The number of billionaires is expected to reach 4,000 by 2031 as global wealth inequality increases<\/figcaption><\/figure>\n<\/div>\nThe number of super-rich people in the world is set to surge in the next five years as the number of billionaires in the world could reach nearly 4,000 by 2031. <\/p>\n
According to an analysis by estate agent Knight Frank, there are currently 3,110 billionaires globally and the number is expected to grow by 25 per cent to 3,915. <\/p>\n
Forecasts show that in the near future, ultra-rich people will accumulate wealth at an alarming rate, making the basis of wealth distribution in the world more unequal. <\/p>\n
The number of millionaires globally, worth at least $30 million, has also increased by more than 300 percent, according to a Knight Frank report. Today, there are 713,626 millionaires compared to 162,191 in 2021.<\/p>\n
According to Liam Bailey, the state agency’s head of research, the potential surge in wealth is often driven by massive tech profits, especially in the field of artificial intelligence. <\/p>\n
“The ability to scale a business has never been greater. It’s fueled by the ability to create exponentially greater wealth, supercharged by technology and AI,” he said. <\/p>\n
The research also found that the number of billionaires in oil-rich Saudi Arabia is going to increase significantly. At present there are 23 billionaires in this Gulf country and by 2031 this number will reach 65. <\/p>\n
Similarly, in Poland this number will double from 13 to 29 and in Sweden also an increase of about 81 percent is expected in the same period. <\/p>\n
The report also raises concerns about rising wealth inequality as the gap between the world’s richest and poorest continues to widen. According to last year’s World Inequality Report, fewer than 60,000 people, or 0.001 percent of the world’s population, have three times as much wealth as all of humanity. <\/p>\n
The total wealth held by these billionaires is estimated at $18.3 trillion. Organizations such as Oxfam and many other campaigners are concerned about the growing political influence of these ultra-rich people, calling for increased taxation. <\/p>\n
The top three spots on the Forbes rich list are dominated by American tech founders:<\/p>\n
\n- Elon Musk (Tesla): $785.5 billion<\/li>\n
- Larry Page (Google): $272.5 billion<\/li>\n
- Jeff Bezos (Amazon): $259 billion<\/li>\n<\/ul>\n
Rory Penn, who heads the private office business at Knight Frank, cautioned against the disconnect between wealth creation and the complex global economic backdrop. <\/p>\n
“The ultra-wealthy are clearly becoming more mobile, yet the list of markets where they actually feel comfortable investing or basing their families has shrunk,” he said.<\/p>\n<\/p><\/div>\n