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[Lorna Schildt]

Abillionaire is a person with a net worth of at least one billion units of a given currency, usually of a major currency such as the United States dollar, euro, or pound sterling. It is a sub-category of the concept of the ultra high-net-worth individual. The American business magazine Forbes produces a global list of known U.S. dollar billionaires every year and updates an internet version of this list in real time.[1] The American oil magnate John D. Rockefeller became the world's first confirmed U.S. dollar billionaire in 1916.[2]

As of 2018,[update] there are over 2,200 U.S. dollar billionaires worldwide, with a combined wealth of over US$9.1 trillion,[3] up from US$7.67 trillion in 2017.[4][5] According to a 2017 Oxfam report, the top eight richest billionaires own as much combined wealth as the "bottom half of the human race".[6][7] As of 2021, eight people have reached the status of USD centibillionaires, meaning that each has had a net worth of at least $100 billion.[8]

According to the UBS/PwC Billionaires Report 2019 report released in November 2019, there are currently 2,101 U.S. dollar billionaires worldwide, from 66 countries, with a combined net worth of $8.5 trillion.[9][10] Also according to the report, billionaires have a substantial positive impact on the sustainability and success of companies controlled by them. Billionaire-controlled companies listed on the equity market returned 17.8 percent, compared with the 9.1 percent of the MSCI AC World Index. According to the authors of the report, this Billionaire Effect is connected with smart risk-taking and willingness to plan and invest for the long term.

The majority of billionaires are male, as fewer than 11% (197 of 1,826) on the 2015 list were female billionaires.[11] The United States has the largest number of billionaires of any country, with 536 as of 2015[update],[11] while China, India and Russia are home to 213, 90 and 88 billionaires, respectively.[12][13] As of 2015[update], only 46 billionaires were under the age of 40,[11] while the list of American-only billionaires, as of 2010, had an average age of 66.[14]

Different authorities use different methodologies to determine net worth and to rank them, and not all information about personal finances is publicly available. In 2019, Forbes counted a record 607 billionaires in the U.S..[15] Over the course of the 2020s, depending on the source and the year, the world's richest person has been reckoned to be Jeff Bezos, Bernard Arnault and family, or Elon Musk.

In 2019, 19 people became billionaires. Four were a result of death or divorce, including Julia Koch, and Jeff Bezos's former wife MacKenzie Scott.[16] From 2014 to 2019, the number of female billionaires grew by 46%. That is more than the number of male billionaires in the same period (39%). As of 2019 there were 233 female billionaires in the world, compared to 160 in 2013.[9]

Billionaires come from a very wide number of backgrounds. A review of the education and work histories of the top 400 billionaires shows little correlation between education and success. Nearly 30% of billionaires do not have a college degree, greatly exceeding any other educational background. The most common field of university education was finance and economics, which only contributed to a combined 15.5% of billionaire educations.[17][18]There is little correlation between any university and becoming a billionaire. The top 10 universities produced just 99 of the top 400 billionaires combined, significantly less than the total number of billionaires who were not college educated. Military service produced 21 billionaires, more than any single university.[18]

Very few college-educated billionaires pursued business interests in their field of study, with the exception of computer science majors. All twelve of the computer science major billionaires worked in computer science, while only half of engineers worked in engineering, and less than a quarter of finance and economics majors ever worked in finance or economics. The most common field for billionaires to enter was sales and military service.[18]

According to a 2016 Oxfam report, the wealth of the poorest 95% dropped by 38% between 2010 and 2015, due to an increase in the global population of 400 million.[19] In the same period, the wealth of the richest 62 people between the World's Billionaires increased by $500bn (350bn) to $1.76tn. More recently, in 2017 an Oxfam report noted that just eight billionaires have as much net worth as "half the human race".[6][7] However, the Oxfam report has been criticized for considering debt as negative wealth, which leads to wealthy people with large amounts of debt to be considered poor or not wealthy.[20]

These aggregated statistics for billionaires include the total number of known billionaires and the net worth of the world's wealthiest individual for each year since 2008. Data for each year is from the annual Forbes list of billionaires, with currency figures given in U.S. dollars. Data since 2018 also includes the Wealth-X billionaire census which typically finds higher numbers than Forbes.

