How Many Billionaires Are There and Where Do They Live?

How many people worldwide have had the good fortune [pun absolutely intended] of joining the billionaire’s club?

More than you might think, actually.

It’s well into the thousands, which means quite a few people are cruising around with ten figures and upwards in their bank accounts.

More interesting than the number, though, is the intrigue surrounding the world of billionaires. 

Their wealth, power and influence shape economies and cultures alike, which is why the internet publishes endless lists of the world’s wealthiest billionaires each year.

Aside from learning who they are – yes, Elon Musk, Mark Zuckerberg and Jeff Bezos all topped most lists this year – it’s also intriguing to find out where they live.

These titans of industry and innovation are scattered across the globe, with more than a few holding second passports in different countries, which allows them to optimise their wealth and tax planning strategies.

How do they do it and how does it play into their ability to top the list of the world’s wealthiest billionaires? 

Read our in-depth analysis of how many billionaires there really are, where in the world they live and how in the world they’ve all managed to create a life where wealth meets wonder.

How Many Billionaires Are There in 2024?

According to the Forbes list of World Billionaires for 2024, there are now a record-breaking 2,781 worldwide.

This marks an increase of 141 from the previous year and 26 more than the record set in 2021. 

The Forbes list offers a comprehensive look at the number of billionaires globally and their immense wealth. More than that, though, this prestigious list meticulously tracks the financial titans whose fortunes influence global economies.

Meanwhile, the Bloomberg Billionaire Index offers detailed insights into the lives and financial movements of ultra-wealthy individuals, allowing for a deeper examination of their net worth and profiles. 

Taken together, these resources provide a detailed map of the world’s wealthiest individuals.

Billionaire Growth Over the Years

With 141 new billionaires this year, the world of the ultra-wealthy is expanding at an unprecedented rate.

This surge isn’t just a cool number – it reflects a staggering increase in wealth in this sector of society, with the collective fortune of these elite individuals reaching a remarkable US$14.2 trillion.

The growth in billionaire numbers is paralleled by the swelling of their bank accounts, with many previously on the list adding to their total net worth this year.

How is it happening?

Industries like tech, finance and luxury goods have become gold mines for savvy investors, further driving wealth accumulation and resulting in the world’s top 20 richest billionaires, adding US$700 billion to their combined net worth year-on-year.

Where in the World Do Most Billionaires Live?

The United States is home to the highest number of billionaires – 813, to be exact – but China and India are catching up swiftly: China now boasts 473 billionaires, while India has set a new record with 200. 

These countries offer compelling reasons for the wealthy to settle there – favourable tax regimes, high-quality living standards and flourishing business ecosystems.

Many billionaires strategically choose these locations to optimise their tax strategies and maximise wealth – something you can do, too, if you know how to go where you’re treated best.

Apart from reporting on where most of the world’s billionaires are located, the 2024 Global Wealth Report, along with the Billionaires Ambitions Report, highlight a trend: Most new billionaires (65%) achieved their status through organic business growth rather than one-time events like IPOs. 

This evolution demonstrates the power of consistent, strategic advancement in business as a pathway to immense wealth.

Top 10 Richest Billionaires and Where They Live

The Forbes list of the world’s richest billionaires differs slightly from Bloomberg’s, and due to fluctuating levels of wealth, the order of the ten richest changes constantly, as does their exact wealth.

Regardless, you will find all of the below individuals somewhere on either list, with the richest holding a net worth of well over US$200 billion (currently, Elon Musk’s net worth topped US$254.3 billion, for example).

Before exploring where the world’s billionaires live, view the breakdown from Nomad Capitalist founder and CEO, Andrew Henderson, of where most millionaires live (and why). It provide insights on why some of the billionaires on this list below live where they do.

Elon Musk

Elon Musk, reguarly cited as one of the world’s richest individuals currently tops the rich list with US$254.3 billion.

Originally from South Africa, Musk moved to Canada before settling in the United States. He famously moved SpaceX headquarters (and himself, it appears) from Northern California to Texas.

That strategic relocation to Texas was driven by the burgeoning tech scene and the state’s favourable tax environment (i.e., no state income taxes and other tax incentives that make much more sense than paying high California taxes).

Musk’s holdings in Tesla, SpaceX and other ventures have led to a significant rise in his wealth, and because he holds multiple citizenships, he enjoys much flexibility and many options in managing his international business operations and tax obligations. 

Jeff Bezos

Amazon’s founder, Jeff Bezos, calls Miami, Florida, home. His strategic investments and diversification into space exploration with Blue Origin have kept him among the wealthiest, with a net worth of over US$200 billion.

Bezos’s wealth strategy includes residing in tax-friendly states (there’s no state income tax in Florida) and managing his significant stakes in Amazon and other investments with a keen eye on global tax laws and advantages.

Through Bezos Expeditions, he has invested in various tech startups and established companies, further broadening his financial reach and likely protecting him from larger tax burdens.

Larry Ellison

Larry Ellison, co-founder of Oracle, is based in Woodside, California but owns multiple properties across the globe, including the Hawaiian island of Lanai.

