germany It accounted for 29% of the global population and 37% of cumulative
174 13.7% (8.1%)
$515bn billionaire wealth in 2020. This compares with shares of around 13% for
4 Russia second-placed China, which has gained a little ground in recent years,
120 5.3% (1.7%)
$397bn and 5% for third-ranked Germany. Six of the top 15 countries are in
5 United Kingdom Europe, with four in Asia, two each in North America and the Middle
119 19.0% (3.7%)
$225bn East, and one in Latin America and the Caribbean.
6 Hong Kong* 111 15.6% (0.7%)
$282bn ALL 15 COUNTRIES RECORDED AN INCREASE IN THEIR BILLIONAIRE
7 Switzerland 107 7.0% (16.3%) POPULATION IN 2020, WITH THE STRONGEST GROWTH IN CHINA
$318bn AND INDIA.
8 India 104 19.5% (0.8%)
$316bn Changes in combined wealth were more diverse, with 11 countries
recording growth and four seeing a decline.
9 Saudi Arabia 3.2% (-5.2%)
64
$144bn
Switzerland and China enjoyed the fastest wealth gains; the UAE and
10 France 64 6.7% (8.8%) Brazil suffered the sharpest falls. This was partly attributable to the
$238bn
highly uneven impact of the pandemic on countries’ economic output,
11 Italy 60 13.2% (7.6%) exchange rates, asset markets and sector performance.
$169bn
12 Brazil 53 6.0% (-6.7%)
$151bn The UK, Hong Kong, Singapore and India all recorded double-
13 Canada 15.2% (4.5%) digit growth in their billionaire populations in 2020, but changes in
53
$100bn cumulative wealth were limited (with Singapore experiencing a slight
14 United Arab Emirates decline).
50 6.4% (-7.6%)
$151bn
15 Singapore
50 11.1% (-2.0%)
$86bn In contrast, growth of billionaire wealth in Switzerland and France
outpaced the rise in their respective billionaire populations.
*Hong Kong is a semi-autonomous, special administrative region of China.
Source: Wealth-X

China and India recorded the strongest growth

in billionaire numbers, while the US remains by
far the dominant billionaire country

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BILLIONAIRE PERFORMANCE IN 2020: A PANDEMIC BOOM

TOP 15 BILLIONAIRE CITIES NOTABLE HIGHLIGHTS

TOP 15 BILLIONAIRE CITIES
Change in population THE TOP 15 CITIES WERE HOME TO 27% OF THE GLOBAL BILLIONAIRE
(number of individuals) POPULATION IN 2020.
Rank and city Number of billionaires 2020 year on year
These cities recorded a net increase of 56 billionaires, lifting the total to 866
1 New York 124 +11 individuals. Growth lagged that of the global billionaire population, implying
a slight decline in the top cities’ share of billionaires. The city rankings were
2 Hong Kong* 111 +15 broadly stable in 2020, with no movement among the top six. Los Angeles
and Hangzhou each moved up one place, while Singapore and Istanbul fell
back slightly.
3 San Francisco 81 +4

4 Moscow 74 +1 NEW YORK REMAINED THE TOP-RANKED CITY IN 2020.

The city is home to more billionaires than almost every country in the world,
5 London 71 +5 with the exception of China and Germany. Hong Kong bolstered its second-
placed ranking, despite heightened instability, recording the largest net
6 Beijing 60 +2 increase in billionaire population (+15) of any city globally.

7 Los Angeles 51 +7
THE US AND CHINA EACH ACCOUNT FOR THREE OF THE TOP 15 CITIES.
8 Singapore 50 +5 They are also the only countries with more than one city in the rankings.
Thirteen of the top 15 cities recorded an increase in their billionaire
9 Shenzhen 41 +2 populations in 2020, with São Paulo and Istanbul seeing no change.

10 Mumbai 39 +1 Of those 13 cities, Moscow had the smallest relative increase in its
billionaire population, with Hong Kong and Los Angeles recording the
11 Dubai 36 +1
strongest growth.

