The continent’s billionaire wealth has dropped below $3 trillion amid falling stock markets and the war in Ukraine.
T
he total number of billionaires in Europe and their aggregate wealth has dropped over the past year, Forbes has found, driven by the sharp decline in the number of billionaires and their fortunes in sanction-hit Russia.
Out of a global total of 2,668 billionaires worth $12.7 trillion on Forbes’ 2022 list of the World’s Billionaires, Europe accounts for 592 billionaires, down from 628 a year ago. The combined wealth of European billionaires has fallen from last year’s $3 trillion highpoint to $2.8 trillion, driven down by a single global hotspot.
The Russian war in Ukraine, the weakened Russian ruble and lower estimated values for Russian companies resulted in the number of Russian billionaires falling to 83 from 117 last year. The remaining Russian billionaires are worth $320 billion, a whopping $263 billion less than a year ago. Six of Russia’s richest people have lost more than $10 billion each, Forbes estimates. For more on Russia’s billionaires, see here. (Forbes calculated net worths using stock prices and currency exchange rates from Friday, March 11, 2022– a point in time when the Russian stock market was closed. It has since reopened, with numerous trading restrictions, and some stocks have rebounded.)
The European country with the most billionaires this year: Germany, with 134 worth a collective $608 billion. France remains a billionaire hotspot as well–especially for its luxury and fashion super maisons; the total wealth of the nation’s 43 billionaires has risen 7% since last year to $550 billion. Sweden, meanwhile, is the darkhorse: from a country of just 10 million people, there are 45 billionaires.
In the U.K. it’s not so much British entrepreneurs who are thriving, but London-based businesses with founders from overseas. Switzerland’s Guillaume Pousaz, founder of London-based payments fintech Checkout.com, became Europe’s richest tech entrepreneur, worth an estimated $23 billion, following an investment round in January. Estonia minted its first billionaire in Kristo Käärmann, cofounder of London-based cross-border payments startup Wise, while Revolut, the London-based digital banking startup, has continued gaining value with Russian-born Nikolay Storonsky hitting $7.1 billion and his Ukrainian cofounder Vlad Yatsenko worth $1.1 billion.
The Old & The New
Europe is home to the world’s third richest person, LVMH chief Bernard Arnault, who–with a $158 billion fortune–sits behind number one ranked Elon Musk with $219 billion, and number two Jeff Bezos with $171 billion. High-flyers Francoise Bettencourt Meyers of L'Oreal fame and Amancio Ortega of the Zara fashion retail empire sit at positions 14th and 23th richest in the world, respectively. Bettencourt Meyers is the richest woman in the world.
The ten wealthiest European billionaires on Forbes’ 2022 list are worth a collective $590 billion, up by $38 billion in the past year. In comparison, the top ten richest U.S. billionaires are worth a total of $1.2 trillion, showing the big difference between tech when it comes to billionaire wealth at the very top. Seven of the top ten U.S. billionaires are tech tycoons who made their money in the years following the mass adoption of personal computing, the internet and social media. Europe, by comparison, has no tech billionaires in its top 10.
Europe’s Top Ten Richest, 2022
1. Bernard Arnault, France, $158 billion
2. Francoise Bettencourt Meyers, France, $74 billion
3. Amancio Ortega, Spain, $59 billion
4. Dieter Schwarz, Germany, $47 billion
5. Rodolphe Saade, France, $41 billion
6. Francois Pinault, France, $40 billion
7. Klaus Michael Kuehne, Germany, $37 billion
8. , Germany, $36 billion
9. Giovanni Ferrero, Italy, $36 billion
10. Alain Wertheimer, France, $31 billion
10. Gerard Wertheimer, France, $31 billion
Austria
NUMBER OF BILLIONAIRES: 11 vs 12 in 2021
TOTAL NET WORTH: $61.7 billion vs $62.7 billion in 2021
Red Bull cofounder Dietrich Mateschitz remains the country’s richest person, up $500 million to an estimated $27.4 billion during a year that also saw the Red Bull F1 team win a thrilling world title on the final lap of the season’s final race. Austrian builder and investor Georg Stumpf was the country’s biggest gainer, adding $1.4 billion to his estimated net worth over the last 12 months. Gaston Glock of Austrian gun manufacturer Glock GmbH is the one billionaire from Austria to fall off the list.
