Almost three-quarters of the world’s billionaires are concentrated in just 16 countries, and the U.S. boasts the oldest cohort of economic elites, according to new research co-authored by a University of Massachusetts Amherst economist.

Kevin L. Young, professor of economics, coordinates the U.S. team of the World Elite Database (WED), a consortium formed in 2022 of over 70 social scientists from around the world that has developed a system to track and compare the world’s economic powerholders using metrics like wealth, influence, age and gender.

“This is the first time we can get a systematic glimpse of economic elite populations across countries, and we found some big similarities but also huge differences in other areas,” Young says. Prior efforts have been constrained by inconsistent country-specific definitions.

The deep dive into the power players of money, policy and corporate control, published in the British Journal of Sociology, reveals several surprising findings … and some “yep, of course” moments:

1. Sixteen countries represent 74% of global billionaires. Despite being a small fraction of the world’s total number of countries, the nations in WED’s sample account for 54% of global GDP and one-third of the world’s population.
    
2. The U.S. has the oldest economic elites—median age: 62. The list includes billionaires such as Elon Musk, Warren Buffet and Bill Gates, business leaders such as Larry Fink, Tim Cook and a wide range of governors of the economic system. The youngest elites are in China and Poland, where 7% are under 40.
    
3. Women are vastly underrepresented—and often younger than men. Across the board, economic elites are overwhelmingly male. In only two countries (Denmark and the U.S.) are women older than men in elite roles. In Poland, men are nine years older than their female elite counterparts on average.
    
4. Fewer than 1% of economic elites occupy more than one sphere of power. WED breaks down economic power into three types: control of major firms, extreme personal wealth and influence over regulatory policy. Just 32 individuals out of 3,543 economic elites hold overlapping power across multiple domains—a sign of how segmented power structures can be.
    
5. France, Russia and China have the most ‘multi-power’ elites. While most countries show low overlap, 14% of French and Russian elites and 12% of Chinese elites wield power across more than one domain. By contrast, Argentina has zero overlaps—no individual dominates in more than one sphere.
    
6. Economic capitals and cities breed economic power. Most elites are born in major economic hubs or metro areas. However, in Germany, the U.S. and Italy, elites are more spread out due to strong regional economies. The U.K. and Switzerland boast the largest share of foreign-born elites.
    
7. Higher education is nearly universal among economic elites. In Germany, 36% of the economic elites hold a doctorate degree, compared to 21% in the U.S. In countries like Argentina, Italy and the U.K., a bachelor’s degree is often enough. Master’s degrees are the norm elsewhere. Business, engineering and economics are the most popular academic degrees.

WED’s methodology is publicly documented and invites scholars with deep national expertise to contribute.