Billionaires across the globe gained momentum following a surge in the consumer and retail sectors during late 2022 and early 2023. After the reopening of China and the rest of the markets, global trade has smoothened and helped billionaires gain their wealth back in 2023. According to the UBS Billionaires Ambition Report, the consumer and retail sector drove the largest growth in billionaire wealth, increasing by 18.1% from $2.2 trillion in 2022 to $2.6 trillion in 2023. Technology and healthcare billionaires have gathered the greatest wealth during much of the past decade. Industrial billionaires also recorded a huge surge in their wealth. Over the past five years, to the end of the April 6, 2023, study period by UBS, industrial billionaires’ wealth grew at a compound average of 15% reported at $1.25 trillion. Followed by the industrial sector billionaires, the wealth of healthcare and technology billionaires grew by 9% and 7%, respectively.
Billionaires across the globe saw their total wealth surge by 9% from $11 trillion in 2022 to $12 trillion in 2023. The total number of billionaires increased by 7% from 2,376 in 2022 to 2,544 in 2023. However, the billionaire community remains smaller compared to its 2021 peak, when there were 2,686 billionaires with an aggregate wealth of $13.4 trillion.
Global Billionaires’ Wealth Distribution
The region which saw the highest boost in billionaires' wealth was Europe, the Middle East, and Asia (EMEA). The EMEA region recorded the strongest performance driven by France’s leading luxury goods and cosmetics industry. The EMEA region saw a rise in the total number of billionaires from 599 in 2022 to 658 in 2023 and their total wealth rose by 21% to $3.2 trillion. The post-pandemic shopping surge helped boost strong profits for luxury goods and cosmetics companies in France. Some of the top French companies in the fashion sector are owned by the billionaire families of Bernard Arnault and Francoise Bettencourt Meyers including LVMH Moet Hennessy Louis Vuitton SE (EPA:MC) and L'Oréal S.A. (EPA:OR), respectively.
The 34 French billionaires accounted for a total of $501.6 billion in 2023, up by 27% year-over-year. The United Arab Emirates’ billionaires saw the most notable wealth growth in the Middle East, with the billionaires' total worth jumping by 157% from $38.7 billion in 2022 to $99.4 billion in 2023. The UAE billionaires benefited from improved business operations driven by economic rebound, with GDP expanding by 7.6% in 2023. The United States continues to accommodate the largest number of billionaires in the world, with a total figure of 855. Between April 6, 2022, and April 6, 2023, Indonesia, the Philippines, Singapore, and Taiwan noted a rise in billionaires' wealth by almost a third. These are some of the top countries with highest number of billionaires in 2023.
Billionaires’ Companies
Some of the top companies owned by the wealthiest billionaires from their respective countries include Intercorp Financial Services Inc. (NYSE:IFS) owned by Peruvian billionaire Carlos Rodríguez-Pastor, Fast Retailing Co., Ltd. (TYO:9983) owned by Tadashi Yanai, and EssilorLuxottica Société Anonyme (OTC:ESLOF) owned by Leonardo Del Vecchio.
Fast Retailing Co., Ltd. (TYO:9983) is one of the top retail holding firms based out of Japan. On November 7, Fast Retailing Co., Ltd. (TYO:9983) announced a new four-year global partnership with the UN Refugee Agency (UNHCR). Fast Retailing Co., Ltd. (TYO:9983) will donate around $6 million over the four years to support refugees, providing them with clothing, employment, emergency aid, communication initiatives, and self-reliance activities. The consumer and retail businesses bounced back strongly in 2023. On October 12, the company announced its final year results for 2023. Fast Retailing Co., Ltd. (TYO:9983) reported strong revenue of ¥2.76 trillion, an increase of 20.2% year-over-year. While the operating profit surged by 28.2% to ¥381.0 billion.
EssilorLuxottica Société Anonyme (OTC:ESLOF) is an Italian-French vertically integrated multinational eyewear corporation. On November 22, the company announced the signing of a four-year agreement with Italian fashion firm, Moncler. EssilorLuxottica Société Anonyme’s (OTC:ESLOF) agreement with Moncler includes the design, production, and global distribution of Moncler eyewear. The agreement will begin in January 2024 and continue until December 2028, with a renewal option for an additional five years. The CEO of EssilorLuxottica Société Anonyme (OTC:ESLOF), Francesco Milleri, said:
“We have long admired Moncler as a brand that shares our equal passion for innovation and style, not to mention our ‘born in the mountains’ heritage. Our teams are thrilled to embark on this journey to design and develop a unique eyewear collection that truly reflects the special Moncler brand.”
Intercorp Financial Services Inc. (NYSE:IFS) is Peru’s leading financial services company that owns several financial services platforms and banks. On November 12, Intercorp Financial Services Inc. (NYSE:IFS) reported financial results for the third quarter of 2023. The company posted a revenue of $404.19 million, beating estimates by $6.94 million. Intercorp Financial Services Inc. (NYSE:IFS) has taken necessary measures to overcome the economic crisis and remains firm going ahead. Here are some of the comments from the Q3 2023 earnings call:
“On the positive side, inflation has decreased consistently in the last months to such extent that the Central Bank has been comfortable to cut interest rates twice already and possibly for a third time later today. Inflation expectations for the next 12 months now lie very close to the upper limit of the policy target.
