Switzerland’s biggest bank, which is among the world’s largest wealth managers, said the number of dollar billionaires increased from 1,757 to 2,682 over the past 10 years, peaking in 2021 with 2,686.

The 10th edition of UBS’s annual Billionaire Ambitions report, which tracks the wealth of the world’s richest people, found that billionaires have comfortably outperformed global equity markets over the past decade.

The report documents “the growth and investment of great wealth, as well as how it’s being preserved for future generations and used to have a positive effect on society”, said Benjamin Cavalli, head of strategic clients at UBS global wealth management.

Between 2015 and 2024, total billionaire wealth increased by 121 percent from $6.3 trillion to $14.0 trillion — while the MSCI AC World Index of global equities rose 73 percent.

Tech wealth

The wealth of tech billionaires increased the fastest, followed by that of industrialists.

Worldwide, tech billionaires’ wealth tripled from $788.9 billion in 2015 to $2.4 trillion in 2024.

“In earlier years, the new billionaires commercialised e-commerce, social media and digital payments; more recently they engineered the generative AI boom, while also developing cyber-security, fintech, 3D printing and robotics,” UBS said.

The report found that since 2020, the global growth trend had slowed due to declines among China’s billionaires.

From 2015 to 2020, billionaire wealth grew globally at an annual rate of 10 percent, but growth has plunged to one percent since 2020.

Chinese billionaire wealth more than doubled from 2015 to 2020, rising from $887.3 billion to $2.1 trillion, but has since fallen back to $1.8 trillion.

However, North American billionaire wealth has risen 58.5 percent to $6.1 trillion since 2020, “led by industrials and tech billionaires”.

Meanwhile billionaires are relocating more frequently, with 176 having moved country since 2020, with Switzerland, the United Arab Emirates, Singapore and the United States being popular destinations.

268 new billionaires in 2024

In 2024, some 268 people became billionaires for the first time, with 60 percent of them entrepreneurs.

“The year’s new billionaires were mainly self-made,” said UBS.

The report said US billionaires accrued the greatest gains in 2024, reinforcing the country’s place as the world’s main centre for billionaire entrepreneurs.

Their wealth rose 27.6 percent to $5.8 trillion, or more than 40 percent of billionaire wealth worldwide.

Billionaires’ wealth from mainland China and Hong Kong fell 16.8 percent to $1.8 trillion, with the number of billionaires dropping from 588 to 501.

Indian billionaires’ wealth increased 42.1 percent to $905.6 billion, while their number grew from 153 to 185.

Western Europe’s total billionaire wealth rose 16.0 percent to $2.7 trillion — partly due to a 24 percent increase in Swiss billionaires.

UAE billionaires’ aggregate wealth rose 39.5 percent to $138.7 billion.

Next 10 years

UBS said billionaires faced an “uncertain world” over the next 10 years, due to high geopolitical tensions, trade barriers and governments with mounting spending requirements.

Billionaires will therefore need to rely on their previous distinctive traits: “smart risk-taking, business focus and determination”.

“Risk-taking billionaires are likely to be at the forefront of creating two technology-related industries of the future already taking shape: generative AI and renewables/electrification,” UBS predicted.

And more flexible wealth planning will be needed as billionaire families move country and spread around the world.

The heirs and philanthropic causes of baby boom billionaires are set to inherit an estimated $6.3 trillion over the next 15 years, UBS said.