The world’s top ten billionaires are worth more than the 85 poorest countries combined
The cumulative wealth of the ten richest people in the world is now greater than the gross domestic product (GDP) of 85 poor countries combined. Data collected and calculated by Learnbonds.com shows that this category of individuals has a combined net worth of $ 858.1 billion. The list is mostly dominated by American billionaires.
According to International Monetary Fund estimates for 2019 released in October, the bottom 85 countries have a combined GDP of $ 813.5 billion.
According to the data, the cumulative wealth of the world’s richest people also exceeds the GDP of various countries considered to be economic powers.
For example, despite being one of the world’s largest oil producers, Saudi Arabia’s GDP is slightly less than the cumulative wealth of the top ten richest people. The Middle Eastern country has a GDP of 779.29 billion dollars, to occupy the 18th position in the world.
At the same time, the cumulative wealth of the richest people is almost double Iran’s GDP ($ 458.5 billion) while it is higher than Belgium’s GDP by $ 517,609.
The data further indicates that no African country has a higher GDP relative to the cumulative wealth of the top ten richest people. Nigeria, which has the highest GDP in Africa at $ 446.543 billion, has a percentage difference of around 47.9% from the top 10 richest people in the world.
The second largest country in Africa, South Africa with a GDP of $ 358.83 billion, has a percentage difference of 58.1% from the richest lot in the world. Cumulatively, African countries have a combined GDP of $ 2.4 trillion, nearly three times the wealth of the ten richest people.
The richest wealth in the world compared to other countries
In February 2020, Amazon CEO Jeff Bezos was ranked as the richest person in the world with a net worth of $ 123.50 billion (although most of that was tied to actions). Bezos created his fortune from Amazon (NASDAQ: AMZN) as well as media with an interest in the Washington Post. This figure means that Bezos ranks higher than the bottom 128 countries. His net worth is slightly higher than Morocco’s GDP which stands at $ 119.04 billion. Based on GDP, Morocco is ranked 58th globally.
Bill Gates, the founder of Microsoft, is the second richest person in the world. Currently, Gates is the co-founder, the Bill & Melinda Gates Foundation has a net worth of $ 112.60 billion. This net worth means that Gates ranks higher than the bottom 127 countries in terms of GDP. Gates’ wealth only approaches Ecuador’s GDP of $ 107.9 billion. Ecuador is ranked 59th globally.
With a net worth of $ 108 billion, Bernard Arnault and his family are the third richest entity in the world. Arnault made his fortune thanks to several companies including Louis Vuitton and Sephora. When ranked relative to other countries, Arnault ranks higher than the bottom 125 countries, with Ecuador and Slovakia coming closer. The latter has a GDP of 107.9 billion dollars while the former has 106.5 billion dollars.
Berkshire Hathaway boss Warren Buffet, with a fortune of $ 90.40 billion, is the fourth richest person in the world. Over the years, Buffet has made his money investing through the Hathaway company which owns over 60 companies, including insurer Geico and Duracell. Buffet therefore ranks 121st when ranked alongside all countries in terms of GDP. It comes above the Dominican Republic which has a GDP of $ 89.48 billion with a world ranking of 67.
Zara fashion chain founder Amancio Ortega is currently the fifth richest person in the world with a net worth of $ 78.10 billion. When measured against the GDP of other countries, Ortega would rank 67th just above Oman. The Middle Eastern nation has an annual GDP of $ 76.6 million.
Ortega’s net worth is tied to Facebook (NASDAQ: FB) co-founder and CEO, Mark Zuckerberg who is ranked sixth. Likewise, Zuckerberg’s net worth slightly exceeds Oman’s GDP.
Oracle CTO and founder Larry Ellison, with a net worth of $ 68.50 billion, is the seventh richest person in the world. Relative to the GDP of global economies, Ellison is said to be in 71st position just above Ghana. The West African country has a GDP of $ 67 billion and ranks 67th in the world. In Africa, Ellison’s wealth places him in eighth position against 54 countries.
Carlos Slim Helu, the richest man in Mexico and eighth in the world, has a net worth of $ 66 billion. Hélu including platforms of the wealth and interests are in telecommunications and the media sees its wealth just above Myanmar’s GDP. Myanmar has a GDP of $ 69.99 billion and ranks 75th in the world.
Alphabet co-founder and board member Larry Page boasts a net worth of $ 65.90 from giant tech company Google. His fortune just exceeds Tanzania’s GDP by $ 62.2 billion.
Finally, Los Angeles Clippers owner Steve Ballmer is the tenth richest person in the world. Ballmer has a net worth of $ 65.20 billion. Besides sporting interest, Baller was previously CEO of Microsoft between 2000 and 2014. Similarly, Tanzania’s GDP is getting closer to Baller’s network. Baller is known to be an enthusiast Bitcoin trader.
Based on inequalities in the distribution of wealth, organizations such as Oxfam have been at the forefront of demanding that economies work for everyone, not just the “privileged few”.
GDP is calculated on an annual basis and the latest figures are from IMF GDP estimates for 2019. However, the correct figures are released by the World Bank which is expected to release 2019 statistics later this year.
Explore our investment and financing resources from A to Z