70% of top 10 billionaires generated wealth from tech industry

Analysis

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Data researched by Trading platforms U.K. indicates that 70% of the top 10 richest people amassed their wealth from the technology industry as of March 1, 2021, according to a report by the Warsaw Business Journal.

The top ten wealthy individuals control a fortune of USD 1.14 trillion in total, with tech players accounting for USD 855.9 billion.

Amazon founder Jeff Bezos is the wealthiest person globally with a fortune of USD 181 bln, followed by Tesla CEO Elon Musk at USD 174 bln. Microsoft founder Bill Gates ranks third with a fortune of USD 135 bln.

The report explains some of the underlying factors leading to the tech sector's dominance of the top 10 rich list. According to the research report, the dominance of the rich list by the technology industry figures also points to the sector's resilience in times of crisis. Technology rose to prominence due to its ability to offer solutions to help people cope with the coronavirus crisis. For instance, during the health crisis, most billionaires in the sector like Amazon's Jeff Bezos amassed more wealth as more people leveraged on e-Commerce platforms amid the lockdown and stay-at-home measures.

Additionally, the findings reveal that the United States has the highest number of billionaires globally at 156, while China ranks second at 86. The two countries, therefore, account for 49% of the top 500 billionaires globally.

Germany is third with 28 billionaires followed by Russia at 24. Hong Kong and France follow, with each having 17 billionaires. The United Kingdom and India each have 16 billionaires. Canada is ninth with 15 billionaires while Sweden is 10th with 11 billionaires.

The analysis also shows that the tech industry has the highest number of billionaires globally at 84. 

 

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