While China had the strongest billionaire population growth of any

=12 Hangzhou 33 +1 country, numbers rose only slightly in its highest-ranked cities —
Beijing, Shenzhen and Hangzhou — reflecting a broad dispersion of
=12 São Paulo 33 – ultra wealth.

14 Istanbul 32 –

15 Paris 31 +1

*Hong Kong is a semi-autonomous, special administrative region of China.

Source: Wealth-X

Despite very strong growth at a country level,

billionaire numbers rose only slightly in China's
highest-ranked cities — Beijing, Shenzhen and
Hangzhou — reflecting a broad dispersion of
wealth across the country

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PROFILING TODAY’S
‘NEW’ BILLIONAIRES

Despite the strong growth in global billionaire numbers in recent years, the billionaire
population is in constant flux, with often significant year-on-year changes highlighting
the volatile nature of extreme wealth creation and the challenges of wealth preservation.
In this section we profile the group of individuals who became billionaires in 2020,
drawing out a range of characteristics — their number and median wealth, wealth
source, gender, age, industry focus and asset holdings — and explore the extent to
which they differ from those of the general billionaire population.

SIZE AND MEDIAN WEALTH

A total of 670 individuals became billionaires in 2020. Out of 3,204 billionaires in 2020,
the significant number of new billionaires reflects a year that witnessed the largest
absolute growth in billionaire individuals since our records began in 2012.

GENERAL NEW
BILLIONAIRE POPULATION BILLIONAIRES IN 2020

Number of 3,204 670

individuals

Median wealth $1.9bn $1.4bn

Source: Wealth-X 2021

Movements into and out of the billionaire population can be caused by numerous
factors: core business gains or losses; profitable or poorly chosen investments;
entrepreneurial successes; external drivers, such as policy and regulatory changes or
exchange-rate effects; inheritance; divorce; death; and once-in-a-generation shocks,
such as a global pandemic. Most movements tend to be from the UHNW cohort into
the ‘lower’ wealth tiers of the billionaire class, or vice versa, implying some degree
of sustained wealth holdings. But as recent years and the disruptive impact of the
pandemic on healthcare, retail and wider societal trends have shown, there can also be a
fair share of more dramatic arrivals and exits.

New billionaires are less wealthy than the general billionaire population. Median wealth
stands at $1.4bn for new billionaires, in contrast to $1.9bn for the majority. With most
crossing the $1bn threshold for the first time, their wealth will trend nearer the $1bn
mark. It also points to the truism that — for the wealthy at any level — wealth typically
takes time to accumulate.

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PROFILING TODAY’S ‘NEW’ BILLIONAIRES

SOURCE OF WEALTH
The majority of wealthy individuals around the world have created their own fortunes.
This is also the case for the global billionaire population, of which 60% had self-made
wealth in 2020. A gradual upward trend has seen this proportion rise by five percentage
points since 2016. Highlighting this dynamic, a larger 70% share of the ‘new’ billionaire
cohort had entirely self-created wealth.

This rise in self-made fortunes has occurred alongside a declining role for inheritance
in wealth generation. Some 11% of the global billionaire population have solely inherited
wealth, with this share falling to just 7% among the new billionaire class of 2020. This
latter group is also less reliant on a blend of inherited and self-made wealth, with a
22% share.

