The average wealth of the world’s 500 wealthiest billionaires has increased by more than $1.1 billion this year, according to a new analysis.

Their total wealth has increased by around 8% since the start of the year and is now $7.52 trillion, the analysis by Communications Specialist said.

Communications Specialist supplies technology for security firms supporting ultra high net worth (UNHW) families and individuals.

The average total wealth of the world’s wealthiest billionaires is currently $15.051 billion with individuals seeing their wealth rise by $1.104 billion between January 1 and May 3 2023, the analysis shows.

The surge in the wealth of the world’s wealthiest billionaires is mirrored in the growth of the wealth of UHNW individuals in general globally, Communications Specialist says.

Growing wealth is driving revenues at the firm which has seen an 34% increase in revenues in the past two years as demand for its specialist technology for security teams employed by UHNW individuals and families around the world.

The analysis reveals around 35% of the world’s wealthiest billionaires are based in the US while China accounts for 14% of the top 500 billionaires globally. Around 49 countries are home to billionaires in the top 500, the analysis shows.

The technology sector accounts for the biggest proportion of the wealthiest billionaires at nearly 14% with the industrial sector accounting for 13% followed by finance at 12%.

Kevin Buchler. Chief Marketing Officer at Communications Specialist, said: “The growth in the wealth of the world’s wealthiest billionaires is reflected in the increase in the number of UHNW individuals globally and they represent a growing market for secure radio communications and two-way radios.

“Wealthy individuals increasingly need more sophisticated security support which can include back up mobile systems and advanced technology to ensure their safety and that of their families as well as employees.”

Communications Specialist provides sales support on two-way radio systems as well as training, fitting and commissioning of equipment, systems amalgamation, on-site instruction, maintenance and the provision of spare parts internationally.

Its team of radio system experts have more than 25 year’s experience and will support and help resolve complex network issues on-site or remotely.