If Bill Gates pops up in your mind when you envision wealth, you’re spot-on. It turns out that Gates is the prototype for the rich: a self-made male boomer entrepreneur. He’s even the exact age of the median global billionaire—67, according to information service Altrata's 2023 Billionaire Census report (that's coincidentally also the age of millionaire icons like Kris Jenner, Bill Nye, and Whoopi Goldberg). The report consulted the Wealth-X Database for the census, using a prosperity valuation model to measure assets while looking at the finances, careers, education, and more of ultra-high-net-worth individuals.
It found that billionaires under 50 represent just 10% of the cohort, while billionaires over 70 comprise 40% of it. In general, women are underrepresented in the billionaires’ club, making up less than a fifth of the cohort, though they’re slightly more represented in the groups of younger ultrawealthy individuals. Like Gates, who was once the world's youngest self-made billionaire, a majority of billionaires are self-made; the 50-to-70 age group makes up 64% of this cohort. But unlike Gates, who made his billions in tech, most billionaires, especially those ages 50 to 70, amassed their wealth through banking and finance.
