While young tech billionaires like Elon Musk51 years old and Mark Zuckerberg39 dominates the headlines, most of the world’s billionaires are over retirement age, according to a new study.

In particular, according to a report by Altrata, the average age of 3,194 billionaires in the world is now 67 years old. According to the report, 40% of them are over 70 and less than 10% are under 50.

The findings highlight the large gap between the perceptions and reality of the world’s billionaires.

While tech geeks, music and sports celebrities may get the most attention, billionaires are mostly older entrepreneurs like Warren Buffett92 and about Bernard Arnault, 74 years old, who spent their whole lives or even generations achieving at least a ten-figure sum of their fortune. In fact, according to the report, the average age of the world’s billionaires has increased slightly over the past five years.

“Many of the young billionaires made their fortune through tech, which has been a get-rich-quick industry with a lot of media attention,” said Maya Yberg, senior director at Altrata. “But it takes a long time to accumulate most of the wealth, unless it is inherited. The vast majority of their business lives are spent accumulating this amount of wealth,” he added.

Different age groups of billionaires also have different sources of wealth. For billionaires under 50, technology and banking/finance made up the majority of their wealth, with 21% made their fortune in banking/finance and 20% in tech. Billionaires aged 50 to 70 made most of their money in banking (24%) and industry groups (8.3%), while those over 70 made their billions in finance (18%), conglomerates (eleven%). and real estate (8.3%).

Women still make up a small proportion of the super-rich, just 12.5%.

Overall, the global population of billionaires will decline by 3.5% in 2022 to 3,194, according to Altrata. While the number of billionaires may have stabilized or even slightly increased this year due to a booming tech sector, the fall in 2022 was the first decline since 2018, according to a report cited by CNBC.

In North America, the number of billionaires fell by 2.3% to 1,011, in Asia by 7.1% and in Europe by 2.2%. The US still has the largest number of billionaires in the world: 955 people, which is almost a third of all the world’s billionaires. By the end of 2022, there were 357 billionaires in China.

According to the report, women still make up a small proportion of the super-rich at 12.5%. However, as a group, they are younger than their male counterparts: 18% of billionaires are under 50.

New York is still the largest city for billionaires worldwide, with 136 billionaires, according to the report. Hong Kong came in second with 112, followed by San Francisco (84), Moscow (76) and London (75).

While four of the top 15 billionaire cities are in the US, Yberg said the world’s wealth is rapidly spreading to other countries.

“If you look at the list of cities 10 years ago, things look different,” he said. “Now there are quite a few Chinese and non-US cities on the list.”