Total global wealth reduced by 10% to $13.7 trillion, reveals 2023 Hurun global rich list

China and USA have a combined 53% of total billionaires in the world while India records 187 billionaires, down by 28 from last year. (Source: REUTERS/Damir Sagolj)

With the highest number of billionaires in the countries, China bags the top position on the 2023 M3M Hurun Global Rich List, followed by USA and India.

China and USA together have 53% of total billionaires in the world while India records 187 billionaires, down by 28 from last year.

Amidst key global findings, the report stated that currently there are 3,112 billionaires in the world which is 8%, 269 less than last year’s figure of 3,381. However, the number is still higher than in pre-COVID times (2020) and more than double the 1,453 of ten years ago.

Also read: Mukesh Ambani only Indian among world's top 10 billionaires: Hurun Global Rich List

The report also revealed that the total global wealth reduced by 10% to $13.7 trillion.

Asia, with 57% of the world’s population, accounted for 59% of new faces, 49% of billionaires and 39% of wealth. The continent is ahead of North America and Europe in terms of total wealth.

Underlying the source of wealth in 2023, the report stated that consumer goods (9.2%) and financial services (9.1%) became the top two sources of wealth. Healthcare overtook retail for third place.

Furthermore, the industries of fertilisers and commodity trading, iron & steel and oil & gas, soft drinks & confectionary, luxury goods, sports clubs &  casinos & hotels revelled in a successful year. However, semiconductors, cloud solutions, cyber security, payment systems, e-commerce, batteries & new energy faced losses.

Bernard Arnault and Bertrand Puesch secured the position of fastest risers, adding $80 billion between them.

Also read: Hurun Global Rich List: Byju Raveendran becomes second-richest entrepreneur in global education sector

Hurun India's list had 247 self-made women, which is a decrease of 22 from the previous year. While Francoise Bettencourt Meyers of L’oreal is the richest woman in the world with $80 billion, Oklahoma-based ‘Roofing Queen’ Diane Hendricks of ABC Supply bagged the title of the 'richest self-made woman' in the world for the first time with $17 billion.

The report also noted that 13.7% are immigrant billionaires, up from 13.0% and self-made billionaires are on the rise with 70% self-made and 30% inherited in total.

Out of all the billionaires on the list, 61% made their money from selling to consumers, while 39% sold to businesses. 63%  made their money from selling physical products, and 37% sold software & services.

Notably, 111 are billionaires for 4th generation or more, said the Hurun India report.

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