Czech Republic
NUMBER OF BILLIONAIRES: 9 vs 9 in 2021
TOTAL NET WORTH: $49 billion vs $41.4 billion in 2021
Renáta Kellnerová, the widow of billionaire Petr Kellner (who died in a helicopter crash last year), inherits his place as the richest person in Czech Republic. Former Prime Minister Andrej Babis has enjoyed a good year, up $900 million to an estimated $3.5 billion.
Denmark
NUMBER OF BILLIONAIRES: 9 vs 10 in 2021
TOTAL NET WORTH: $57 billion vs. $61.3 billion in 2021
Retail tycoon Anders Holch Povlsen continues as the country’s richest person. The Lego dynasty of Kjeld Kirk Kristiansen, Sofie Kirk Kristiansen, Thomas Kirk Kristiansen and Agnete Kirk Thinggaard remains the richest family in the country and represents $32.8 billion of Denmark’s $57 billion total billionaire wealth.
France
NUMBER OF BILLIONAIRES: 43 vs. 42 in 2021
TOTAL NET WORTH: $550 billion vs. $512.2 billion in 2021
France’s enormous billionaire wealth is driven by the most famous names in luxury, beauty and fashion–Bernard Arnault (LVMH), Francoise Bettencourt Meyers (L'Oréal), François Pinault (Kering) and the Wertheimer brothers (Chanel) alone represent $335 billion of the country’s total billionaire wealth. One new billionaire since last year: Laurent Junique, the CEO and founder of Singapore-based call center and business process outsourcing firm TDCX. Danielle Bellon & family are also new, inheriting the fortune of her husband Pierre Bellon, who died in February.
Germany
NUMBER OF BILLIONAIRES: 134 vs 136 in 2021
TOTAL NET WORTH: $608 billion vs. $625 billion in 2021
Dieter Schwarz, best known for Europe’s low cost supermarket giant Lidl, has enjoyed a successful year, boosting his estimated net worth by over $10 billion to $47.1 billion. Logistics magnate Klaus-Michael Kuehne has emerged as one of the richest people in Europe, up $11 billion in a year to an estimated $37.3 billion thanks to his stake in Kühne + Nagel, the shipping empire founded by his grandfather. Christian Angermayer, who invests in life sciences, fintech, AI, psychedelics and cryptocurrencies, is one of seven new German billionaires.
Ireland
NUMBER OF BILLIONAIRES: 9 vs. 9 in 2021
TOTAL WEALTH: $54.8 billion vs. $42.9 billion in 2021
The rise in billionaire wealth in Ireland comes from one business and two brothers–payments unicorn Stripe and the Collison brothers, John and Patrick, who are worth an estimated $9.5 billion each–up from $3.2 billion each on the 2021 list–following an investment round in March last year that valued their powerhouse company at $95 billion. Once again construction tycoon Pallonji Mistry remains the country’s richest person, with an estimated fortune of $15 billion.
Italy
NUMBER OF BILLIONAIRES: 52 vs. 51 in 2021
TOTAL NET WORTH: $194.5 vs. $204.5 billion in 2021
Giovanni Ferrero–the scion of the Nutella, Tic Tac and Kinder Egg dynasty–is yet again Italy’s richest person, worth an estimated $36.2 billion, up $1.1 billion from a year ago. Susan Carol Holland lands on the billionaire list with a fortune built on hearing aids as one of six new billionaires from Italy.
