Some of the richest people in the world — Elon Musk, Jeff Bezos, and Mark Zuckerberg — made their fortunes in Silicon Valley. However, a new report in the Wall Street Journal suggests that most U.S. billionaires did not amass their wealth in tech. Instead, it’s the banking and finance fields that have produced most of the country’s super-rich.
According to data shared with the WSJ from wealth intelligence company Altrata, there were 1,135 billionaires in the U.S. last year, up from 927 in 2020. Approximately 300 billionaires made their money in banking and finance, while an estimated 110 came from the tech sector. Meanwhile, 75 billionaires earned their money in real estate.
Many, of course, got a head start by inheriting wealth. One-third of U.S. billionaires received some or all of their wealth from an inheritance, per Altrata.
Related: This 30-Year-Old Billionaire Says Life ‘Hasn’t Really Changed That Much’ After Making Billions. Here’s Where She Spends Money.
The data shows that U.S. billionaires are worth $5.7 trillion in total. Musk, Bezos, and Zuckerberg alone comprise about $1 trillion, or nearly one-sixth, of that wealth.
Altrata also found that billionaires tend to live in one state above all others: California. The highest percentage of them, about 255 people, live in the Golden State. However, they have primary businesses in nearly every U.S. state, except for Wyoming and Alaska.
The list of U.S. billionaires includes some recognizable names, including Oracle founder Larry Ellison and Google co-founder Sergey Brin, as well as some more private individuals, like Diane Hendricks, co-founder of ABC Supply, North America’s biggest distributor of building products.
Hendricks, who is the richest self-made woman with a net worth of $22.3 billion, is one of 150 female billionaires based in the U.S., joining stars like Taylor Swift and Selena Gomez. Most of the list, 86%, is comprised of men.
Related: Is Selena Gomez the Next Beauty Billionaire?
When it comes to philanthropy, Altrata data shows that billionaires have donated or pledged to donate about $185 billion to charitable organizations over the past decade. Among them is Berkshire Hathaway CEO Warren Buffett, who donated a record $6 billion to different foundations in June.
Nearly half of all overall donations from billionaires, $90 billion, went towards two causes: education and medical research. Some of the most popular organizations that received donations were the Central Park Conservancy in New York City, which received funds collectively worth about $100 million from 89 individuals, and Johns Hopkins University, which received donations from about 30 individuals totaling $7.5 billion.
However, charitable giving isn’t a priority for all billionaires. One in four has donated less than a million dollars each since 2015.
Some of the richest people in the world — Elon Musk, Jeff Bezos, and Mark Zuckerberg — made their fortunes in Silicon Valley. However, a new report in the Wall Street Journal suggests that most U.S. billionaires did not amass their wealth in tech. Instead, it’s the banking and finance fields that have produced most of the country’s super-rich.
According to data shared with the WSJ from wealth intelligence company Altrata, there were 1,135 billionaires in the U.S. last year, up from 927 in 2020. Approximately 300 billionaires made their money in banking and finance, while an estimated 110 came from the tech sector. Meanwhile, 75 billionaires earned their money in real estate.
Many, of course, got a head start by inheriting wealth. One-third of U.S. billionaires received some or all of their wealth from an inheritance, per Altrata.
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