The number of billionaires in Italy is on the rise, and even more notably, their collective wealth is growing at an accelerated pace. According to a report by UBS, the number of Italians with a net worth exceeding one billion dollars increased from 56 to 62 between 2023 and 2024, marking a nearly 10% increase. During the same period, their combined wealth surged from $162.3 billion to $199.8 billion, reflecting a remarkable growth rate of 23.1%—one of the highest in Europe.
This growing concentration of wealth is particularly striking in relation to Italy’s national economy. With a population of approximately 60 million, the increase in billionaires means there is now roughly one billionaire for every million residents, yet their combined wealth represents a staggering 8.4% of the country’s GDP, estimated by the IMF at $2.308 trillion for 2024. Notably, the 46 billionaires in France have a combined wealth of $576.5 billion, which constitutes 18% of Paris’s GDP, highlighting a notable disparity.
Globally, the number of billionaires has surged by about 50% over the past decade, rising from 1,757 to 2,682, with their total wealth skyrocketing by 121% to approximately $14 trillion in 2024. While this increase in wealth has significantly outpaced the growth of global stock markets—where the MSCI AC World Index recorded a 73% gain from 2015 to 2024—the wealthiest individuals have continued to prosper, particularly in the technology sector, which has seen a tripling of billionaire assets over the same period. As billionaires increasingly seek favorable tax environments, many have relocated abroad since the pandemic, further highlighting the ongoing challenges and disparities within the global economy.