Netherlands
NUMBER OF BILLIONAIRES: 11 vs. 12 in 2021
TOTAL NET WORTH: $38 billion vs. $43.8 billion in 2021
Charlene de Carvalho-Heineken again claims the top spot in the Netherlands, with an estimated $15.2 billion fortune, down $1.5 billion from last year–built on an empire that includes over 300 beer brands available in more than 190 countries. Jitse Groen, CEO of food delivery service Just Eat Takeaway.com, fell off the list after shares plunged by more than 50%.
Norway
NUMBER OF BILLIONAIRES: 13 vs. 12 in 2021
TOTAL NET WORTH: $40.9 billion vs $38.3 billion 2021
While investor Andreas Halvorsen remains the country’s richest person, not far behind is real estate tycoon Ivar Tollefsen–owner of 100,000 apartments across Europe–who added $2.2 billion to his estimated net worth over the last 12 months. The one newcomer: Erik Must, who cofounded Oslo brokerage house Fondsfinans and plowed his profits into outperforming Norwegian stocks.
Russia
NUMBER OF BILLIONAIRES: 83 vs. 117 in 2021
TOTAL NET WORTH: $320.2 billion $583.9 billion 2021
Russian wealth has taken a huge hit. Vladimir Lisin is now the country’s richest person, with an $18.4 billion estimated net worth built from NLMK Group, a leading manufacturer of steel products. The fortunes of all but a small handful of Russian billionaires have declined since last year. There are 34 fewer Russian billionaires on the 2022 list due to a weaker ruble and plunging company valuations, partly due to sanctions by the EU, U.K. and the U.S. Two new Russians joined: Denis Sverdlov of electric vehicle company Arrival and pharmaceutical billionaire Egor Kulkov.
Spain
NUMBER OF BILLIONAIRES: 27 vs. 30 in 2021
TOTAL NET WORTH: $116 billion vs. $137 billion in 2021
It was not a great year for Spain’s richest person, fashion tycoon Amancio Ortega of Inditex fame, best known for around 2,000 Zara stores around the world. A 27% drop in the share price since January contributed to a $17.4 billion drop in his net worth. But he’s still the 23rd richest person in the world, worth an estimated $59.6 billion. His daughter, Sandra Ortega Merais, is the country’s second wealthiest citizen (worth an estimated $5.8 billion). The third richest, Rafael Del Pino of construction firm Ferrovial, is worth an estimated $4.1 billion. Among those who fell off: Juan Lopez-Belmonte Lopez of Madrid-based biotech firm Laboratorios Farmaceuticos Rovi, who died in July 2021.
Sweden
NUMBER OF BILLIONAIRES: 45 vs. 41 in 2021
TOTAL NET WORTH: $165.7 billion vs. $182 billion in 2021
H&M’s Stefan Persson continues as the country’s richest person. Meanwhile, it was a down year for the Rausing clan of Tetra Laval billionaires: Finn, Jorn and Kirsten Rausing saw their estimated net worths drop a collective $12.3 billion from last year. Six new billionaires arrived in 2022, while two–Madeleine Olsson Eriksson and Mats Paulsson–fell off the list.
Switzerland
NUMBER OF BILLIONAIRES: 41 vs. 40 in 2021
TOTAL NET WORTH: $181.9 billion vs. $145.5 billion 2021
The wealthiest three billionaires in Switzerland had a rather good year. Checkout.com founder Guillaume Pousaz is not only Switzerland’s richest person, but Europe’s top tech entrepreneur, worth an estimated $23 billion. Gianluigi & Rafaela Aponte of MSC–the second-largest shipping line in the world by vessel capacity–saw their fortune climb by $6.1 billion; while Ivan Glasenberg–who has the largest individual stake in commodities trader Glencore–got $3.6 billion richer. Stéphane Bonvin, CEO of Investis real estate group, is the one new entry.
United Kingdom
NUMBER OF BILLIONAIRES: 49 vs. 56
TOTAL NET WORTH: $199.1 billion vs $213.9 billion in 2021
Sir James Ratcliffe remains number one in the U.K., at an estimated $16.3 billion, with investor Michael Platt now at number two, at an estimated $15.2 billion. There were no new British billionaires. Meanwhile, seven fell below the billion-dollar threshold, including Geeta Gupta-Fisker of electric vehicle startup Fisker, Matt Molding of the THG beauty and protein empire and Eddie & Sol Zakay of the Topland Group real estate group.
