Personal Finance
personal-finance
Tom Jones

There is a record number of billionaires in the world, and they’re richer than ever

Forbes’ 39th annual billionaires list, published yesterday, revealed that there are now 3,028 billionaires around the world, with a staggering estimated collective wealth of $16.1 trillion. In the US alone, where even the head of state sits at 700th place in the global rankings, there are a record 902 billionaires. China had 516 on Forbes’ list.

Even with Tesla shares tanking this year, CEO Elon Musk tops the overall list with an estimated net worth of $342 billion, while Mark Zuckerberg and Jeff Bezos round out the top three with $216 billion and $215 billion, respectively. That’s the first time since Forbes started tracking the figures in 1987 that three people have been worth more than $200 billion, with a further 12 billionaires also in the dozen-digit club ($100 billion). To put that into perspective, there wasn’t a single member in 2017.

Going further back, the points of comparison become even more stark.

Global billionaires chart
Sherwood News

In 2010, Forbes’ annual snapshot of the world’s billionaire population showed just 1,001 members, with Mexican business magnate Carlos Slim Helú topping the rankings with $53.5 billion — a sum that would put him in 30th position in 2025. Since then, the count has more than tripled, total collective wealth has more than quadrupled from $3.6 trillion, and the average list member’s net worth has risen from about $3.6 billion to $5.32 billion.

Go Deeper: Read the full list, and how Forbes calculates it, here.

Even with Tesla shares tanking this year, CEO Elon Musk tops the overall list with an estimated net worth of $342 billion, while Mark Zuckerberg and Jeff Bezos round out the top three with $216 billion and $215 billion, respectively. That’s the first time since Forbes started tracking the figures in 1987 that three people have been worth more than $200 billion, with a further 12 billionaires also in the dozen-digit club ($100 billion). To put that into perspective, there wasn’t a single member in 2017.

Going further back, the points of comparison become even more stark.

Global billionaires chart
Sherwood News

In 2010, Forbes’ annual snapshot of the world’s billionaire population showed just 1,001 members, with Mexican business magnate Carlos Slim Helú topping the rankings with $53.5 billion — a sum that would put him in 30th position in 2025. Since then, the count has more than tripled, total collective wealth has more than quadrupled from $3.6 trillion, and the average list member’s net worth has risen from about $3.6 billion to $5.32 billion.

Go Deeper: Read the full list, and how Forbes calculates it, here.

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200M
Rani Molla

Amazon Prime now has 200 million shoppers in the US, up 6% from last year, according to new data from Consumer Intelligence Research Partners. However, that doesn’t mean there are 200 million Prime subscriptions — which go for $139 a year — since multiple people in a household can share the same membership. Amazon recently added free same-day grocery delivery for many Prime subscribers, in hopes of getting more Americans to fork over that annual fee.

Windup man

Long-term unemployment in the US has risen to a postpandemic high

The number of Americans who’ve been unemployed for over 27 weeks hit 1.9 million in August.

$17B
Rani Molla

Elon Musk’s $1 billion purchase of Tesla shares sent the stock soaring this morning — along with his personal wealth. Bloomberg’s Matt Levine calculated that the share price rise thanks to Musk’s purchase was enough to raise the total value of his stock by $17 billion.

However, as Levine also pointed out, it’s not as if Musk will realize that gain any time soon:

If you could spend $1 billion to make yourself $17 billion richer, and then cash out that $17 billion, that would be an amazing trade and you should do it all day long. But in practice, if buying $1 billion of stock makes your stock go up by $17 billion, then selling that $17 billion of stock will make your stock go down by much more.

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