There is little doubt that the global one percent is winning. In fact, a new study has found that the number of billionaires reached an all-time high in 2015 at the same time that their portfolios and piggy banks also continued to grow to record proportions.
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According to the 2015-2016 Billionaire Census by international market research firm Wealth-X, which bills itself as “the global authority on wealth intelligence,” the billionaire population grew by 6.4 percent last year and now totals 2,473 people worldwide. The combined wealth of those individuals also increased by 5.4 percent, amounting to $7.7 trillion—which is more than every country’s gross domestic product (GDP), except the United States ($17.9 tr) and China ($11 tr).
Billionaires, defined as individuals with a net worth of $1 billion or above, are not all created equal. While North America trails Europe in the number of billionaires—628 compared with 806, respectively—they hold more wealth ($2,561 bn versus $2,330 bn) than their cross-Atlantic compatriots.
Wealth-X attributes the overall billionaire population growth largely to inherited wealth. According to the report, “billionaires with partially inherited wealth continue to be the fastest growing segment of this population, up 29.9% year on year, while responsible for nearly two thirds of total billionaire additions.”
Also, Wealth-X found that fear of a global market collapse has prompted many to liquidate their assets, further shoring up their wealth and adding to the overall rise in combined net worth.
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