As the world’s wealthiest individuals continue to accumulate fortunes, some nations stand out as true powerhouses for billionaires. From Silicon Valley’s tech giants to India’s industrial magnates, the rich are growing their empires in every corner of the globe.
In 2024, countries with robust economies and booming industries have seen their billionaire counts rise, while others have experienced a dip. Yet, the competition remains fierce as these nations continue to shape the global financial landscape.
The rankings offer a glimpse into where the world’s wealthiest individuals are concentrated, revealing not only the top countries but also the industries driving their success. Whether it’s tech moguls, energy tycoons, or real estate developers, the billionaires of today are carving out their legacies in sectors that are set to define the future.
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According to Forbes, here are 10 countries with the most populated billionaires in the world in 2024.
United States
The United States continues to dominate the billionaire rankings with a total of 813 billionaires, up from 735 last year. Their collective wealth now stands at a staggering $5.7 trillion, up from $4.5 trillion. This immense growth is driven by a combination of sectors, including tech, finance, and entertainment.
Elon Musk, the wealthiest person in the country, is worth an astounding $195 billion, thanks to his groundbreaking ventures in companies like Tesla and SpaceX. Silicon Valley remains a hub for innovation, producing new billionaires year after year, while traditional sectors like finance in New York also play a significant role in maintaining the U.S.’s position as the global leader in billionaire wealth.
China
In China, the number of billionaires has decreased to 406 from 495 last year, while their total net worth has also dropped to $1.3 trillion, down from $1.67 trillion. Despite this reduction, China’s position as the second-largest home for billionaires remains secure. Much of this wealth comes from the country’s massive e-commerce, tech, and real estate sectors.
Zhong Shanshan, with a net worth of $62.3 billion, remains China’s richest person, primarily owing his fortune to the beverage company Nongfu Spring. While the country has faced regulatory challenges in its tech sector, the wealth generated in other industries continues to grow.
India
India has seen a surge in billionaires, with their number increasing to 200 from 169 last year. Collectively, Indian billionaires are now worth $954 billion, up from $675 billion.
Mukesh Ambani, the country’s richest person with a net worth of $116 billion, continues to lead this wave of growth. His fortune comes from Reliance Industries, which operates in energy, telecom, and retail. As the Indian economy expands, so too does the billionaire class, with notable growth in tech and energy sectors driving the wealth of the country’s elite.
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Germany
In Germany, the number of billionaires has grown to 132, up from 126 last year, and their total net worth has increased to $644 billion from $585 billion. Klaus-Michael Kuehne, with a net worth of $39.2 billion, remains Germany’s richest person, largely due to his logistics giant Kuehne + Nagel.
The country’s wealth is deeply rooted in its strong manufacturing base, particularly in the automotive and engineering industries, alongside a robust pharmaceutical sector. Germany’s billionaires have shown resilience, adapting to global challenges while maintaining their wealth through traditional sectors.
Russia
Russia has also seen an increase in its billionaire numbers, reaching 120, up from 105 last year, with their combined wealth growing to $537 billion from $474 billion. Vagit Alekperov, the country’s wealthiest individual with $28.6 billion, made his fortune in the oil industry through Lukoil.
Despite political and economic instability, Russia’s elite continues to prosper, with significant wealth concentrated in the energy and natural resource sectors, highlighting the country’s ongoing dependence on these industries for the majority of its billionaire wealth.
Italy
In Italy, the number of billionaires has risen to 73 from 64 last year, and their total net worth has jumped to $302 billion, up from $216 billion. Giovanni Ferrero, the richest person in Italy with $43.8 billion, has seen his fortune grow thanks to the success of Ferrero Rocher and other products under the Ferrero Group.
Italy’s billionaire class is significantly influenced by luxury goods, food, and fashion, sectors where the country has long been a global leader. With brands like Prada, Gucci, and Ferrari, Italy continues to produce billionaires who thrive in global markets.
Brazil
Brazil has also experienced notable growth, with its billionaires numbering 69, up from 51 last year. Their collective net worth has surged to $231 billion from $160 billion, with Eduardo Saverin, the co-founder of Facebook, leading the charge at $28 billion.
Brazil’s wealth is largely driven by commodities such as oil, mining, and agriculture, as well as a growing tech scene. As the country’s economy stabilizes, it has attracted new entrepreneurs, further contributing to the rise in its billionaire population.
Read also: 30 Wealthiest families in the world in 2024, worth over $2 tn
Canada
In Canada, the number of billionaires has risen to 67 from 63 last year, and their combined wealth now totals $315 billion, up from $245 billion. David Thomson & family, who made their fortune in media, remain the richest in Canada with a net worth of $67.8 billion.
The country’s wealth is largely driven by natural resources, mining, and energy, but has also seen significant growth in the tech and real estate sectors. Canada’s stable economy and abundant resources continue to support the wealth of its billionaires.
Hong Kong
Hong Kong remains a key player with 67 billionaires, slightly up from 66 last year, despite a dip in their collective net worth to $330 billion from $350 billion. Li Ka-shing, with a fortune of $37.3 billion, continues to be the territory’s richest individual.
Hong Kong’s wealth is rooted in real estate, finance, and retail, with its status as a global financial hub remaining central to its billionaire population. However, political tensions in recent years have slightly affected its economic growth, though its elite continues to thrive.
United Kingdom
Finally, in the United Kingdom, the number of billionaires has grown to 55 from 52 last year, with their combined net worth rising to $225 billion from $202 billion.
Michael Platt, the wealthiest person in the UK with $18 billion, made his fortune in hedge funds, particularly through BlueCrest Capital Management. The UK’s billionaire class continues to be driven by finance, real estate, and tech, with London maintaining its position as a leading global financial centre.
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