MORE FROM FORBES BILLIONAIRES 2022
FAQs
Who is the world's richest person in 2022? ›
Bernard Arnault & family
Bernard Arnault is the CEO and Chair of LVMH (Moët Hennessy Louis Vuitton) and his net worth is $213.1 billion, he overtook Elon Musk as the world's richest man in 2022.
| Country | GDP (IMF '20) | GDP (UN '16) |
|---|---|---|
| Germany | $3.84 Tn | $3.48 Tn |
| United Kingdom | $2.76 Tn | $2.65 Tn |
| France | $2.62 Tn | $2.47 Tn |
| Italy | $1.89 Tn | $1.86 Tn |
- Bernard Arnault.
- Elon Musk.
- Jeff Bezos.
- Gautam Adani.
- Bill Gates.
- Warren Buffett.
- Larry Ellison.
- Larry Page.
Top 10 Countries With The Most Billionaires 2022. As of 2021, the US is home to the highest number of billionaires in the world with 724, followed by China with 698 billionaires and India with 237 billionaires, as per Forbes. TraceWho Are G-20 Member Countries?
Who is world richest man today? ›- $854 M. Jeff Bezos.
- $825 M. Lei Jun.
- $808 M. Ma Huateng.
- $456 M. Amancio Ortega.
- $368 M. Tobi Lutke.
Top 10 Richest Man In The World 2023-2024
Elon Musk, who continues to hold the number one position with a net worth of $190 billion. If we talk about the market value of his current electric car company Tesla, it is around $800 billion.
Americans are generally richer than Europeans.
What are the top 3 richest countries in Europe? ›| 1 | Luxembourg | 90,790 |
|---|---|---|
| 2 | Norway | 65,461 |
| 3 | Switzerland | 53,672 |
| 4 | Austria | 44,149 |
| 5 | Sweden | 43,533 |
| Rank | Country | Adjusted GDP/capita |
|---|---|---|
| 1 | Luxembourg | 132,675 $ |
| 2 | Singapore | 116,486 $ |
| 3 | Ireland | 107,551 $ |
| 4 | Qatar | 102,018 $ |
1. Bernard Arnault
Bernard Arnault is the richest man in the world. He amassed his fortune in the luxury goods industry with the ownership of world-renowned brands such as Louis Vuitton and Christian Dior. He has a net worth of $186 billion.
How many billionaires are in the US? ›
The U.S. is home to over a quarter of the world's billionaires, representing about 720 of the roughly 2,700 that exist globally.
How much has Elon Musk lost? ›Tesla CEO Elon Musk has broken a record for the largest amount of money lost by one person, according to Guinness World Records. Musk lost between $180 billion and $200 billion since November 2021, largely due to the poor performance of Tesla stocks in recent years, according to the report.
Which country has most millionaire? ›Switzerland was the country with the highest rate of millionaires worldwide in 2021, with 16.4percent of the adult population owning assets worth more than one million U.S. dollars. Luxembourg followed right behind with 16.2 percent of the population being millionaires, with Iceland in third.
What city has most billionaires? ›- Start Saving Early. The easiest way to build your savings is to start early. ...
- Avoid Unnecessary Spending and Debt. Stop buying things you don't need. ...
- Save 15% of Your Income—or More. ...
- Make More Money. ...
- Don't Give in to Lifestyle Inflation. ...
- Get Help If You Need It.
A trillionaire is an individual with a net worth equal to at least one trillion in U.S. dollars or a similarly valued currency, such as the euro or the British pound. Currently, no one has yet claimed trillionaire status, although some of the world's richest individuals may only be a few years away from this milestone.
