There are more billionaires than ever before - and they're worth a total of $7.7 trillion
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REUTERS/Rick Wilking
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Though the three-comma club is becoming more crowded, there's still only one billionaire in the world for every 2.95 million people.
Wealth-X also found that the richest people on earth are richer than ever before. The combined net worth of all billionaires increased 5.3% to $7.7 trillion - larger than the GDP of France, the United Kingdom, Germany, or Japan.
Other notable findings from Wealth-X's report:
- Finance is still the most common industry to build a billion-dollar fortune, but the number of billionaires in the industry decreased by 5.5% in the past year, and their wealth fell by 6.6%.
- Asia is the fastest-growing region for the ultra-rich. The number of billionaires grew by 15.2% to 645 and their net worth climbed 19.6% to $1.69 trillion.
- The most common hobby or passion among billionaires: philanthropy. It's not just Bill Gates and Warren Buffett - 56.3% of billionaires have a passion for giving back. Other top hobbies? Travel, art, politics, and boating.
- Cash is king. Billionaires are selling assets in favor of increasing liquidity. The approximate billionaire portfolio is now 22% liquid assets, an uptick from recent years.
- The gender gap widens. Of the 148 new billionaires since 2014, 140 of them are male.
You can read the full report here.
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Or, read about the 50 richest people in the world - a joint project between Business Insider and Wealth-X.
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