BUSINESS

The erratic global economy in 2022 diminished the ranks of billionaires

The ranks of the world’s billionaires declined in 2022 as a result of inflation, world wars, rising interest rates, and other uncertain economic occurrences, according to Altrata’s most recent billionaire census. The amount of 3,194 billionaires in the globe in 2022 decreased by 117, or 3.5%, to 3,017 billionaires.www.theindiaprint.com the erratic global economy in 2022 diminished the ranks of billionaires gettyimages 1347780532 0d5c472c57b64df0af0aadb052feceec

There are now fewer billionaires in the globe than there were in 2018 for the first time. Both the number of billionaires and their total wealth declined in 2022, falling by 5.5% to $11.1 trillion.

“For some among the ultra-rich, this turbulent backdrop provided new opportunities to bolster their wealth holdings,” the research said. However, for the majority, the focus turned to wealth preservation, which eventually proved challenging, especially for tech billionaires.

The United States has by far the most billionaires, with 955 people and $4.2 trillion in wealth. China finishes in second with 357 billionaires—nearly 10% less than in 2021—and Germany comes in third with 173.

Billionaires in the technology, healthcare, and real estate sectors all witnessed a 5% decrease in wealth, although losses in the aerospace and defence, construction, and food and beverage sectors were less severe.

The number of billionaires decreased in the most of the world’s regions, while Asia witnessed the largest dip with a 7.1% loss, compared to drops of 2.3% in North America and 2.2% in Europe. Due to Australia’s rise in wealth, the Pacific, the only area to do so, witnessed a 2.5% increase in the proportion of billionaires.

In general, billionaires prefer to live in urban areas, with 30% of them doing so in the top 16 cities, according to the survey. New York had the largest concentration of billionaires, with 136 residing there in 2022, two less than the previous year, and powered by the Wall Street financial area. Hong Kong was followed by San Francisco, Moscow, London, and Beijing.

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