These days one reads and hears a great deal about billionaires. Some seem to be admired tremendously for their accomplishments while others are pilloried as they are considered to be 21st century amoral robber barons.
To me, I see both sides of that coin, but one thing surprises me. In a world of nearly 8.3 billion people, estimates are that there are only just over 3,000 of them. Recently, I spent a few hours talking with a very pleasant and successful man. He described someone whom I know of but had never met. My newfound friend said, “he is a billionaire these days.”
I paused and did a rough back of the envelope calculation based on his holding of a public company. To me, it looked as if he was worth something close to $30 million, not even close to a billion. Yes, he was well off but certainly not super-rich.
What people have not wrapped their head around is what a billion really is. A billion is one thousand million. Let that sink in for a few moments. Many of you, much like the gentleman I described above are millionaires meaning that you net worth (assets-debt) exceeds one million dollars. It probably took many long years to get there. A billionaire, however, has at least 1,000 times that as a net worth and 20 people worldwide have a projected net worth of $100 billion +. So, they have a hundred thousand million or more. Pretty amazing.
Forbes Magazine, who monitors the ultra-rich each year, projected last April, that there were 3,028 billionaires globally up from 2781 in 2024. It is a safe bet that the number has ticked up a bit as I type given the bull market in equities through October 2025.
The US has the highest number at 902, followed by China at 450 and 205. Some estimates are that nearly 100 live within a 10-block radius in Manhattan.
Small but wealthy countries show up well. For example, Switzerland has a projected 42 billionaires and per capita; their incidence of the super-rich is nearly twice that of the United States. Little Monaco, the size of New York’s Central Park, has the highest per capita billionaire rate in the world.
Okay, this is a moderately fun read for many of you, but what is the point? The billionaire term is used far too loosely today. Only a tiny group of people have reached or will reach this milestone. Yet social media appears to be full of billionaire mentions.
One thing is true—authentic billionaires have wildly disproportionate political clout compared to their numbers. They can persuade politicians of all striped to vote for their interests. Tax policy is never even handed allowing the wealthy to evade confiscatory or even reasonable taxes via loopholes or carefully crafted trusts. The old saw of “he who has the gold, makes the rules” remains a relevant comment.
Old continental money is quieter than the billionaires who make the headlines today. You rarely see families that have had high wealth for centuries on lists of the world’s richest. Some placed their money in offshore accounts eons ago; others buried some wealth in art or other low-key assets. They also shun headlines and lead a relatively low-key existence. Some mention European royalty but keep in mind that jewels, castles, and some art are owned by the government so many royals are custodians of great wealth but not outright owners.
The emphasis on publicity for billionaires and the exaggeration of many who are not has only led to more emphasis on income inequality. It is a real thing that can only shift if loopholes are closed and tax laws enforced. I have been hearing that forever in my long life but the status quo remains in place and gets worse as the middle class shrinks and half of Americans of most of the world is left behind with no piece of the action.
If you would like to contact Don Cole directly, you may reach him at doncolemedia@gmail.com or leave a message on the blog.
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