On December 4, a UBS study revealed that the total number of global billionaires and their collective wealth reached historic highs in 2025, fueled by soaring tech valuations and stock market gains. Approximately 2,900 billionaires now hold $15.8 trillion, up significantly from 2,700 individuals and nearly $14 trillion the previous year.
Notably, 2025 saw 287 new billionaires—the second-highest annual increase since UBS began tracking the data in 2015, trailing only 2021, when government stimulus and low interest rates inflated asset prices.
Altrata’s analysis similarly showed a record rise in global billionaires, estimating 3,508 individuals holding $13.4 trillion, with about a third based in the U.S. China ranked second with 321 billionaires, accounting for roughly 10% of global billionaire wealth.
John Mathews, Head of UBS Americas Private Wealth, noted, "We’re seeing acceleration in billionaire growth across all sectors," including entrepreneurs and heirs.
UBS’s report draws from surveys of ultra-high-net-worth clients and a database tracking billionaire wealth across 47 markets, supported by UBS and PwC.
**Self-Made and Inherited Wealth Rise in Tandem** New self-made billionaires spanned industries, such as Colossal Biosciences founder Ben Lamm, Stonepeak Partners co-founder Michael Dorrell, Mixue Bingcheng’s Zhang brothers, and Tron founder Justin Sun.
Inheritance-driven wealth also surged, with 91 new billionaires collectively inheriting $298 billion—up over a third from 2024. This includes 15 members from two German pharmaceutical families.
Mathews likened the wealth transfer to "the second inning of a nine-inning game," predicting at least $5.9 trillion will pass to heirs in the next 15 years, primarily in the U.S., followed by India, France, Germany, and Switzerland.
**Shifting Investment Preferences: Europe and Asia Gain Appeal** UBS’s survey of 87 billionaire clients showed declining enthusiasm for North America (63% vs. 81% a year ago), with rising interest in Western Europe, Greater China, and other Asia-Pacific regions.
Asian billionaires cited tariffs as their top concern, while U.S. peers prioritized inflation or geopolitics.
Younger billionaires’ mobility is reshaping global wealth maps, driven by quality-of-life, geopolitical, and tax considerations. Switzerland, the UAE, the U.S., and Singapore top relocation destinations.
In Switzerland, voters rejected a 50% inheritance tax on estates over $62 million, a move UBS’s Benjamin Cavalli said could "boost the country’s appeal." An estimated $206 billion will be inherited there in the next 15 years.
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