The mega-rich country with 756 billionaires – the most in the world | World | News
The world is home to some very rich nations. The rankings are usually dominated by China, Russia and countries from the Middle East. But still, none of those come anywhere near the nation that has the most millionaires and billionaires. That would be the United States, which as of 2024 had more than 21 million – 21,951,319 – millionaires and 813 billionaires. For comparison, second-placed China had just over six million millionaires and 406 billionaires.
The USA’s wealth is huge with the country accounting for 26% of the world’s total economic output in 2023.
It is, therefore, no surprise that the US economy remains the largest in the world by nominal GDP and second only to China in terms of purchasing power parity (PPP).
It is also the world’s largest trading nation, with Canada, Mexico, China, Japan, and Germany among its biggest trade partners until now.
The US dollar is also the most widely used currency in global transactions and serves as the world’s primary reserve currency.
What’s more, the country’s billionaires dominate global rankings, with many of the richest individuals made up of technology moguls and industry giants.
According to Forbes, as of December 2024, Elon Musk topped the list with an estimated net worth of $244 billion, largely thanks to Tesla and SpaceX.
He was followed by Amazon founder Jeff Bezos with $197 billion and Meta CEO Mark Zuckerberg with $181 billion. Other leading billionaires include Oracle co-founder Larry Ellison ($175 billion) and investor Warren Buffett ($150 billion).
The US is home to 139 of the world’s 500 largest companies, with giants like Apple, Microsoft, Google, and Amazon leading the way.
The US economy is powered by strong productivity, vast natural resources, and a highly developed financial system.
It remains the world’s largest producer of oil and natural gas and has one of the most advanced technology sectors.
Companies in the Silicon Valley and beyond lead the world in artificial intelligence, semiconductor production, and biotech innovation.
The New York Stock Exchange (NYSE) and Nasdaq are the largest stock markets in the world by both market capitalisation and trade volume.
US banks hold $22.9 trillion in assets, and the country manages more than $30 trillion in global investment funds.
The US also has the world’s largest gold reserves, holding over 8,000 tonnes of gold.
Despite its immense wealth, the US also has one of the highest levels of income inequality among developed nations.
According to Federal Reserve data from late 2021, the top 1% of American households controlled 30.9% of the country’s wealth, while the bottom 50% held just 2.6%.
Wealth inequality has been growing for decades, with a widening gap between the richest and poorest Americans.
The COVID-19 pandemic only widened the gap, with billionaires’ collective wealth increasing by 70%.
The steepest rise on record was observed in 2020 when government stimulus and soaring stock prices significantly boosted the fortunes of the ultra-rich.
Corporate stock ownership plays a big role in wealth disparity, as the bottom 50% of Americans own little to no stock, while the wealthiest individuals hold the majority of shares in major corporations.
