Forbes Magazine just released its annual list of billionaires, of which there are currently 2,781 still alive across the world. And yes, that's a record — up 25 people from the previous record established 2021, plus one Taylor Swift! The number of people valued at over $100 billion has also increased by 14, which also surpasses previous records.
So there's more billionaires. So they must be as good at "creating wealth" as they claim they are, right?
Unless…they just inherited it, and turned that into more money by virtue of being born rich. From Forbes:
This year, the 25 youngest people on the Forbes' World's Billionaires list are all 33 or younger. Together they are worth $110 billion. A few are self-made, having built notable companies like Snap (Evan Spiegel, 33), Gymshark (Ben Francis, 31) and Oculus VR (Palmer Luckey, 31).
Most had a lot of help. For the first time since 2009, every billionaire under 30 inherited his or her fortune—the result of some self-made entrepreneurs aging into their 30s, and a sign that the "great wealth transfer" has begun.
More on that "great wealth transfer," courtesy of The Guardian:
A total of $70tn is expected to be inherited by the next generation over the next 20 years, according to estimates by the consulting firm Cerulli Associates.
So congratulations to all you young billionaire for succeeding so well in the hard work of being born. However, I would advise against reading the Forbes profiles of all these young boot-strap-puller-uppers, most of which are still somehow framed as rags-to-riches success stories despite the facts that frame them.
Forbes' 38th Annual World's Billionaires List: Facts And Figures 2024 [Forbes Magazine]
The World's Youngest Billionaires 2024 [Forbes Magazine]
