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Some of the wealthiest individuals globally, such as Elon Musk, Jeff Bezos, and Mark Zuckerberg, have built their fortunes in Silicon Valley. Yet, a recent report by the Wall Street Journal reveals that most of America’s billionaires did not derive their wealth from the tech industry. It’s actually banking and finance that have been the main sources of wealth for the nation’s ultra-wealthy.
Data from the wealth intelligence firm Altrata, shared with the WSJ, indicates there were 1,135 U.S. billionaires last year, an increase from 927 in 2020. Around 300 of these billionaires made their fortunes in banking and finance, while about 110 originated from the tech sector. In addition, around 75 billionaires built their wealth through real estate ventures.
Notably, many billionaires benefited from inherited wealth. According to Altrata, one-third of America’s billionaires acquired either some or all of their wealth through inheritance.
The total wealth of U.S. billionaires amounts to approximately $5.7 trillion. Of this, the combined fortunes of Musk, Bezos, and Zuckerberg make up nearly $1 trillion, equating to approximately one-sixth of the total.
Altrata’s findings also highlight California as the most popular state for billionaires, with around 255 residing there. Despite this concentration, these billionaires have main business operations in almost every U.S. state, with Wyoming and Alaska being the exceptions.
Among America’s billionaire ranks are familiar figures like Oracle’s Larry Ellison and Google’s Sergey Brin, along with less publicized names such as Diane Hendricks, co-founder of ABC Supply, the leading building products distributor in North America.
Hendricks, who is the richest self-made woman with a net worth of $22.3 billion, is one of 150 female billionaires based in the U.S., joining stars like Taylor Swift and Selena Gomez. Most of the list, 86%, is comprised of men.
When it comes to philanthropy, Altrata data shows that billionaires have donated or pledged to donate about $185 billion to charitable organizations over the past decade. Among them is Berkshire Hathaway CEO Warren Buffett, who donated a record $6 billion to different foundations in June.
Nearly half of all overall donations from billionaires, $90 billion, went towards two causes: education and medical research. Some of the most popular organizations that received donations were the Central Park Conservancy in New York City, which received funds collectively worth about $100 million from 89 individuals, and Johns Hopkins University, which received donations from about 30 individuals totaling $7.5 billion.
However, charitable giving isn’t a priority for all billionaires. One in four has donated less than a million dollars each since 2015.
Some of the richest people in the world — Elon Musk, Jeff Bezos, and Mark Zuckerberg — made their fortunes in Silicon Valley. However, a new report in the Wall Street Journal suggests that most U.S. billionaires did not amass their wealth in tech. Instead, it’s the banking and finance fields that have produced most of the country’s super-rich.
According to data shared with the WSJ from wealth intelligence company Altrata, there were 1,135 billionaires in the U.S. last year, up from 927 in 2020. Approximately 300 billionaires made their money in banking and finance, while an estimated 110 came from the tech sector. Meanwhile, 75 billionaires earned their money in real estate.
Many, of course, got a head start by inheriting wealth. One-third of U.S. billionaires received some or all of their wealth from an inheritance, per Altrata.
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