The so-called Billionaires Club has had a record-breaking year in terms of accumulative wealth.
There was a $5 trillion increase in wealth and an unprecedented number of newly-created billionaires. It is because of this that the past year is said to be record-breaking year for the world's wealthiest people despite being in the midst of a global pandemic.
The economic market behaved differently during the pandemic. As seen globally, cryptocurrency, soaring stock prices, altcoins, metaverse, and social media experienced widespread popularity.
In addition, during the 35th annual ranking of the world's wealthiest people, the number of billionaires skyrocketed to an unprecedented 2,755. This is a whopping increase from 660 of the previous year.
The Billionaires Club
As reported by Forbes, there are 210 billionaires from China and Hong Kong, and 98 billionaires from the United States.
In terms of wealth, Miriam Adelson of Nevada, who inherited her late husband, Sheldon Adelson's, casino empire after his death in January, is the richest newcomer. She is said to have a net worth of $38.2 billion.
It is noticeable that the list of billionaires has some notable newcomers. Included in the list is Tyler Perry, a movie and television producer, as well as the world's youngest self-made woman millionaire, Sherly Sandberg.
The co-founder of Bumble, Whitney Wolfe Herd, also made the list. The European founder of the payments company Checkout.com, Guillaume Pousaz also came onto the list.
Millennial Billionaires
When the word millennial is uttered, a common misconception among people is that this starts from people who are born from 1980 to as late as 2004.
However, as previously report by PC Mag, the Millennial generation is defined as those who were born between 1980 and 1995. The millennial is also known as Generation Y.
They are coined as millennials due to the fact that they were born near the commencement of the twenty-first century, also known as the new millennium.
This generation of billionaires is said to be worth an average of $5.12 billion.
While this is currently smaller than that of the Silent Generation, their relative youth suggests that they may one day overtake their wealthier forefathers in the future.
In the meantime, it is worth noting that just 66.4% of Gen X billionaires are self-made.
A few billionaires of Generation X have dominated the tech world specifically. The millennial tech billionaires are Mark Zuckerberg and Zhang Yiming, to name a few examples,
One-third (31%) of millennial billionaires made their fortunes in the technology business, with the other 12.9% made their fortunes in banking and investments. In true tech-startup tradition, most of them have chosen San Francisco, California, as their favorite place to reside.
According to Business Financing, most of the millennial billionaires came from the field of engineering, economics, business, and computer science.
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Generation X Billionaires
As stated by PC Mag, billionaires from Generation X have a net worth of $4.46 billion, which is the lowest net worth of any generation.
However, they represent the largest generation of self-starters. Generation X has 80.7% self-made billionaires, with only a small amount of wealth inherited from their parents.
Examples of generation X billionaires are Larry Page and Elon Musk. Larry Page is a computer scientist and the co-founder of Google. On the other hand, Elon Musk is the founder of SpaceX and the electric vehicle company Tesla.
According to Business Financing, most of the wealth accumulated by Generation X came from the technology industry at 24.2%. Following the tech industry is manufacturing 13.4%, and finance and investment at 11.6%.
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