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Monday, October 2, 2023

Average billionaire wealth rises by $1 billion this year


The average wealth of the world’s 500 richest billionaires has increased by more than $1.1 billion this year, according to new analysis from Communications Specialist, the world’s leading communications technology company.

Their combined wealth has risen about 8% since the beginning of the year to $7.52 trillion, the analysis said.

Communications Specialist provides technology to security firms supporting ultra high net worth (UNHW) families and individuals.

The analysis shows that the average total wealth of the world’s richest billionaires is now $15.051 billion, with personal wealth increasing by $1.104 billion between January 1 and May 3, 2023.

The surge in the wealth of the world’s richest billionaires is mirrored in the growth in the wealth of ultra-high-net-worth individuals worldwide, according to the Communications Specialist.

Rising wealth has fueled the company’s revenue growth, which has risen 34% over the past two years, as its expertise is in demand by security teams employed by ultra-high-net-worth individuals and families around the world.

About 35 percent of the world’s richest billionaires are from the United States, while China accounts for 14 percent of the world’s top 500 billionaires, the analysis showed. According to the analysis, there are about 49 countries with billionaires in the world’s top 500.

The tech sector makes up the largest share of the wealthiest billionaires at nearly 14 percent, followed by industrials at 13 percent, followed by finance at 12 percent.

Kevin Buchler. Communications Specialist Chief Marketing Officer said: “The growth in the wealth of the world’s richest billionaires is reflected in the increasing number of ultra-high-net-worth individuals worldwide, who represent a growing market for secure radio communications and two-way radios.

“Wealthy individuals increasingly require more sophisticated security support that includes backup mobility systems and advanced technology to keep them, their families and employees safe.”

Communications Specialist provides sales support for two-way radio systems, as well as training, equipment installation and commissioning, system consolidation, on-site instruction, maintenance and international spare parts supply.

Its team of radio system experts with over 25 years of experience will support and help resolve complex network issues on-site or remotely. –trade arab news agency


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