New research conducted by Inequality.org has shown that billionaire’s wealth in the U.S. has increased by nearly 90% over the course of the last four years. Let’s take a look at what’s caused this noteworthy jump in wealth.
Billionaires’ Boom
The last four years have been amazing for billionaires. With their personal fortunes doubling – or in some cases increasing sevenfold – it’s never been a better time to be a billionaire.
The good news is that what was once thought to be an unrealistic career expectation is becoming more accessible for hundreds of Americans across the country, as the number of billionaires in the U.S. has increased from 614 in 2020 to 737 in 2024!
Luckily, the U.S. offers equal opportunities to everyone, so even the less fortunate—the millionaires of society—have seen decent growth in numbers, according to a 2024 wealth report by Henley & Partners.
Millionaires Multiply
Their population has increased by over 60% in the last ten years; today, there are over 5.5 million Americans with over $1 million in liquid assets. This figure is well above the global wealth growth rate of 38% and is far outpacing that of China.
In the last five years alone, our stock of millionaires has grown 35%, almost double that of China. The U.S. now has the proud distinction of hosting 37% of the world’s millionaires—up from 35% a few years ago.
As wealth in America increases, the gap between the U.S. and similar levels of wealth in China widens. Looking at our high-flyers worth $100 million or more – so-called “centi-millionaires” – we’ve eclipsed that of China. We have 9,850 centi-millionaires creating jobs and helping out society, while China has a measly 2,352 on hand.
Musk vs. Bezos
When it comes to billionaires’ personal fortunes, Elon Musk and Jeff Bezos are at the top of the tables. Musk, CEO of Tesla, had a net worth of around $25 million in 2020. With two years of hard work, he’d raised his personal fortune to $255 billion.
Nowadays, he’s sitting on a smaller yet still impressive fortune of $188.5—just over seven times more than what he was valued at in 2020.
Amazon CEO Bezos has seen a smaller increase than Musk, as his fortune has only risen by just under $80 billion over four years. Nevertheless, $192.8 billion in the bank is nothing to sniff at (although the majority of Bezos’ wealth is held up in investments and real estate).
Profiting Big in the Retail Game
The heirs to Walmart, the Walton Family, have also seen their coffers increase significantly since 2020, as their bank balance rose from $161.1 billion to $229.6 billion.
Unfortunately, it’s not all sunshine and rainbows for our nation’s wealth creators. MacKenzie Scott, the third wealthiest woman in the U.S., has seen her wealth decrease – the only billionaire on Forbes 2020 top 15 wealthiest Americans list to have that happen.
She’s seen her funds go from $36 billion to $35.4 billion due to numerous donations to charities. Scott has given away over $16 billion of her fortune, in total, to hundreds of nonprofits.
The Evolution of Centi-Billionaires
In 2020, the U.S. only had one “centi-billionaire” (a billionaire with $100 billion or more)—Jeff Bezos. Today, the U.S. has ten centi-billionaires, with a total wealth of around $1.4 trillion. The U.S. is sprinting ahead in the race to mint the world’s first trillionaire, with favorable odds on both Bezos and Musk.
The Henley & Partners report proudly states, “The USA remains the world’s undisputed leader in private wealth creation and accumulation.” The data seems to agree.
China’s Wealth Woes
China’s wealth growth has significantly slowed since the pandemic. Strict lockdowns and greater government intervention have caused them to lose their spot as the leader in wealth expansion.
Experts predict that we might not have to wait too long to see who wins the race to become a trillionaire. Some are predicting that, if past figures are any indication, we might see the world’s first trillionaire as early as this year—2024! The race is on.
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