By Abby Schultz
Billionaires are getting richer, and more plentiful. The 18 wealthiest people on Earth, with fortunes of at least $50 billion apiece, have a collective worth of nearly $2 trillion. They represent 16% of total billionaire wealth -- four times that of a decade earlier, according to a report from research firm Altrata. The global billionaire pool grew 4%, to 3,323 individuals, in 2023 from a year earlier, with total wealth up 9% to a record $12.1 trillion.
Altrata's Wealth-X unit, which collects global wealth data, notes that wealth isn't evenly distributed, even among the ultrawealthy. Some 84% of billionaires are worth $1 billion to $5 billion and hold 42% of total billionaire wealth. Another 41% is held by 6%, or 194 individuals, with net worth of $10 billion or more.
North American billionaires fared best in 2023, up 9.9%, to 1,111, as rising stocks fueled a 15.7% boost in wealth, the report says. The main driver: megacap tech stocks. India saw the biggest percentage jump in billionaires -- 16 to 131 -- fourth behind the U.S., China, and Germany. China's billionaires fell by nearly 15%, to 304, as its economy sputtered.
Men still dominate, but women are slowly gaining. Last year, there were 431 women billionaires -- 13% of the total. Nearly 38% inherited their wealth, including Walmart heir Alice Walton (the richest woman in the world) and Françoise Bettencourt Meyers, the granddaughter of L'Oréal founder Eugène Schueller.
Write to Abby Schultz at abby.schultz@barrons.com
Last Week
Markets
The week began with Trump trades being unwound as interest rates took the stage again. President Biden cleared Ukraine to use U.S. missiles to strike into Russia and Vladimir Putin rattled his nuclear arms, lifting Treasuries, gold, and the dollar as investors sought havens. Nvidia beat huge expectations but its shares fell, even as stocks rose. Bitcoin neared $100,000. On a big week, the Dow industrials rose 1.96%, to a new high, the S&P 500 1.7%, and the Nasdaq Composite 1.7%.
Companies
The Wall Street Journal reported that Warner Bros. Discovery inked an accord with the NBA for the next decade. Troubled Super Micro Computer submitted a compliance plan to allow the stock to trade on the Nasdaq. Commerce finalized a $6.6 billion subsidy for Taiwan Semiconductor Manufacturing to build a $65 billion-dollar Arizona chip plant. The Justice Department asked a judge to force Alphabet to sell its Chrome browser. U.S. prosecutors charged Indian billionaire Gautam Adani for a $250 million bribery scheme.
Deals
Spirit Airlines filed for bankruptcy...Blackstone took a majority stake in Jersey Mike's Subs, valuing it at $8 billion, including debt...The Financial Times said Trump Media & Technology was in talks to buy crypto trader Bakkt... Comcast said it would spin off cable channels MSNBC, CNBC, USA, and E!... AeroVironment agreed to pay $4.1 billion in stock for defense start-up BlueHalo...DirectTV pulled out of its deal for Dish Network after bondholders resisted.
Next Week
Monday 11/25
It 's a quiet, front-loaded week on the earnings calendar, with only a handful of large-cap companies reporting results. Agilent Technologies and Zoom Video Communications release earnings on Monday, followed by Analog Devices, Autodesk, CrowdStrike Holdings, Dell Technologies, HP Inc., and Workday on Tuesday.
Tuesday 11/26
The Federal Open Market Committee releases the minutes from its early November monetary-policy meeting.
Wednesday 11/27
The Bureau of Economic Analysis releases the personal-consumption expenditures price index for October. Consensus estimate is for a 2.3% year-over-year increase, two-tenths of a percentage point more than in September. The core PCE price index, which strips out volatile food and energy prices, is expected to rise 2.8%, following a 2.7% gain previously.
Thursday 11/28
Equity and fixed-income markets are closed in observance of Thanksgiving. The Nasdaq and New York Stock Exchange have shortened trading hours, 9:30 a.m. to 1 p.m. ET, on Friday.
The Numbers
$26 B
Amount of money venture firms returned to their investors in 2023, the lowest amount since 2011.
$1.17 T
U.S. credit card debt in the third quarter, a new record high, and an 8.1% increase year over year.
$8.7 T
Foreign holdings of U.S. Treasuries in September, the fifth consecutive month of gains, and a record.
50%
Percentage of the top 20 "science" cities globally that are in China in a 2023 Nature index. Beijing is No. 1.
Write to Robert Teitelman at bob.teitelman@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
November 22, 2024 18:20 ET (23:20 GMT)
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