Tags: billionaire | population | wealth | US

Wealth-X/UBS Study: Billionaire Population Rose 7 Percent This Year

By    |   Friday, 19 September 2014 11:42 AM

The ranks of the uber wealthy are growing. The global population of billionaires rose 7 percent this year to a record 2,325 from 2,170 in 2013, according to a Wealth-X/UBS study.

Today's billionaires have total wealth of $7.29 trillion, up 12 percent from $6.52 trillion a year ago. That means billionaires control 4 percent of the world's wealth, according to the report.

Interestingly enough, despite the heady growth of billionaire wealth over the past year,
billionaires' portfolios have underperformed the S&P 1200 Global stock index.

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The United States has the most billionaires, with 571, followed by China with 190, the United Kingdom with 130, Germany with 123, Russia with 114 and India with 100. The United States minted 57 new billionaires this year.

"One of the common characteristics of the world’s billionaires is their entrepreneurialism," the report states. The proof: "81 percent of billionaires made the majority of their fortunes themselves."

Of course, the growth at the top end of the wealth spectrum in the United States hasn't been accompanied by similar growth at the bottom. Some commentators have recommended raising taxes on the wealthy as a solution.

Renowned venture capitalist Tom Perkins disagrees. "The way out of inequality is to accelerate national economic growth, not to raise taxes," he writes in The Wall Street Journal.

"According to a 2010 report from the non-partisan Tax Foundation, the top 1 percent earns 19 percent of the gross national income and pays 38 percent of all federal taxes. . . . The top 10 percent earns 45 percent and pays 71 percent. The bottom 50 percent pays just 3 percent of federal tax. If this isn't soaking the rich, whatever is?"

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The ranks of the uber wealthy are growing. The global population of billionaires rose 7 percent this year to a record 2,325 from 2,170 in 2013, according to a Wealth-X/UBS study.
billionaire, population, wealth, US
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2014-42-19
Friday, 19 September 2014 11:42 AM
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