Rate of world’s billionaires has grown by 7%

12:05 - 1.12.2023

December 1, Fineko/abc.az. The number of billionaires worldwide increased by 7% from 2022 to 2023 - from 2,376 to 2,542 people, and their wealth increased by 9%, more precisely from $11 trillion to $12 trillion.

ABC.AZ informs that this is stated in a published report on the website of Swiss bank UBS "Billionaires' ambitions for 2023”.

"Worldwide, the fortune of billionaires partially recovered in the period 2022/23 thanks to billionaires working in the consumer business and retail in Europe, after falling almost by 20% over the previous 12 months. In general, over the past year, the number of billionaires worldwide has grown by 7%, increasing from 2,376 to 2,542, and their wealth has increased by 9%, from $11 trillion to $12 trillion," the document says.

According to UBS estimates, while billionaires with innovative technology and healthcare companies have accumulated the most wealth over the past decade, there are early signs of a 15% improvement in the fortunes of billionaires with industrial companies, "which is likely to continue in the context of the energy transition and rising defense spending in several countries".

"This year's report showed that the majority of billionaires who accumulated wealth last year did so by inheritance, and not as a result of entrepreneurship. This is a topic that we expect to see more in the next 20 years, as more than a thousand billionaires pass on about $5.2 trillion to their children," UBS Strategic Clients Department’s head Benjamin Cavalli said in the report.

Swiss-based UBS has managed $5.5 trillion in assets worldwide since its takeover of Credit Suisse.

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