Billionaires’ Baby Boom Has Lessons for Our Bust

Birth rates are falling to historic lows across the developed world, and understanding why is a priority for governments worried about the impact on growth and public finances. Our own preferences and priorities play a big part, research suggests: Career progression, social norms and how we choose to spend our time are key, as is our desire to be better and more focused parents for the current 1.38 average births per woman in Europe and 1.59 in the US (it used to be around 2.1 not so long ago). Typically, as countries get richer, fertility rates tend to decline.

So why, then, do some of the wealthiest people on the planet seem to equate status with having more, not fewer, children? Elon Musk, who dreams of repopulating the planet, has fathered 14 children. Luxury mogul Bernard Arnault has five, each with an appointed role in his LVMH Moet Hennessy Louis Vuitton SE empire. Telegram Messenger LLP owner Pavel Durov has six — not counting the eyebrow-raising 100 future heirs he claims to have fathered through sperm donations across 12 countries, something Musk’s father also appears interested in.