Ellison’s investments in real estate and technology demonstrate his strategic approach to wealth management, meaning he has also likely leveraged tax laws in different jurisdictions to optimise his financial portfolio.

When you have a net worth of over US$200 billion, which is where he’s currently estimated to be, you have no other option but to be strategic.

Mark Zuckerberg

Despite the fluctuations in Meta’s stock prices in recent years, Mark Zuckerberg, co-founder of Meta Platforms, remains a strong player in the tech industry.

Currently, estimates report his net worth at an impressive US$186 billion, although the valuation fluctuates frequently due to market changes.

His wealth strategy is deeply tied to his holdings in Meta and, despite living in Palo Alto, California, he seems set to continue to explore global opportunities that could offer tax benefits and enhance his wealth preservation efforts.

Bernard Arnault

As the chairman of LVMH, Bernard Arnault, commands a vast empire of luxury brands that includes Louis Vuitton, Christian Dior and Moët & Chandon.

The French luxury magnate lives in Paris, France but you’d have to assume that Arnault’s expansive business operations allow him to benefit from different tax regimes depending on where his various corporations or holdings are registered, ensuring optimal efficiency in wealth preservation. 

 Like other billionaires, part of his wealth creation and preservation strategy hinges on taking a ‘meagre’ salary compared to his total net worth.

 Reportedly, despite having a net worth of over US$172 billion, Bernard Arnault only earns €8 million annually and makes most of his money from substantial dividends that aren’t reported as direct salary earnings.

Warren Buffett

Warren Buffett, the ‘Oracle of Omaha’ himself, lives in his longstanding home in Nebraska. 

Known for his traditional approach to investing through his investment vehicle, Berkshire Hathaway, Buffett’s wealth strategy focuses on long-term value. 

Yet, despite his preference for simplicity, Buffett’s investments are globally diversified even if he doesn’t take advantage of a second residency or citizenship to further optimise his wealth – with a net worth of at least US$144 billion, we suppose you might not have to worry about preservation or optimisation.

Bill Gates

Bill Gates, co-founder of Microsoft, lives in Medina, Washington, a suburb of Seattle. As one of the richest men in the world, Gates’ current net worth sits at over US$139 billion.

His significant philanthropic efforts through the Gates Foundation have redefined wealth distribution, but Gates remains a shrewd investor, at least compared to how others on this list invest.

Regarding tax optimisation, Gates leverages charitable contributions and strategic asset management. His philanthropic activities are structured to maximise both impact and efficiency, allowing for significant tax benefits while supporting global causes. 

Larry Page

Co-founder of Google, Larry Page maintains a residence in California, but is known for his interest in global citizenship or at least a second residency.

 He sparked some debate and faced a lot of backlash after obtaining New Zealand residency in 2021 through the country’s Investor Plus visa program.

 While the move was first initiated as Page sought emergency medical treatment for his son during the pandemic, the billionaire’s strategic relocation and investments in emerging technologies underscore his approach to maintaining and growinghis wealth, which is currently a cool US$133 billion.

Amanacio Ortega

Amancio Ortega is the mastermind behind the global fashion empire, Inditex, and the only billionaire (US$132 billion) on this list who resides in Spain – La Coruna to be exact.

As the co-founder of Inditex, best known for its flagship brand Zara, Ortega revolutionised fast fashion, expanding his influence with over 7,500 stores worldwide.

Ortega’s wealth strategy is diverse, as he holds a significant 60% stake in Inditex, reaping over $400 million annually in dividends. 

These dividends are cleverly invested in a vast real estate portfolio, spanning iconic locations such as Madrid, Barcelona, London, Chicago, Miami and New York.

Steve Ballmer

Speaking of Microsoft, Steve Ballmer, the former CEO, also resides in the Seattle area of Washington.

Ballmer calls Hunt’s Point, Washington, home (it is a roughly five-minute drive from Bill Gates’ home in Medina).

Ballmer’s acquisition of the Los Angeles Clippers and strategic investments in technology and sports illustrate his dynamic approach to managing wealth. 

However, it’s unclear if he maintains a second residency or citizenship outside the US.

How to Maximise Your Wealth Like a Billionaire

To maximise wealth like a billionaire, you’ll need to learn how to adopt strategic approaches that include diversifying investments, optimising tax strategies and leveraging global opportunities. 

If you’re a savvy investor, you likely already know that diversification across various sectors can mitigate risks and enhance returns. You probably also know that effective tax planning ensures you can keep more of your hard-earned money. 

However, exploring international markets in a non-traditional sense can open avenues for growth that may not be available locally. 

Yes, that includes securing a second passport somewhere that allows you to benefit from tax breaks and other incentives.

At Nomad Capitalist, we specialise in helping individuals navigate these complex financial landscapes and global strategies to go where they’re treated best.

Whether you are looking to reduce your tax burden, invest globally, or protect your assets, we have the expertise to support your goals.

Apply today to let us help you enhance your wealth management strategies. Who knows, you might even end up on this list.