SOURCE OF WEALTH

GENERAL GENERAL NEW

BILLIONAIRE BILLIONAIRE BILLIONAIRES
POPULATION 2016 POPULATION 2020 IN 2020

Inherited Inherited Inherited

Self-made Self-made Self-made
13.3% 11.1% 7.4%
Inherited/
28.8% self-made 22.4%
31.5% 55.2% 60.1% 70.2%
Inherited/ Inherited/
self-made self-made

Sources: Wealth-X 2021 and Wealth-X's Billionaire Census 2017

While self-made fortunes dominate across the billionaire class as a whole, the source
of wealth can vary dramatically at country level. This is influenced by factors such as
economic and political structure, demographics, entrepreneurial climate and the scale
of multi-generational wealth. In both China and Russia, for example, where broadened
opportunities for rapid ultra-wealth gains have emerged only in recent decades, more
than 95% of billionaires are self-made. This contrasts sharply with countries such as
Switzerland and Germany, where a high concentration of wealth amassed in multi-
generational businesses — many in ‘older economy’ sectors, such as retail, industry
and finance — results in inheritance playing a far more prevalent role.

WEALTH SOURCE AMONG THE TOP FIVE BILLIONAIRE COUNTRIES

Self-made Inherited/self-made Inherited

96.4% 3.6%
Russia

92.9% 4.0% 3.2%

China

66.6% 19.3% 14.1%

United States

41.2% 47.1% 11.8%

Switzerland

22.1% 60.2% 17.7%

Germany

Note: The totals may not add up to 100% as a result of rounding.

Source: Wealth-X 2021

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PROFILING TODAY’S ‘NEW’ BILLIONAIRES

GENDER
The global billionaire population is There are major differences in
heavily male dominated, with men wealth source between genders.
accounting for an 88% share. This is Most striking is the substantially larger
similar to the breakdown at both the role of inheritance among women,
UHNW and VHNW levels, and the new primarily in the form of solely inherited
billionaire cohort displays an almost wealth. Across the global billionaire
identical pattern. As in other wealth tiers, population, this share is seven times
the proportion of female billionaires is higher for women than for men (45%
on a gradual upward trend, reflecting to 6.5%), while the 65% of self-made
changing cultural attitudes, growth in male billionaires is three times greater
female entrepreneurship, and the rising than the figure for women. Underlying
frequency of ultra wealth transfers dynamics are, nevertheless, in motion:
between generations. It will take time, among the new billionaire class of 2020,
however, for a significant shift to the share of solely inherited wealth
become discernible across the global among women was 16 percentage
billionaire population. points lower than for the overall female
population, offset almost entirely by a
higher level of self-made fortunes. The
POPULATION BY GENDER role of inherited wealth was also notably
lower for new male billionaires.
Female Male

WEALTH SOURCE BY GENDER

GENERAL NEW
BILLIONAIRE BILLIONAIRES GENERAL BILLIONAIRE POPULATION
POPULATION IN 2020

87.9% 87.4% Male Female

Inherited 6.5% 44.9%
Inherited/ 28.2%
self-made
12.1% 12.6%

Self-made 65.3%
32.8%

UHNW VHNW
22.3%
89.8%
84.0%

16.0%
10.2% NEW BILLIONAIRES IN 2020

Male Female
Inherited 4.3% 28.9%
Sources: Wealth-X 2021 and Wealth-X's Inherited/ 20.7%
Very High Net Worth Handbook 2021 self-made
Self-made 75.0%
34.2%

The share of new,

self-made female 36.9%

billionaires is rising

Note: The totals may not add up to 100% as a result

of rounding.

Source: Wealth-X 2021

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PROFILING TODAY’S ‘NEW’ BILLIONAIRES

AGE
For the vast majority of individuals, it takes considerable time to create and/or
accumulate significant wealth. It will often take the best part of a professional career
to develop a very high-value business, even with a boost from startup capital or
inheritance. This is reflected in the age profile of the global billionaire population, with
almost 40% aged over 70 and just 11% younger than 50.

The new billionaires of 2020 are distinctly

younger than the global billionaire class

There are, of course, exceptions (notwithstanding major intergenerational wealth

transfers) and, over recent decades, the rise of China and the growth of technology, in
particular, have accelerated this process for an increasing number of people. A similar
trend has also emerged during the pandemic, concentrated in the healthcare and digital
sectors but with previously unforeseen opportunities also arising from the broader
pattern of ‘creative destruction’. The growing presence of younger entrepreneurs is
evident in the age profile of the new billionaire class of 2020, with a median age of just
under 60 as opposed to 66 among the general billionaire class.