For too long, our tax code has rewarded wealth, not work, and contributed to growing income and wealth inequality in America. Under current law, when an American worker earns a dollar of wages, that dollar is taxed as they earn it. But when a billionaire earns income because their investments increase in value, that gain is too often never taxed at all.

In effect, the Billionaire Minimum Income Tax payments are a prepayment of tax obligations these households will owe when they later realize their gains. This approach means that the very wealthiest Americans pay taxes as they go, just like everyone else, and eliminates the inefficient sheltering of income for decades or generations.

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"The ultrawealthy pay very low tax rates because their affluence derives primarily from the soaring value of their assets and our current tax code lets billionaires avoid taxes on gains unless and until they sell their assets. So while working families pay taxes on each and every paycheck or pension payment, the ultrawealthy can make hundreds of millions of tax-free dollars a year. Instead of all their billions going to buying superyachts, rocket ships, professional sports teams, and Twitter, it is time that billionaires chip in like everyone else to pay at least a base level of taxes. There is tremendous public support for this proposal, which will close loopholes in our tax code and ensure billionaires pay a fairer share. It's time to make the tax system fair."

"The Billionaires Minimum Income Tax Act is a simple policy to prevent billionaires from paying a lower tax rate than working families. Our bill would impose a minimum tax rate on the wealthiest few with measures to prevent tax avoidance, requiring the super-rich to pay their fair share, reduce inequality, and fund services the American people depend on. Republicans cut taxes for the richest among us while proposing higher taxes on average people. We reject this failed trickle-down economics approach, and are responding with a fair tax policy that will put our country on a stronger fiscal footing while restoring fairness to the tax code."

Rep. Dwight Evans (D-PA) said, "As a member of the tax-writing House Ways and Means Committee, I'm proud to co-sponsor President Biden's Billionaire Minimum Income Tax. I strongly support making sure billionaires pay their fair share in taxes, and the estimated $360 billion in revenue over 10 years could be used for priorities like lowering health care and child care costs for families, fighting climate change, restoring the Child Tax Credit expansion, and fighting gun violence."

"The President's Billionaire Minimum Income Tax introduced by Representatives Cohen and Beyer would play a critical role in reforming the tax system, efficiently and fairly raising money from the people who could most afford to pay more. It does this by closing what is effectively a major loophole that allows the wealthiest Americans to choose when and even whether to pay taxes on some of their largest sources of income."

"Making sure billionaires pay their fair share in taxes is our top priority this election season. Constituents and voters want to know whether their elected representatives are standing with them or with 700 billionaires. Congress must end the scandal of billionaires paying a lower tax rate than working families. Congress must create a tax system that taxes income from wealth the same as income from work. Billionaires are literally buying elections. Working Americans feel the system is rigged in their favor. Enacting a Billionaire Minimum Income Tax will start to rebuild trust in our democracy, in our economic system and in our tax code."

"Small businesses pay more in taxes than corporations and billionaires. That's not just wrong, it robs local communities of the investments we need to thrive. Our economy benefits when we all pay our fair share of taxes so we can make needed public investments in child care, health care, and more."

"For far too long, the ultra-rich have avoided paying their fair share of taxes thanks to loopholes in how we tax both realized and unrealized capital gains. The Billionaire Minimum Income Tax would root out these unfair advantages at the source and force our nation's billionaires to pay taxes like everyone else does. It's completely ridiculous that Americans who work for a living are paying more in taxes than our nation's billionaires, but this legislation would finally put an end to a shameful status quo. It's time that Congress got on board with this common-sense tax reform."

"It is beyond shameful that billionaires can pay lower tax rates than teachers, nurses and firefighters. This bill will help ensure that the ultra-wealthy begin to pay their fair share. We can and we must fix this broken system."

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