How do rich people live? ›Many millionaires, for example, allocate their time differently — they spend more time focusing on personal growth, planning for investments, and working, and less time sleeping. They also gravitate toward similar wealth-building strategies, like saving as much as they can and bringing in multiple income streams.
How many billionaires in the world? ›...
Billionaires by Region.
| Rank | #6 |
|---|---|
| Region | Africa |
| Number of billionaires | 46 |
| Collective Billionaire Wealth | $104 billion |
Forbes estimates it at $3.2 billion as of October 26, 2022, with Trump making much higher claims. Trump received a loan from his father, and he has also made money from fundraising, real estate ventures, hotels, casinos, golf courses, and Trump-branded products including neckties and steaks.
Is Europe cheaper to live than America? ›
Key Takeaways. Overall, Europe has a lower cost of living due to lower healthcare expenses, a weakening euro currency, and low inflation. Europeans, however, tend to pay more of their income to taxes, and average wages tend to be lower than in America.
Which country is richer than us? ›The richest country in the world is Luxembourg. According to the IMF, the duchy's GDP per capita is $135,046. The total gross domestic product exceeded $86 billion.
Why is Europe so rich? ›Europe's rich agricultural and industrial diversity has made the continent a center of trade and commerce for centuries. It is centrally located between the two other “Old World” continents, Africa and Asia.
Which city is rich in Europe? ›Right now, Luxembourg is the richest city in Europe in terms of GDP per capita.
What are the top 5 poorest countries in Europe? ›- Ukraine. With a per capita GNI of $3,540, Ukraine is the poorest country in Europe as of 2020. ...
- Georgia. Georgia posted a GNI per capita of $4,290 in 2020, lower than any European country except Ukraine. ...
- Kosovo. ...
- Moldova. ...
- Albania. ...
- North Macedonia. ...
- Bosnia and Herzegovina. ...
- Belarus.
Vatican City: £16,000 average income per person
Even as the tiniest of all countries, with a population of just under 500, Vatican City is so rich that there are reportedly millions of euros “tucked away” off its central balance sheet.
Which is the world's poorest country? Burundi is the world's poorest country followed by Central African Republic, DR Congo, South Sudan and Somalia as the poorest. The richest countries are Luxembourg, Singapore, Ireland, Qatar and Switzerland. Soberingly, 19 of the 20 poorest countries are all located in Africa.
Is the US still the richest country in the world? ›The United States is the richest country in the world with the highest GDP, as of 2021. China is the second richest country in the world with a $17.734 trillion GDP. Monaco is the richest country in the world when measured by GDP per capita.
Who is powerful country in the world? ›United States of America The United States is the world's most powerful country, with a dominant military, economic strength, and cultural influence.
Who is No 5 richest person in the world? ›| No. | Name | Net worth (USD) |
|---|---|---|
| 2 | Bill Gates | $96.5 billion |
| 3 | Warren Buffett | $82.5 billion |
| 4 | Bernard Arnault | $76 billion |
| 5 | Carlos Slim | $64 billion |
How much does Bill Gates make per day? ›
His estimated net worth is $91.3 billion – but how does this work out per day? Forbes reported a $4 billion increase in Gates' net worth across 2017 to 2018. Working off a yearly wage of $4 billion, this means Gates would earn $10,959,000 per day – that's $456,625 an hour, $7,160 a minute and $127 per second!
How rich is Elon Musk? ›Musk's fortune once sat as high as $320 billion in late 2021. As of Jan. 10, Forbes estimates that his net worth sits at $142.1 billion, making him the No.
Who are the 3 richest families in America? ›The top 10 richest families in 2022 by estimated wealth are: The Walton family with $224.5 billion. The Mars family with $160 billion. The Koch family with $128.8 billion.
How many states have no billionaires? ›Eight states have no billionaire residents at all: Alabama, Alaska, Delaware, New Hampshire, New Mexico, North Dakota, Vermont and West Virginia.
