Women now represent 13pc of global billionaire class: Altrata

By AMIRAH KEATON

Data intelligence firm Altrata is revealing new findings in its latest Billionaire Census.

Report data suggests that women now represent 13 percent of the class, totaling 431 individuals. The growing ultra-high-net-worth segment is showing a strong preference for luxury real estate and art, as well as a shared affinity for philanthropy, among other trends.

Billionaire Census 2024

The global billionaire population increased by 4 percent in 2023, reaching a record high of 3,323 individuals, with total wealth climbing 9 percent to $12.1 trillion.

North America recorded the fastest growth in billionaire numbers, rising 9.9 percent to 1,111 individuals. This increase was fueled by a robust U.S. economy and a stock market rally dominated by mega-cap technology stocks.

In contrast, Asia experienced a 3.5 percent decline in its billionaire population, driven by economic challenges in China, including a slowing real estate sector and reduced market performance.

India outpaced global growth trends, with its billionaire population surging 16 percent to 131 individuals in 2023. This boom reflects the country’s growing economic infrastructure, rising capital inflows and the rapid expansion of its consumer markets.

Meanwhile, Latin America’s billionaire wealth grew 18.2 percent, the highest regional growth rate, buoyed by strong equity markets and increased investment flows.

Billionaires continue to cluster in global cities, with the top 15 cities accounting for 28 percent of the global billionaire population in 2023. New York retained its position as the world’s billionaire capital, adding nine individuals to reach a total of 144 billionaires. The city’s appeal lies in its robust financial infrastructure, cultural vibrancy, and status as a global nexus for investment and commerce.

Hong Kong, ranked second, saw a decline in billionaire numbers for the third consecutive year, losing five individuals to total 107. The city’s economic challenges, including exposure to underperforming China-related assets and geopolitical instability, have significantly impacted its billionaire population.

However, its role as a critical financial bridge between China and the global economy keeps it ahead of third-ranked San Francisco, which added three billionaires in 2023, reaching a total of 87, driven by the tech sector’s resurgence and investor enthusiasm for generative artificial intelligence.

Los Angeles also saw notable gains, adding five billionaires to become the sixth-largest city for ultra-wealthy individuals, reflecting its blend of entertainment and technology industries.

Emerging markets are making a strong showing as well. Mumbai climbed the rankings with 40 billionaires, benefiting from India’s rapid economic growth and robust equity markets. Similarly, Singapore strengthened its position as a wealth hub, hosting 60 billionaires amid its stable financial environment and appeal to UHNWI.

Representation grows

While still a minority, female representation (see story) amid the world’s richest has gradually increased over the past decade due to cultural shifts, female entrepreneurship and the growing frequency of intergenerational wealth transfers.

​According to Altrata, women worth $1 billion or more are 1.5 times more likely to own residential properties worth over $10 million and 1.3 times more likely to have art holdings than their male counterparts. Conversely, luxury vehicles like yachts and collectible cars remain more popular among men.

Approximately 75 percent of female billionaires have inherited their fortunes, compared to only 33 percent of men. However, the proportion of self-made female billionaires has risen to 25 percent, up from 16 percent five years ago.

This emerging segment includes influential figures in various sectors, from entertainment to biopharmaceuticals, showcasing the diverse industries driving female wealth creation​.

Female billionaires tend to be slightly younger than their male counterparts, with a median age of 67 years compared to 68. Among self-made women, the average age drops further to 64, reflecting accelerated wealth-building opportunities in sectors like technology and financial services​.

In alignment with previous years (see story), philanthropy also stands out as a key passion for female billionaires, surpassing other interests like sports and art. Their focus on societal issues aligns with their significant representation in the nonprofit and social organizations sector, which ranks as their leading professional industry alongside financial services​.

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