AGE

GENERAL NEW
BILLIONAIRE BILLIONAIRES UHNW
POPULATION IN 2020

56.1% 56.9%

Median 50.0% Median Median

age age age
65.9 59.7 63.2
38.8%

31.4%

23.5%
20.4%

11.2% 11.7%

<50 50-70 70+ <50 50-70 70+ <50 50-70 70+

Note: The totals may not add up to 100% as a result of rounding.

Sources: Wealth-X 2021 and Wealth-X's World Ultra Wealth Report 2021

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PROFILING TODAY’S ‘NEW’ BILLIONAIRES

PRIMARY INDUSTRY
The banking and finance sector remains by far the most important among the global
billionaire population. It is the primary industry focus for just over 20% of individuals.
Billionaire representation in industrial conglomerates was ranked second, with a
moderate gap then to real estate and technology. The influence of these last two
sectors in terms of billionaire wealth has increased steadily over the past decade, but
both have some way to go to challenge the long-standing dominance of financial
services — not least given the hugely enhanced role of the world’s central banks in
underpinning asset markets.

Technology is an increasingly important

sector among new billionaires

That said, a breakdown of the primary industry focus among the new billionaire cohort
in 2020 reflects the ever-changing global backdrop of evolving societal and economic
trends, a shifting industry focus among young entrepreneurs, and the fallout from the
pandemic. The influence of banking and finance fell slightly, with technology ranked
the second most important industry, with its share five percentage points higher than
among the global billionaire population. Real estate maintained its third-placed ranking
and healthcare rose to fifth position, revealing how significant new wealth-creation
opportunities have arisen in response to the pandemic.

TOP FIVE PRIMARY INDUSTRIES

GENERAL BILLIONAIRE POPULATION

Banking and finance Industrial Real Technology

20.6% conglomerates estate 7.0%
10.7% 7.5%

Manufacturing
6.2%

NEW BILLIONAIRES IN 2020

Banking and finance Technology Real estate Health-

18.4% 11.8% 8.0% care
7.0%

Manufacturing
7.6%

Note: Primary industry refers to the industry to which the wealthy devote most of their time, not
necessarily the industry by which they created their wealth, although they are often one and the same.
Source: Wealth-X 2021

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PROFILING TODAY’S ‘NEW’ BILLIONAIRES

ASSET ALLOCATION
At an aggregate level, the asset allocation of the global billionaire population is fairly
evenly distributed across public holdings, private holdings and liquid assets (mostly
cash, income and dividends), with a minor share apportioned to real estate and luxury
goods (such as yachts, classic cars, jewelry and art). However, the composition of wealth
holdings varies significantly across the different billionaire wealth tiers.

The proportion of billionaires’ wealth in public holdings rises steadily the higher the
tier. Individuals in the upper tiers have often founded — and hold major shares in —
public companies that, in many cases, have evolved into large, multinational businesses.
The select group of billionaires in the highest wealth bracket, with a net worth above
$50bn, have almost two-thirds of their assets in public holdings, compared with a share
of around 20% among those with a net worth of $1bn to $2bn. The pattern of private
holdings is not quite as linear, although billionaires tend to reduce the share in their
portfolios as they become wealthier as part of their divestment strategies. Wealthier
billionaires usually hold a much larger stock of liquid assets than their relatively less
well-off counterparts but in the top tiers this often represents a smaller proportion of
their overall portfolio.

The asset allocation of the ‘new billionaire’ class of 2020 is very similar to that of the
$2bn to $5bn net worth tier of the global billionaire population. The largest share
(38%) is in liquid assets, followed by private and then public holdings. For most in this
cohort, with wealth tending to be in the single digits, their private business is likely to
be their primary focus. The extreme volatility in global equity markets throughout 2020
may have discouraged — to some extent — investment activity in public holdings (at
least until late in the year), while encouraging a cautionary shift towards raising the
portfolio share of liquid assets.

