Warning: This story will make you feel *very* poor.
The world now has a total of 2,325 billionaires with a combined net worth of $7.29 trillion (£4.46 trillion).
This year, 155 new billionaires joined the ranks of the world’s richest people.
According to a report by Wealth-X and UBS Billionaire Census, the world’s billionaires are now worth more than the combined market capitalisation of all the companies that comprise the Dow Jones Industrial Average.
The US boasts 571 billionaires – more than any other country. China came second with 190 billionaires and the UK came third with 130.
New York is home to the highest number (103) of billionaires in the world, followed by Moscow (85), Hong Kong (82), London (72) and Beijing (37).
Simon Smiles, chief investment officer of ultra high net worth individuals at UBS Wealth Management, said, “The apparent safety of cash, reinforced by the painful psychological experience of the 2008-2009 global ﬁnancial crisis and the subsequent troubles within the European Monetary Union, likely reinforces the tendency to favor this cautious allocation strategy.
“As we know, however, persistently low interest rates and moderate inﬂation have been causing these cash balances to be worth less every year in real terms.”