According to the latest UBS Billionaire Ambitions Report, 91 heirs inherited a record-high $297.8 billion in 2025, up 36% from a year ago despite fewer inheritors.

“These heirs are proof of a multiyear wealth transfer that’s intensifying,” said Benjamin Cavalli, head of strategic clients and global connectivity at UBS Global Wealth Management.

Western Europe led the way with 48 individuals inheriting $149.5 billion. That includes 15 members of two “German pharmaceutical families,” with the youngest at just 19 years old and the oldest at 94.

Meanwhile, 18 heirs in North America got $86.5 billion, and 11 in Southeast Asia received $24.7 billion, UBS said.

This year’s wealth transfer lifted the number of multigenerational billionaires to 860, who have total assets of $4.7 trillion, up from 805 with $4.2 trillion in 2024.

Wealth management firm Cerulli Associates estimated last year that $124 trillion worldwide will be handed over through 2048, dubbing it the Great Wealth Transfer. More than half of that amount will come from high-net-worth and ultrahigh-net-worth people.

Among billionaires, UBS expects they will likely transfer about $6.9 trillion by 2040, with at least $5.9 trillion of that being passed to children, either directly or indirectly.

While the Great Wealth Transfer appears to be accelerating, it may not turn into a sudden flood. Tim Gerend, CEO of financial planning giant Northwestern Mutual, told Fortune’s Amanda Gerut recently that it will unfold more gradually and with greater complexity. 

“I think the wealth transfer isn’t going to be just a big bang,” he said. “It’s not like, we just passed peak age 65 and now all the money is going to move.”

Of course, millennials and Gen Zers with rich relatives aren’t the only ones set to reap billions. More entrepreneurs also joined the ranks of the super rich.

In 2025, 196 self-made billionaires were newly minted with total wealth of $386.5 billion. That trails only the record year of 2021 and is up from last year, which saw 161 self-made individuals with assets of $305.6 billion.

But despite the hype over the AI boom and startups with astronomical valuations, some of the new U.S. billionaires come from a range of industries.

UBS highlighted Ben Lamm, cofounder of genetics and bioscience company Colossal; Michael Dorrell, cofounder and CEO of infrastructure investment firm Stonepeak; as well as Bob Pender and Mike Sabel, cofounders of LNG exporter Venture Global.

“A fresh generation of billionaires is steadily emerging,” UBS said. “In a highly uncertain time for geopolitics and economics, entrepreneurs are innovating at scale across a range of sectors and markets.”