The number of billionaires globally has soared to an all-time high, totalling 2,781, marking an increment of 141 compared to 2023, as highlighted in Forbes’ yearly report detailing the wealthiest individuals worldwide, of which Taylor Swift is a notable inclusion. The collective worth of these billionaires has also reached unprecedented highs, reaching a total estimated value of $14.2 trillion, exhibiting a surge of $2 trillion from 2023, and eclipsing the gross domestic product of every nation with the exceptions of the US and China.
Increasing by 120 per cent over the last ten years, their aggregate wealth has seen consistent growth despite the declining living standards experienced by billions globally, an outcome of rising inflation and surging living costs. Reflecting on these figures, Forbes’ wealth editor, Chase Peterson-Withorn stated, “The past year has been quite extraordinary for the world’s wealthiest, seeing an increase in billionaires globally unprecedented in its magnitude.”
The hefty fortunes accrued by these uber-wealthy individuals have prompted equality advocates to call for immediate measures to more effectively, equitably, and proportionally distribute this amassed wealth. Global Justice Now campaigner Daisy Pearson expressed her concern, stating that the vast wealth held by a scant few while large swathes of the global populace live in extreme poverty is not only indefensible but only achievable through exploitation. Pearson criticised their continued wealth accumulation, which grants them considerable influence and dominance over matters that directly impact our daily lives and urged for the imposition of stringent regulations to curtail their power.
In a similar vein, the executive director of the High Pay Centre think tank, Luke Hildyard, described the billionaire list as a yearly tally of how much of the global economy’s wealth is hoarded by a small, elite group rather than utilised for the greater good of humanity. He stressed the paramount objective of future decades should be the fair and efficient redistribution of these enormous concentrations of wealth.
In Forbes’ latest list, Taylor Swift joins the ranks as one of 265 fresh faces, hitting an estimated wealth accumulation of $1.1 billion. The 34-year-old singer-songwriter’s fortune originates primarily from her groundbreaking Eras tour and subsequent concert film.
With a behemoth setlist of more than 44 songs, the Eras tour lasted just shy of 3.5 hours and raked in over $700 million in ticket sales exclusively in the United States. This does not include figures from the 89 dates conducted internationally.
Meanwhile, Forbes positions Bernard Arnault, the primary stakeholder of luxury goods corporation LVMH, as the wealthiest individual globally. Arnault’s wealth has seen a surge of 10% this year, amassing a staggering $233 billion in total. Elon Musk trails behind in second place with his fortune standing at $195 billion, up 8% from the previous year.