Number of Billionaires to Reach 4,000 by 2031

A recent analysis by Knight Frank predicts a significant surge in billionaire numbers, with the current 3,110 expected to rise by 25% to reach 3,915 by 2031. This growth is largely attributed to the supercharging of billionaire and millionaire wealth by profits from the tech industry, particularly artificial intelligence.

The ability to scale a business has never been higher, according to Liam Bailey, head of research at Knight Frank. This has enabled entrepreneurs to make big fortunes quickly, fueled by technological advancements and AI.

The billionaire population is expected to grow the fastest in oil-rich Saudi Arabia, more than doubling from 23 in 2026 to a forecast of 65 in 2031. Poland and Sweden are also expected to see significant increases, with a 100% and 81% rise, respectively.

As the gap between the world's richest and poorest continues to grow, global leaders are under pressure to increase taxes on the super-rich and address concerns about political influence.

The charity Oxfam has reported a record number of billionaires created last year, with a collective wealth of $18.3 trillion.

The Tesla chief executive, Elon Musk, holds the top spot in the Forbes rich list, with a net worth of $785.5 billion, followed by Larry Page and Jeff Bezos.

In the UK, the Hinduja family ranks as the richest, with a net worth of £35 billion, while the Sunday Times rich list reported a significant fall in the number of UK-based billionaires.