Key takeaways

• The world’s billionaires are richer than ever, worth a combined $14.2 trillion
• There are 813 U.S. billionaires, collectively worth $6 trillion
• 15% of the world’s billionaires made their money as fintech founders, bankers, and full-time investors
• Money is a top driver of job satisfaction for 67% of Americans, but 37% prioritize saving time over money

It’s the stuff of American dreams.

An average American with humble beginnings and a strong work ethic climbs to the top to realize financial success. One particular guy, The Boss, Bruce Springsteen, rolled up his sleeves to achieve billionaire status, accumulating an estimated $1.1 billion¹ in wealth over the last six decades. He joins the ranks of the 813 billionaires² in the U.S. and 2,781 and counting across the globe. While his story is inspiring, Springsteen’s thunder road to riches isn’t the typical one.

Today’s billionaires worldwide are the wealthiest they’ve ever been — collectively worth a whopping $14.2 trillion, a $1.1 trillion leap from the previous record in 2021. Billionaires in the U.S. account for a $6 trillion³ chunk of that — roughly twice what it was in 2017 — to control about 3.8% of the country’s wealth. The Boss hails from the Garden State of New Jersey, one of the 47⁴ U.S. states that is home to a billionaire.

How do they make their money?

About 15%⁵ of the world’s richest are made up largely of fintech founders, bankers, and full-time investors worldwide. The technology sector comes in second, followed by manufacturing as the industry with the third largest number of billionaires. Roughly 4% rub shoulders with Bruce Springsteen in the media and entertainment industry. 

Top industries for the world's billionaires

Source: “How Most Billionaires Made Their Money,” Forbes, data as of March 8, 2024

The list for U.S. billionaires is similar: Individuals in technology, banking and investing, and retail rank among the richest, followed by those in manufacturing and food and beverage.⁶

Time is money, for billionaires

While becoming a billionaire may be on the wishlist, many place value on time. Americans put a premium on theirs: If time were money, people say theirs is worth $240 per hour on average, according to Empower research. That equates to an annual salary of $499,200 per year — roughly eight times the average U.S. salary of $59,384. Yet 37% of Americans prioritize saving time over money, and 63% say having enough time to spend with loved ones makes them “feel wealthy.”

Roughly 69%⁷ of billionaires are CEOs or founders of their own company. But when it comes to being the boss (no, not that Boss), Empower data shows that just 3 in 10 Americans say they aspire to a C-suite role, with Millennials showing the highest interest in becoming a top executive (39%). Money is the number one driver of job satisfaction (67%) over climbing the corporate ladder: A higher salary trumps the value people say they place on being an inspiring leader and leading by example (32%).

Less may be more

The billion-dollar question: How much is enough? There’s no magic number, but Americans say it takes considerably less to achieve Financial Happiness: About $1.2 million for the average person, according to Empower research. The average net worth for Americans in their 50s does surpass the millionaire mark, hitting $1,345,922.

While you plan for your financial future, there may even be some merit in imagining what to do with a billion-dollar windfall. In fact, it may just bring you one step closer: According to Empower research, 71% say that looking at dream purchases helps them stay motivated to reach their financial goals. Like The Boss sings, “Dream baby dream.”⁸