- The capitalist class consists of less than 1% of the richest individuals in the world.
- These members of the capitalist class are worth a collective US$ 12 trillion. This is according to Forbes magazine which profiles the members of this exclusive club.
Less than 1% of the global population consists of the world’s wealthiest individuals. In 2022, there were fewer billionaires than in the previous year. When compared to the rest of the globe, Africa’s list of billionaires is relatively static. It is economically advantageous to have more billionaires than none. An economy is seen to be progressing if there are more billionaires than before.
- It is desirable for a country to have a growing number of members of the capitalist class among its population.
- It is a positive sign of economic growth when the number of billionaires are increasing in a country.
- To be a member of the capitalist class an individual needs to have assets worth at least US$ 1 billion.
It is a compilation of numerous profiles of the wealthiest individuals in the world. The list describes their professional histories and accomplishments. Every year, the list of the world’s wealthiest individuals changes. Forbes estimated in 2022 that there were no longer any persons with a net worth exceeding $1 billion. Those whose wealth exceeds $1 billion account for 0.0000003335% of the rest of the world’s population of around 8 billion. This represents a minute fraction of 1%. How’s that for a private club? What does this signifier? Every individual wanting to join this class of pervasive wealth already has a significant statistical disadvantage. The probability of the average person joining the exclusive capitalist class of the world’s wealthiest individuals is 99.99996665 percent. In support of this claim, the 36th edition of the World Billionaire List published by Forbes in 2022 indicated that there were fewer billionaires in 2022 than in 2021. In 2021, there were 2,755 billionaires, and in 2022, there were 2,668.
The combined fortune of the world’s wealthiest individuals is staggering. Together, the world’s wealthiest individuals are worth an astounding $12.7 trillion! Just for context, if the world’s wealthiest individuals were an economy, they would be the second largest in the world. This capitalist class economy is four times greater than the economy the African continent intends to achieve by implementing AfCFTA. These statistics documenting the vast wealth of the world’s richest people are not encouraging in terms of inequality. It is reasonable for governments that house these wealthy individuals to be concerned about the possibility and likelihood of civil instability. The possibility of social disturbance is not implausible. That has occurred in South Africa, which, according to statistics, has the world’s most unequal society. South Africa has the highest recorded Gini coefficient in the world, estimated at roughly 0.79 at the most recent count. This Gini coefficient measures the degree to which a population is unequal or equal. A Gini index closer to zero indicates a society in which wealth distribution is extremely equitable. Switzerland, Sweden, Denmark, and Norway are among the nations with Gini coefficients near zero. These nations also have poverty rates that are close to zero. A Gini coefficient close to 1 indicates a very unequal society and population. They are typically characterized by great poverty and prosperity within the same people. South Africa is statistically the most unequal society in the world, and in 2021, the marginalized sectors of that society responded to the imprisonment of the previous head of state by engaging in extensive riots and looting.
Intriguingly, it has been universally acknowledged among economists and academics that a country and economy are seen advanced in proportion to the number of billionaires they produce. In other words, it is in the nation’s best interest for its economy to produce more ultra-wealthy individuals. Forbes states that the number of billionaires in Africa tends to be relatively stable in comparison to other regions of the world. Aliko Dangote has been the wealthiest man on the African continent for more than a decade. He amassed his fortune through a diversified array of industries, cement, sugar, and salt in particular. In close pursuit of the Nigerian business magnate is another Nigerian, Abdulsamad Rabiu, whose enterprises closely resemble those of Aliko Dangote. Some famous African billionaires include Johann Rupert, the scion of the Rupert family, whose commercial interests span many sectors of the South African economy. Johann Rupert is not, in the strictest sense of the phrase, a self-made millionaire. He acquired his fortune from Anton Rupert, an Afrikaner magnate who founded the Rembrandt Group, currently known as Remgro Limited and traded on the JSE.
Mike Adenuga is a remarkable entrepreneur who began his career by distributing lace and soft drinks and, by the time he was 26 years old, had earned up to $1 million from his firm. He worked as a security guard in the United States to finance his college education. Adenuga is renowned as the founder and owner of Glo Mobile, Conoil Producing, and a multitude of other companies. He is the third wealthiest individual in Nigeria and a formidable opponent on the African continent. Whether one considers mining tycoon Patrice Motsepe, telecoms tycoon Strive Masiyiwa, Femi Otedola, Naguib Sahwiris, and the typical suspects of African billionaires, one cannot deny the veracity of Forbes’ claim regarding the continent’s billionaires. It remains constant and almost ever changes. This, according to the journal, is indicative of the sluggish growth and evolution of the continent’s economy.
The rankings of the wealthiest individuals in other nations, such as the United States and Europe, tend to be more active despite containing many familiar names. This is particularly evident among the top ten wealthiest individuals in the world. For example, previous to 15 years ago, the richest person in the world was Warren Buffett, and before that it was Bill Gates. Beginning in 2010, a Mexican tycoon held the title of world’s richest man. Almost 200 companies comprise Carlos Slim’s business portfolio, which will be of interest to readers. After the reign of Slim, Bill Gates reemerged and then lost ground to Amazon’s Jeff Bezos, who in turn lost the throne to the eccentric South African-born businessman Elon Musk. All of these were temporarily supplanted in 2022 by Indian-born Gautam Adani, who briefly became the richest person in the world. Since then, the construction materials magnate has lost a significant portion of his income due to a securities fraud scandal revealed by a company of short sellers. Currently, the richest person in the world is Bernard Arnault, majority owner and CEO of luxury goods conglomerate LVHM. Several significant changes have occurred within the past five years.
The 37th edition of the wealthiest individuals will be filled with surprises. Since the conclusion of the pandemic, there will be fewer billionaires in the technological sector, which will disappoint readers with aspirations to join the capitalist elite. During the pandemic, technology stocks that skyrocketed in value and made their founders wealthy saw dramatic share price corrections that diminished their owners’ fortune. When global demand for energy and mining products increases in 2023, the fortunes of energy and mining magnates will increase. There will be fewer Russian oligarchs on the world’s wealthiest list since they have fallen out of favor since the outbreak of the Ukraine conflict. Along with venture capitalist Josh Kushner, entertainment industry titans Robin Rihanna Fenty and Peter Jackson became billionaires in 2022. Elon Musk was the most successful investor in 2022. According to media sources from BBC, he has lost the majority of his money due to Tesla’s underperforming stock price. Thus, he will likely be the greatest loser this year.
Compared to other parts of the world, Africa’s list of billionaires has remained relatively stagnant, signifying sluggish economic growth and development. The ranks of the wealthiest persons in other countries continue to shift, with some well-known personalities losing fortunes and others ascending to the top. As we look to the future, it remains to be seen how the pandemic and other global events will affect the fortunes of the world’s wealthiest individuals and what this will mean for the rest of the globe.
