US Overtakes China in Billionaire List

The 2025 Hurun Rich List added 164 new billionaires, bringing the global total to a record 3,442. This growth is largely attributed to a surge in U.S. stock markets and a stronger U.S. dollar.

For the first time in a decade, the U.S. has surpassed China in billionaire count, with 870 billionaires compared to China’s 823. India ranks third with 284, marking a significant gap between the top two nations. The UK and Germany take the fourth and fifth spots, respectively. Switzerland secures sixth place with 116 billionaires, 10 more than last year.

France experienced the steepest decline in billionaire wealth, largely due to setbacks in the luxury and beauty industries that suffered this past year due to the slowdown in China, France’s political uncertainties as well as pushback against luxury, the report says.  France’s billionaires noted a collective loss of $54 billion (€50.1 billion). Three of the country's top billionaires, Françoise Bettencourt Meyers of L’Oréal , Bernard Arnault of LVMH, and François Pinault from Kering, accounted for $50 billion (€46.4 billion) of this drop.

Notably, Russia’s billionaire count increased, pushing the country to seventh place after Switzerland. Russia now has 89 billionaires, 13 more than last year. However, their collective wealth declined as the war with Ukraine continued and commodity and energy prices fell.

Entrepreneurs in the tech and auto industries dominated the top 10 rankings. Elon Musk topped the global billionaire list with an 82% year-on-year surge in wealth, followed by Jeff Bezos, whose fortune grew by 44% according to the report released today. For the first time, Mark Zuckerberg entered the top three, with a 53% increase in wealth. Bernard Arnault of LVMH remains the only non-American and non-tech billionaire in the top 10.

Notably, 60% of this year’s billionaires were not on the list a decade ago, underscoring how new technologies have transformed wealth creation.

The ranking of the world’s 10 wealthiest women is also dominated by Americans. Alice Walton of Walmart leads the list, with her wealth rising 46% year-on-year to $102 billion (€94.6 billion). She is followed by Françoise Bettencourt Meyers of L’Oréal, who saw one of the sharpest declines in wealth, dropping by 26%.

For the first time, an Indian woman has entered the top 10. Roshni Nadar, heiress to India’s tech giant HCL, became the fifth richest woman in the world with a net worth of $40 billion (€37.1 billion) after her father, Shiv Nadar, transferred a 47% stake in HCL to her.

At just 20 years old, Brazilian heiress Livia Voigt, of electrical motor manufacturer WEG, is the world’s youngest billionaire, with a net worth of $1.3 billion.