The world’s wealthiest individuals come under constant scrutiny, often leading to some common misconceptions about how they came to be so rich – and what they do with their money.
A recent report by Oxfam highlighted that the 62 wealthiest individuals in the world hold the same amount of wealth as the poorest half of the world’s population.
According to Oxfam’s projections, at currently levels, by 2022 only a handful of billionaires will hold the same wealth as the world’s poorest half.
In many cases, the figures were misinterpreted to mean that these 62 individuals held half the world’s wealth – which is not the case.
To help correct matters and set the record straight, wealth group, Wealth-X, provided some interesting stats and facts about ultra-high net worth individuals (UHNWIs) across the globe.
UHNWIs refer to those individuals who have a net worth greater than $30 million, and includes dollar billionaires in its counting.
Here are 9 facts about the world’s super rich:
- There are 211,275 ultra-high net worth individuals (UHNWIs), with a combined net worth of $30 trillion – or 13% of the world’s total wealth. The 62 wealthiest individuals in the group, have a combined net worth of $1.72 trillion (under 0.8% of global wealth).
- By 2019, these numbers will increase to more than 250,000 individuals with a combined net worth of $40 trillion.
- The average billionaire has a net worth of $3.13 billion, while the average UHNWI has an average net worth of $212 million.
- The majority of UHNW individuals are self-made and are involved in founder-owned private businesses. Of the world’s 211,275 UHNW individuals, 63.8% (134,820 people) are self-made; 17.4% (36,690 people) received their fortunes through inheritance; and 18.8% (39,765 people) have a blend of the two.
- 88% of UHNW individuals hold a bachelor’s degree – the other 12% have not continued their education beyond high school, or dropped out of university.
- A typical billionaire philanthropis donates $28.7 million of their wealth in his or her lifetime. In 2014, billionaires donated the equivalent of Morocco’s entire GDP ($112 billion).
- Multi-millionaires donate over $1 million in their lifetimes – and India’s super rich are the most giving.
- The average billionaire owns 4 properties, valued at an average of $23.5 million each. Real estate makes up 3% of billionaires’ net worth. UHNWIs own 2.7 properties on average, making up 8% of their net worth.
- 30% of UHNWIs have at least one residential property in another country.