Capitalism is taking some
lumps—and not just in the headlines. For only the second year in a decade, both
the number of billionaires and their total wealth shrank, proving that even the
wealthiest are not immune to economic forces and weak stock markets. By our
latest count there are 2,153 billionaires, 55 fewer than a year ago. Of those,
a record 994, or 46%, are poorer (relatively speaking) than they were last
year. In total, the ultra-rich are worth $8.7 trillion, down $400 billion from
2018. Altogether 11% of last year’s list members, or 247 people, dropped out of
the ranks, the most since 2009 at the height of the global financial crisis.
Asia-Pacific was hardest hit, with 60 fewer 10-figure fortunes. That dip
was led by China, which has 49 fewer billionaires than a year ago. Europe, the
Middle East and Africa also lost ground. The Americas, driven by a resurgent
Brazil, and the U.S. are the only two regions that have more billionaires than
they did a year ago. There are now a record 607 in the U.S. That includes 14 of
the world’s 20 richest. Jeff Bezos is again number 1 in the world, followed by
Bill Gates at number 2.
Even with strong headwinds, resourceful and relentless entrepreneurs found
new ways to get rich: 195 newcomers joined the ranks. The richest newcomer is
Colin Huang, the founder of Chinese discount web retailer Pinduoduo, which went
public in the U.S. in July. Other notable new entrants include Spotify’s Daniel
Ek and Martin Lorentzon; Juul Labs' James Monsees and Adam Bowen, Kind Bar’s
Daniel Lubetzky and cosmetics wunderkind Kylie Jenner, who is the world’s
youngest billionaire at age 21.
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