The world has fewer billionaires and they are poorer, with their wealth shrinking to US$11.1 trillion as a year of ‘heightened volatility’ punishes ultra-wealthy

The number of billionaires in the world fell 3.5 per cent to 3,194 and their aggregate wealth shrank by 5.5 per cent to US$11.1 trillion

China, which has the second biggest billionaire population globally after the United States, led the decline in numbers

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Commercial buildings in Hong Kong. Photo: Yik Yeung-man

Published: 8:00pm, 31 May 2023Updated: 10:32pm, 31 May 2023

The world’s billionaire population shrank by 3.5 per cent last year to 3,194 individuals, the first decline since 2018, with China seeing the biggest contraction, according to a report which said the total assets held by these affluent individuals posted the second-largest annual decrease in the past decade.

In the top 15 jurisdictions that hosted the world’s largest billionaire populations, only Singapore and Russia added to their numbers.

Cumulative wealth of the ultra-rich fell by 5.5 per cent to US$11.1 trillion, as surging inflation and global uncertainties eroded the value of their holdings, said the World Ultra Wealth Report published by New York-based Altrata which used data from its Wealth-X division.

China, which has the second biggest billionaire population globally after the United States, led the decline in numbers. Its billionaire count fell 11 per cent to 357 while the aggregate value of their wealth diminished by 9.3 per cent to US$1.3 trillion.

Singapore’s Sentosa Island. Singapore is seeing an influx of ultra-wealthy families from China looking to protect their wealth. Photo: AFP

Hong Kong was accounted for separately from China in the list of the world’s largest concentrations of billionaires. It recorded a 1.8 per cent decline in its billionaire residents to 112, while their combined wealth retreated by 7 per cent to US$267 billion. The city ranked sixth alongside Russia in the list of top billionaire centres, although Russia’s wealthy had a bigger pile of US$479 billion.

Global leader United States registered a 2.1 per cent fall in its billionaire count to 955, with a 5.2 per cent reduction in their wealth to US$4.2 trillion. This relatively modest fall meant the world’s largest economy widened its lead over China where sliding equities, Covid-19 lockdowns, real estate strains and a subdued economy stifled valuations, the report noted.

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