The Forbes 400, an annual list of the wealthiest Americans, published Monday, showed that the combined wealth of America's 400 richest swelled 19 percent over the past year to a record $2 trillion, more than the annual gross domestic product of Canada.
Meanwhile, the average net worth billionaires on the list increased to $5 billion from $4.2 billion.
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"The numbers are staggering. There are 61 American billionaires who aren't even qualified to make the first four hundred," said Randall Lane, editor of Forbes magazine. He noted that an individual needs $1.3 billion to even make the list.
"You can be worth $30 billion and not be in the top ten. So we're seeing the rich really are getting richer," added Lane.
Not only are the rich getting richer, they're younger as well, Lane said on CNBC's Asia Squawk Box on Tuesday.
"[The ages] are absolutely skewing lower. We have 20 people on the Forbes 400 who are younger than 45, and we have nine that are in 20s and 30s, and almost all of them are self-made. That is a sea change. If you look back 30 years ago there was almost none," added Lane.
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However, while the number of young billionaires on the list increased, the average age was 66.
Most of the younger billionaires on the list are household names who made their fortune in the technology industry, such as Facebook's Mark Zuckerberg (number 20), computer maker Michael Dell (no. 25), Yahoo's Jerry Yang (no.327) and Google's Larry Page (no.13).
But if you aspire to see your name on The Forbes 400 list, all you need is a "smart idea," Lane said, noting it doesn't necessarily have to be technology focused.
"You look at this list and most of the people are just people with ideas. And it does not have to be a technology idea it just has to be something that's smart and different. If you have a good idea and you stick to it you can make a fortune," he said.
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Topping the list for the 20th straight year was 57 year old Bill Gates whose net worth totals $72 billion; he was followed by Warren Buffett, with a net worth of $58.5 billion.
While America's billionaires continue to amass wealth China is also minting billionaires at an impressive pace.
According to the annual Hurun Wealth Report released last week, the number of billionaires in the world's second largest economy rose to 315 in 2013 from 215 a year earlier, and zero a decade ago, fast catching up with the U.S.'s 442 billionaires, according to Forbes.
-By CNBC's Katie Holliday: Follow her on Twitter @hollidaykatie
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