What Is a Billionaire?
A billionaire is an individual who has a net worth of at least one billion units of currency, including dollars, pounds, or euros. A billionaire’s net worth can include personal and business assets like cash, cash equivalents, real estate, investments, and other assets. Since 1987, Forbes has ranked the wealthiest global citizens according to their net worth. The U.S. had the highest number of billionaires in 2024.
Understanding Billionaires
A billionaire is a person with a net wealth of $1 billion, in the United States. Billionaires in other countries are defined by other monetary units. For example, a billionaire in the eurozone has a net worth of €1 billion, while a billionaire in the United Kingdom has £1 billion or more.
Billionaires are wealthier than millionaires and worth less than trillionaires. They are considered ultra-high-net-worth individuals (UHNWI). In the U.S., these individuals have more than $30 million in assets in their names. This figure may change based on a billionaire’s home country. Billionaires often earn their wealth in different ways, including (but not limited to):
- Entrepreneurship or the creation and development of businesses
- Family wealth and inheritances
- Investment strategies, including stock value
At 813, the U.S. had the highest number of billionaires as of 2024, followed by China, which had 800 billionaires. Many of the world’s billionaires are concentrated in industries like technology, finance, retail, and manufacturing.
Calculating (a Billionaire’s) Net Worth
As noted above, a billionaire is someone with at least $1 billion in assets. You can determine a billionaire’s (or anyone’s for that matter) net worth by subtracting their liabilities from assets.
A billionaire’s assets are anything they own with monetary value. That may include cash and liquid investments and personal property like real estate, jewelry, boats, and cars. Business interests, such as equipment and commercial properties, are also included if the individual holds a personal stake in a corporation.
Liabilities, meanwhile, are obligations that deplete resources, such as loans, accounts payable (AP), and mortgages.
Fluctuating Net Worth
The richest person on the planet changes frequently during certain periods. This is often due to the changing valuation of any assets that a particular billionaire owns.
Fluctuating share prices are a prime cause of shifting net worths. A person’s stake in a company can account for a big chunk of their assets and these stakes constantly change in value throughout the day. If, for example, LVMH or Tesla’s share price were to rally or plummet, this could have a big effect on Bernard Arnaut’s or Elon Musk’s net worth.
Examples of Billionaires
Forbes magazine publishes a list of the world’s billionaires every year in March. When Forbes produced the first list in 1987, there were 140 billionaires. According to Forbes’ 2024 report, the United States has the most billionaires, with 813 list members worth a collective $5.7 trillion. Globally, there were 2,781 billionaires, as of March 2024.
Forbes also provides a list of billionaires in real-time online. This list can vary from the annual one because the value of assets and liabilities fluctuates.
On Jan. 21, 2025, Elon Musk, the owner of various companies including Tesla and X topped the latest Forbes list with a net worth of $429 billion. Four out of the top five consisted of tech entrepreneurs. Amazon founder Jeff Bezos was second, followed by Oracle co-founder Larry Ellison, Meta founder Mark Zuckerberg, and then Bernard Arnault, the founder, CEO, and chairman of luxury goods company Moët Hennessy Louis Vuitton (LVMH).
Which Countries Have the Most Billionaires?
As of 2024, the United States had the most billionaires with 813. China ranked second with 473, and India ranked third with 200.
Who Ranked First on Forbes’ Original 1987 Billionaires List?
Yoshiaki Tsutsumi of Japan ranked first in 1987.
Who Are the Top 3 Billionaires in the United States?
The top three billionaires in the U.S., as of Jan. 21, 2025, are Elon Musk, Jeff Bezos, and Larry Ellison.
The Bottom Line
A billionaire has a net worth of at least one billion units in their native currency, such as dollars or euros. Net worth is calculated as assets minus liabilities or debts. A billionaire’s assets may include cash and cash equivalents, real estate, and business and personal property. Forbes has been ranking the world’s billionaires since 1987. In 2024, the United States had the most billionaires globally.
