A Nation of Billionaires: Inheritance, Tech, and the Rise of 1,135 Ultra-Wealthy

As of 2024, the collective net worth of American billionaires reached $5.7 trillion, according to estimates from Altrata, a wealth intelligence firm. The top 100 individuals in this group hold nearly $3.86 trillion of this wealth, representing over half of the total. Among them, three men—Elon Musk, Jeff Bezos, and Mark Zuckerberg—account for roughly $1 trillion of the total wealth, illustrating the concentration of financial power at the top echelon of the U.S. economic elite.

The growth in the number of billionaires has been significant, with 1,135 individuals meeting the $1 billion net worth threshold in 2024, up from 927 in 2020. California remains the most concentrated state for billionaires, hosting 255 of them, but wealth is also distributed across smaller towns and less prominent regions. For instance, billionaire-owned properties are located in towns as small as Winifred, Montana, with a population of just 172.

The composition of these fortunes is diverse. While tech remains a dominant force, particularly in the Silicon Valley sphere, most U.S. billionaires derive their wealth from non-tech industries. Approximately 300 of them are linked to banking and finance, compared to about 110 in the tech sector. Real estate also contributes significantly, with 75 billionaires attributed to that industry. A notable third of the group inherited their wealth, with 50 of them tied to the heirs of five major companies holding approximately $830 billion collectively.

Philanthropy among American billionaires has also been a focal point. Since 2015, billionaires have donated or pledged about $185 billion, according to Altrata’s data. Causes such as education and medical research received the largest shares, totaling $90 billion over the same period. Philanthropy has extended to global initiatives, including the Gates Foundation and Gavi, the Vaccine Alliance. However, some billionaires have donated relatively little, with about a quarter of those on the list donating less than $1 million in the past decade.

Despite the growing number of billionaires, public scrutiny of their influence on social and political issues remains. Philanthropy has become a strategic tool, with some billionaires directing large donations to organizations they are affiliated with. For example, hedge-fund manager Bill Ackman contributed $1.36 billion to a foundation that supports various causes, including medical research, with him and his wife serving as trustees. This pattern highlights how individual priorities and affiliations shape charitable contributions.

The methodology for identifying and evaluating billionaires includes assessing both publicly and privately held businesses and investible assets. Altrata’s approach also accounts for fluctuations in asset values, ensuring a more accurate picture of net worth. By using a primary business address to determine location, the data provides insights into the geographic distribution of wealth across the country. This data underscores a dynamic and expanding landscape of U.S. billionaires, shaped by inheritance, entrepreneurship, and industry diversity.

Source: [1] What We Know About America's Billionaires (https://altrata.com/news/what-we-know-about-americas-billionaires-1135-and-counting)