Which US states have no billionaires? ›There are 748 billionaires living in the United States. They live in 42 of the 50 states, according to Forbes's annual World Billionaires list. The only states where you won't find a billionaire are Alabama, Alaska, Delaware, New Hampshire, New Mexico, North Dakota, Vermont, and West Virginia.
Who is the top 10 richest in world? ›- Jeff Bezos. ...
- Bill Gates. ...
- Warren Buffet. ...
- Larry Ellison. ...
- Larry Page. ...
- Steve Ballmer. ...
- Sergey Brin. ...
- Carlos Slim. The largest mobile telecom company in Latin America, América Móvil, is under the ownership of Mexico's richest man, Carlos Slim Helu and his family.
| Name | Elon Musk |
|---|---|
| Monthly Income And Salary | $200 Million + |
| yearly Income | $2400 Million + |
| Born | 28 June 1971 |
| Age | 51 Years |
...
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| Rank | City | Super-Rich per 100k Population |
|---|---|---|
| 1 | Geneva | 143.7 |
| 2 | Zurich | 70.8 |
| 3 | Singapore | 60.0 |
| 4 | Frankfurt | 42.9 |
- Francoise Bettencourt Meyers. ...
- Amancio Ortega. ...
- Alain Wertheimer and Gerard Wertheimer. ...
- Giovanni Ferrero & family. ...
- Francois Pinault. ...
- Klaus-Michael Kuehne. ...
- Vladimir Potanin.
The United States tops the list of countries with the largest number of billionaires. Forbes estimates that 735 of the world's 2,578 billionaires are American citizens. The minimum wage in the US is $7.25 an hour.
Which city in Europe has the most millionaires? ›
Frankfurt – the financial and millionaire hub of the EU
Frankfurt is the wealthiest city in mainland Europe and one of the world's top financial centers that is the home of 117,400 millionaires, including 161 centi-millionaires and 14 billionaires.
New York City – home to more than 346,000 millionaires – is the wealthiest city on Earth, according to a new report.
Where can Americans live like millionaires? ›- 1.Panama – Quality of Life.
- 2.Thailand – Historic Retirement.
- 3.Spain – Affordable Quality.
- 4.Malta – Island Paradise.
- 5.Mexico – Budget Retirement.
- 6.Malaysia – Cosmopolitan Comfort.
- 7.Portugal – Romantic Retirement.
- 8.Nicaragua – Adventure Retirement.
Markus Villig (born 17. December 1993) is an Estonian entrepreneur, founder and CEO of Bolt Technology OÜ. Markus is the youngest self-made billionaire in Europe since December 2021.
Who are the 5 richest families? ›- The Hermès family with $94.6 billion.
- The Ambani family with $84.6 billion.
- The Wertheimer family with $79 billion.
- The Cargill, MacMillan family with $65.2 billion.
- The Thomson family with $53.9 billion.
- The Hoffman, Oeri family with $45.1 billion1.
As of November 13, 2022, Hinduja brothers was the wealthiest man in the United Kingdom, with an estimated net worth of 15.2 billion U.S. dollars, followed by Michael Platt (No. 2, $15.2 billion), James Ratcliffe (No. 3, $13.6 billion) and Christopher Hohn (No.
Which country is No 1 in world? ›The overall ranking of Best Countries measure global performance on a variety of metrics. Switzerland is the best country in the world for 2022.
Where do most billionaires live in USA? ›San Francisco has the most billionaire residents of any city, and New York has the most millionaires.
What gender is the richest? ›...
Distribution of billionaires around the world in 2021, by gender.
| Characteristic | Share of billionaires |
|---|---|
| - | - |
| - | - |
What country do most millionaires live? ›
Switzerland was the country with the highest rate of millionaires worldwide in 2021, with 16.4percent of the adult population owning assets worth more than one million U.S. dollars. Luxembourg followed right behind with 16.2 percent of the population being millionaires, with Iceland in third.
What city do rich men live in? ›New York City is home to more rich people than any other city in the world, according to a new report by investment migration consultancy Henley & Partners.