ASSET ALLOCATION

4.3 5.1 4.2 4.7 4.6 2.0 0.3

Real estate and
100%
20.6 luxury assets
38.4 40.6 29.3
39.8 36.1 32.1
Liquid assets (cash,
income and dividends)
80% Public holdings
64.1
Private holdings
Percentage of assets

42.1
60% 35.9
22.2
25.2 21.5 25.3

40%
36.9
32.1 33.5
29.9
27.4 26.6
20%

14.9

0%
New $1bn- $2bn- $5bn- $10bn- $25bn-
billionaires $2bn $5bn $10bn $25bn $50bn $50bn+
in 2020
WEALTH TIER
Note: The totals may not add up to 100% as a result of rounding.
Source: Wealth-X 2021

24 WEALTH-X BILLIONAIRE CENSUS 2021

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METHODOLOGY

This report uses the unique and proprietary Wealth-X Database, the world’s most
extensive collection of curated research and intelligence on the wealthy. Our database
provides insights into their financial profile, career history, known associates, affiliations,
family background, education, philanthropic endeavors, passions, hobbies, interests,
and much more. Our proprietary valuation model (as defined by net worth) assesses all
asset holdings, including privately and publicly held businesses and investable assets.
Wealth-X uses the primary business address as the determinant of a billionaire’s location.
References to $ or dollars refer to US dollars.

Analysis of the data and additional insights in this report were provided by the Wealth-X
Analytics team. Leveraging the Wealth-X Database and its own data models, Wealth-X
Analytics provides customizable data assets tailored to your organization’s needs.
Wealth-X Analytics is uniquely positioned to provide market-level data and analysis
to inform strategies across the financial services, luxury, not-for-profit and
education industries.

The Wealth-X Analytics team is composed of experienced analysts, economists and

thought leaders, armed with deep sector knowledge and unique skills. The team
regularly collaborates with clients across industries to provide:

■ Market sizing and forecasting

■ Profiling/archetyping
■ Indexing
■ Inputs for thought leadership

To learn how Wealth-X Analytics complements our full suite of data-driven products and
services, email us at [email protected].

25 WEALTH-X BILLIONAIRE CENSUS 2021

ABOUT WEALTH-X
The global leader in wealth information and insight, Wealth-X partners with leading
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Wealth-X boasts the world’s most extensive collection of records on wealthy
individuals and produces unparalleled data analysis to help organizations uncover,
understand and engage their target audience, as well as mitigate risk. Founded in
2010, with staff across North America, Europe and Asia, Wealth-X provides unique
data, analysis and counsel to a growing roster of more than 500 clients worldwide.

ABOUT EUROMONEY PEOPLE INTELLIGENCE

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JAMES LAVELL
CHIEF EXECUTIVE OFFICER, EUROMONEY PEOPLE INTELLIGENCE
RICHARD GREEN
CHIEF COMMERCIAL OFFICER, EUROMONEY PEOPLE INTELLIGENCE
MANUEL BIANCHI
SENIOR VICE PRESIDENT OF SALES, WEALTH SOLUTIONS, EUROMONEY PEOPLE INTELLIGENCE
MICHAEL PHILLIPS
VICE PRESIDENT, MARKETING AND COMMUNICATIONS, EUROMONEY PEOPLE INTELLIGENCE

LEAD AUTHORS
MAYA IMBERG
HEAD OF THOUGHT LEADERSHIP AND ANALYTICS, EUROMONEY PEOPLE INTELLIGENCE
MAEEN SHABAN
DIRECTOR, RESEARCH AND ANALYTICS, EUROMONEY PEOPLE INTELLIGENCE


STEPHANIE WARBURTON
DIRECTOR OF VISUAL COMMUNICATIONS, EUROMONEY PEOPLE INTELLIGENCE

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