We remain well-provisioned and well-capitalized. We are committed to helping Peruvians to overcome these challenging times. Separately, market -- global market conditions continue to impact negatively investment results in our Wealth Management business. Our tight management of expenses over the years and particularly during the last quarters position IFS to face the current environment. Our efficiency ratio at 34% is one of our strengths.”
These were a few renowned companies owned by some of the wealthiest people in the world. Now, let’s take a look at these countries that minted the most new billionaires in 2023.
These 20 Countries Minted The Most New Billionaires in 2023
These 20 Countries Minted The Most New Billionaires in 2023
Our Methodology
To compile our list of the countries that minted the most new billionaires in 2023, we took data for the percentage change in the number of billionaires from 2022 to 2023 from the UBS Billionaires Ambition Report 2023. The country with the same percentage change in the number of billionaires is ranked based on a higher number of billionaires. The figures for the number of billionaires in each country are also taken from the UBS Billionaires Ambition Report 2023. The list is ranked in ascending order of the growth in number of billionaires in 2023, primarily, and number of billionaires, secondarily.
These 20 Countries Minted The Most New Billionaires in 2023
20. Philippines
Growth in No. of Billionaires: 7.70%
No. of Billionaires (2023): 14
The Philippines, officially the Republic of the Philippines is among the top countries that minted the most new billionaires in 2023. In 2022, the Philippines had 13 billionaires.
19. Austria
Growth in No. of Billionaires: 9.10%
No. of Billionaires (2023): 12
Austria has 12 billionaires and makes it to our list of the countries that minted the most new billionaires in 2023. Austria’s number of billionaires increased by 9.10% from April 6, 2022 to April 6, 2023.
18. United Kingdom
Growth in No. of Billionaires: 10.70%
No. of Billionaires (2023): 83
The United Kingdom is one of the leading countries with the highest number of billionaires. The number of billionaires in the country grew by 10.70% in 2023. The United Kingdom is ranked among the countries that minted the most new billionaires in 2023.
17. Australia
Growth in No. of Billionaires: 10.80%
No. of Billionaires (2023): 41
Australia is among the top countries that minted the most new billionaires in 2023. In 2022, Australia had 37 billionaires, which grew by 10.80% to 41 in 2023.
16. China
Growth in No. of Billionaires: 11.30%
No. of Billionaires (2023): 520
China is the second country with the highest number of billionaires in 2023. With 520 billionaires in 2023, China ranks 16th among the countries that minted the most new billionaires in 2023.
15. Switzerland
Growth in No. of Billionaires: 11.90%
No. of Billionaires (2023): 75
Switzerland is one of the top countries with the highest number of billionaires. The number of billionaires in the country grew by 11.90% in 2023. Switzerland is ranked among the countries that minted the most new billionaires in 2023.
14. Hong Kong
Growth in No. of Billionaires: 13.30%
No. of Billionaires (2023): 68
Hong Kong has 68 billionaires and makes it to our list of the countries that minted the most new billionaires in 2023. Hong Kong’s number of billionaires grew by 13.30% from April 6, 2022 to April 6, 2023.
13. Germany
Growth in No. of Billionaires: 14.70%
No. of Billionaires (2023): 109
Germany is one of the leading countries with the highest number of billionaires in 2023. With 109 billionaires as of 2023, Germany ranks 13th among the countries that minted the most new billionaires in 2023.
12. Denmark
Growth in No. of Billionaires: 16.70%
No. of Billionaires (2023): 7
Denmark is among the top countries that minted the most new billionaires in 2023. In 2022, Denmark had 6 billionaires, which grew by 16.70% to 7 in 2023.
11. Finland
Growth in No. of Billionaires: 16.70%
No. of Billionaires (2023): 7
Finland is one of the leading countries with the highest number of billionaires. The number of billionaires in the country grew by 16.70% in 2023. Finland makes it to our list of the countries that minted the most new billionaires in 2023.
10. Taiwan
Growth in No. of Billionaires: 17.90%
No. of Billionaires (2023): 46
Taiwan is one of the leading countries with the highest number of billionaires in 2023. With 46 total billionaires as of 2023, Taiwan ranks 10th among the countries that minted the most new billionaires in 2023.
9. Israel
Growth in No. of Billionaires: 18.20%
No. of Billionaires (2023): 26
Israel ranks among the top countries that minted the most new billionaires in 2023. In 2022, Israel had 22 billionaires, which increased by 18.20% to 26 in 2023.
8. Singapore
Growth in No. of Billionaires: 20.60%
No. of Billionaires (2023): 41
Singapore is one of the leading countries with the highest number of billionaires. The number of billionaires in the country grew by 20.60% in 2023. Singapore makes it to our list of the countries that minted the most new billionaires in 2023.
7. Netherlands
Growth in No. of Billionaires: 25%
No. of Billionaires (2023): 10
The Netherlands has 10 billionaires and makes it to our list of the countries that minted the most new billionaires in 2023. The Netherlands’ number of billionaires increased by 25% from April 6, 2022 to April 6, 2023.
6. Malaysia
Growth in No. of Billionaires: 27.30%
No. of Billionaires (2023): 14
Malaysia is one of the top countries with the highest number of billionaires. The number of billionaires in the country increased by 27.30% in 2023.
