Global Billionaire Wealth Jumps 17% as US Gains Offset China Decline; $42 Trillion Added Over Decade

Dec 5, 2024, 08:15 AM

The wealth of the world's billionaires surged by approximately 17% over the past year, driven primarily by substantial gains among wealthy individuals in the United States, according to a report from Swiss bank UBS. This growth in billionaire fortunes comes despite a decline in wealth among billionaires in China. Over the past decade, the world's richest 1% have collectively increased their fortunes by $42 trillion, as highlighted by Oxfam. The trend indicates a significant concentration of wealth among the super-rich, with some billionaires reportedly seeing their wealth triple during this period.