A billionaire is a person who has a net worth of at least one billion units of currency, such as United States Dollars (USD), Pounds or Euros.
Though a "billion" used to be a million million in much of the Commonwealth of Nations, the American version (one thousand million) is commonplace now in the UK; so in Britain a billionaire is someone with a net worth of at least 1,000,000,000 pounds.  According to Forbes Magazine, the year 2006 saw not only the biggest increase in billionaires around the world, but also was witness to the biggest economic expansion in history. It is believed that in that period, the world economy grew at an extraordinary rate of 25%. The four cities that have the largest concentration of billionaires according to Forbes are New York City, Los Angeles, Moscow and London.
The first Forbes ranking of billionaires in 1986 found 140 billionaires around the world. The 2007 Forbes ranking counted a total of 946 whose accumulated wealth measured US$3.5 trillion. John D. Rockefeller was the first billionaire in 1916.
It has been a busy year for Forbes' team of fortune hunters. Strong equity markets combined with rising real estate values and commodity prices pushed up fortunes from Mumbai to Madrid. Forbes pinned down a record 946 billionaires. There were 178 newcomers, including 19 Russians, 14 Indians, 13 Chinese and 10 Spaniards, as well as the first billionaires from Cyprus, Oman, Romania and Serbia.
Ingenuity, not industry, is the common characteristic; these folks made money in everything from media and real estate to coffee, dumplings and ethanol. Two-thirds of last year's billionaires are richer. Only 17% are poorer, including 32 who fell below the billion-dollar mark. The billionaires' combined net worth climbed by $900 billion to $3.5 trillion. That equates to $3.6 billion apiece.
The average billionaire is 62 years old, two years younger than in 2005. This year's new billionaires are seven years younger than that. Of list members' fortunes, 60% made theirs from scratch.
Within the ranks are simmering rivalries. Microsoft (nasdaq: MSFT - news - people ) founder Bill Gates, the world's richest man for 13 years, and his pal Warren Buffett, who holds the No. 2 spot despite enormous charitable donations, are quickly losing ground to Mexico's most-monied man, Carlos Slim Helú. Helú's net worth is up an astonishing $19 billion this year--the single biggest one-year gain in a decade--and is now just $7 billion shy of Gates and $3 billion less than Buffett. In Europe, Russia's mostly young, self-made tycoons are catching up to Germany's often-aging heirs and heiresses. Russia now has 53 billionaires (2 shy of Germany's total), but they are worth $282 billion ($37 billion more than Germany's richest). After a 20-year reign, Japan is no longer Asia's top spot for billionaires: India has 36, worth a total of $191 billion, followed by Japan with 24, worth a combined $64 billion.
India's rich are also marching toward the top of our rankings. Brothers Mukesh and Anil Ambani, who split up their family’s conglomerate in 2005, join Lakshmi Mittal, who heads the world's biggest steel company, Arcelor Mittal, among the world’s 20 wealthiest. India now has three in the upper echelons, second only to the U.S.
But even in such a prosperous year, 44 people dropped off the list for various reasons.
All our numbers are based on a snapshot of balance sheets taken on Feb. 9, the day we locked in stock prices and exchange rates. So the five executives who took their Fortress Investment Group (nyse: FIG - news - people ) public at 9:30 a.m. on that morning made the cut. Also on the list is Ernest Gallo, founder of E.&J. Gallo Winery, who died on March 6. But our numbers don't reflect the volatility that shook the markets three weeks later. Between Feb. 9 and March 2 the world's stock markets, as measured by the Morgan Stanley All Country World Local Index, fell by 3.7%. Some fortunes (those based on private accumulations of real estate, for example) didn’t feel a blip. But some suffered severe damage. One big loser was a Spaniard, Enrique Banuelos, whose fortune fell 30% in four days.
Are there billionaires we don’t know about? Surely, yes. For instance, we didn't uncover Ireland's Denis O'Brien, who pocketed $800 million in a junk bond offering, until 13 days after we'd locked in fortunes, so he is not reflected in the rankings.
This list of billionaires is based on an annual ranking of the world's wealthiest people compiled and published by Forbes magazine in March 2007 including some revisions announced by Forbes later in 2007. There are altogether 946 billionaires on this list with 178 newcomers and 17 returning. The total net worth is an estimate measured in United States dollars, based on the closing stock prices and exchange rates on 9 February 2007, with the second and third place rankings updated in April, 2007.
Though Carlos Slim Helú is now listed in second place, due to exchange rates, stock valuations, and the overall impossibility of selling all shares at an equal price, the top three placeholders are statistically indistinguishable.
The combined net worth of the list is US$3.5 trillion, a US$900 billion increase from 2006.
Top Billionaires reported by Forbes
Forbes The Top 20
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