Which Country Has the Most Billionaires?

For the second year in a row, China (including Hong Kong) and India had the second- and third-highest number of billionaires with 516 and 205, respectively. India’s Mukesh Ambani was the 18th-richest billionaire with $92.5 billion, while TikTok co-founder Zhang Yiming of China was the 23rd-richest person with a net worth of $65.5 billion.

A total of 288 new billionaires entered the list in 2025, including some famous names:

• Bruce Springsteen, with a net worth of $1.2 billion
• Arnold Schwarzenegger, with a net worth of $1.1 billion
• Jerry Seinfeld, with a net worth of $1.1 billion

Forbes has been publishing its list of billionaires since 1987, when there were only 140 billionaires. As of 2025, 3,028 people make up the list. The publication uses stock prices and exchange rates in part to determine the net worth of the people on its list.

Billionaire Hotspots

So what makes these countries such hotspots for billionaires? This is likely a combination of factors, according to Vibhas Madan, professor of economics at the LeBow College of Business at Drexel University. These factors, he suggests, are strong economies, large populations, innovation, favorable business climates, and access to capital markets.

Robert Korajczyk, Harry G. Guthmann professor of finance at the Kellogg School of Management at Northwestern University, echoed this, but also credits the opening of global markets with the rise of global billionaires.

“When China joined the WTO (World Trade Organization), that essentially opened up a lot of opportunities for China,” he said. “Internet access has been huge for India, while innovation has been encouraged in the U.S., so it makes sense that they’re on top.”

Madan said he isn’t surprised that the number of billionaires has grown and believes that trend will continue and may even go higher.

“Global GDP (gross domestic product) values are going up as a trend, so you expect there would be more people crossing over the billion-dollar mark. It’s just a natural trend of economic growth,” he added. “I think it’s more people than you’ve ever thought about, even going to trillionaire at some point in time.”

Technology Is Trending

The technology industry had the highest concentration of billionaire creation, according to Forbes. There were a total of 401 tech billionaires in 2025. Together, this group held a combined net worth of $3.2 trillion. This shouldn’t come as a surprise, Korajczyk told Investopedia.

“Innovation and market power are likely to create value. The industries with these characteristics change over time,” he said. “It happens that technology has been an innovation leader recently.”

There are several reasons why tech is trending, which is likely helping propel the billionaire push:

• There’s an increased demand for technology. Demand from businesses and consumers continues to rise, which is leading to a rapid rise in innovation. As such, the industry is constantly evolving. This keeps the industry on a continuous cycle.
• Investment opportunities are on the rise. Businesses and individual investors can find opportunities to invest their money, which helps local and country economies grow as well.
• Technology impacts virtually every other industry. Almost every sector relies on some level of technology. As such, it will continue to be relevant and grow.
• Tech jobs attract skilled individuals. There is a lot of job growth and financial security for those seeking employment in the industry.

Distribution Of Wealth

The number of billionaires is rising each year, and so is their combined net worth. These individuals also hold a significant amount of the world’s wealth. According to Oxfam, that can be a problem. The world’s richest 1% hold more wealth than 95% of the rest of the world, with nearly half of the world’s financial assets (43%) owned by the richest 1%.

That trend isn’t lost in the U.S., either, where wealth is concentrated at the top:

• Top 50%: $156.0 trillion
• Bottom 50%: $3.9 trillion

Not only do these individuals control a great deal of wealth, but they also hold a “monopolistic concentration of power,” giving them “influence over industries and public opinion.” This can lead to social inequality and tax avoidance, as well as hinder economic growth.

But proponents say billionaires like MacKenzie Scott, Michael Bloomberg, Warren Buffett, and Bill Gates have a tremendous amount of influence on innovation and charitable giving, using their wealth to address progress, poverty, and social change. In May 2025, Gates announced that he would give away almost all of his wealth over 20 years and close his foundation by 2045.

The Bottom Line

Forbes releases its World’s Billionaires List each year, highlighting the richest people around the globe. The majority were reported in the U.S. in 2025, with 902 billionaires in total. But there were record-breaking numbers, with 3,028 around the world, celebrity billionaires, and a record number of newcomers to the list.