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New York City is leading the world’s billionaire population as the world’s richest fight with the aftermath of the new coronavirus pandemic, according to a Wealth-X report released Tuesday morning,
The Big Apple has more billionaires than any other city in the world, with 113, followed by Hong Kong, with 96, and San Francisco, with 77, as shown by the Wealth-X “2020 Census of billionaires”.
Big names, like former New York City Mayor Michael Bloomberg, who is estimated to be worth $ 45 billion, are among the city’s top billionaires, according to a Wealth-X spokesman. The information is based on your business addresses. Another big New York City billionaire is Julia Koch, the widow of David Koch, whose net worth is estimated to be around $ 37.4 billion, according to the spokesperson.
(2020 Billionaire Census, Wealth-X)
The number of world billionaires rose to 2,825 in 2019, or an increase of 8.5 percent, bringing total combined wealth to $ 9.4 trillion, according to the report.
Europe has the highest number of billionaires, with 847, an increase of 6.9 percent in 2019, closely followed by North America, with 834 billionaires, or an increase of 11.2 percent.
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And Asia saw a 12 percent increase in its multimillion-dollar population in 2019, with 758.
“Asia recorded the fastest increase in billionaire numbers in 2019, but North America recorded the most dynamic gain in wealth,” says the report. “In stark contrast to all other regions, Latin America and the Caribbean, as well as the Middle East, recorded small declines in their multi-million dollar populations.”
The United States was found to be “the dominant billionaire country” with the highest wealth on record, followed by China, which proved to have seen “the largest growth in population and wealth combined in 2019.”
(2020 Billionaire Census, Wealth-X)
As the billionaire population grew, the report shows that more than half of the world’s billionaires have reported net worth in the “lowest” wealth range, or between $ 1 billion to $ 2 billion, it found. Wealth-X.
“Among the higher levels, those with wealth greater than $ 10 billion comprised 153 selected individuals (about 5.5 [percent] billionaire class), who together controlled 35 [percent] of the total multimillion-dollar net worth ”, states the report.
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But 2019’s growth was followed by months of turmoil triggered by the “sizable impact” of COVID-19.
“With close to three-quarters of their equity assets, whether in private companies or public companies, the net worth of billionaires has been significantly affected,” the report said.
The impacts hit differently depending on the industries through which the billionaires have accumulated their fortune.
Nearly nine out of 10 billionaires accumulated their wealth on their own or with the help of an inheritance, but most, according to the report, own or manage a business.
But COVID-19’s impacts will be felt on a larger scale than typical factors affecting multibillion-dollar wealth, explained Maya Imberg, senior director of thought and analysis leadership at Wealth-X.
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“There are some things that affect billionaire wealth every year, so this is how their companies are, how things are going in the stock market and how, if a billionaire is in, say, an emerging market, how the currency performed versus the United States dollar, “Imberg said.” Those kinds of things impact the wealth of billionaires year after year, but something like COVID, on a larger scale and on a longer-term scale. “
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While the full picture of COVID-19’s impact is still unclear, the data indicates that billionaires in more than half of the top industry groups suffered financial damage, according to the report.
“[O]Seeing half of the primary industry groups recorded a decline in both their multi-million dollar population and their accumulated wealth during the first five months of 2020, meaning that most industries had fewer multi-millionaires (and less wealth) than at late last year. “
