2,900 people control $15.8 trillion in wealth! Benefiting from surging tech stock valuations, the number of billionaires worldwide has reached a new record high.

On December 4th, according to reports, UBS's latest research indicates that the total number of global billionaires and their total wealth will reach historic highs in 2025, driven by surging tech company valuations and rising stock markets. Currently, about 2,900 billionaires control $15.8 trillion in wealth, a significant increase from about 2,700 individuals and nearly $14 trillion last year.

It is noteworthy that the number of newly added billionaires in 2025 reached 287, the second highest record since UBS began tracking this data in 2015. It is only surpassed by 2021—when massive government stimulus measures and a low interest rate environment worldwide pushed up asset prices, creating more billionaires.

Recent analysis from the wealth intelligence company Altrata also shows that the global number of billionaires has grown to a record high. Altrata estimates that 3,508 individuals hold a combined wealth of $13.4 trillion, with about one third residing in the United States. China ranks second with 321 billionaires, holding about 10% of the global wealth.

John Mathews, Head of Private Wealth Management at UBS America, said, "You are seeing an acceleration in the growth of billionaires, and it is actually coming from all areas"—including entrepreneurs and inheritors alike.

UBS's report is based on a survey of some ultra-high-net-worth clients and a database tracking billionaire wealth in 47 global markets. The research is backed by a database maintained by UBS and PwC, providing a comprehensive view of global billionaire wealth.

Entrepreneurship and Inheritance Drive Wealth Together

The newly added self-made billionaires in 2025 span multiple sectors.

According to UBS statistics, this includes Colossal Biosciences founder Ben Lamm, Stonepeak Partners co-founder Michael Dorrell, the Zhang brothers of China’s Mixue Bingcheng, and Tron founder Justin Sun.

There is a significant increase in inherited wealth. Ninety-one new billionaires acquired their fortunes through inheritance, collectively inheriting $298 billion, an increase of more than one third from 2024. Among them are 15 members from two German pharmaceutical families.

Mathews said, "We have been talking about the great wealth transfer for over a decade, and now you are starting to see it become reality. I think we are in the second inning of a nine-inning baseball game." He noted that most of the wealth will be passed first to surviving spouses, usually wives, and then to the next generation.

UBS calculates that over the next 15 years, at least $5.9 trillion will be inherited by the children of billionaires. Most of this inheritance growth will occur in the United States, followed by India, France, Germany, and Switzerland.

Changing Investment Preferences: Rising Investment Appeal in Western Europe and Asia-Pacific

UBS’s 11th annual survey of 87 billionaire clients shows a shift in investment preferences. The proportion viewing North America as the top short-term investment destination has fallen from 81% last year to 63%, while the appeal of Western Europe, Greater China, and the Asia-Pacific region outside of Greater China has increased.

Research shows that Asian billionaires’ biggest concern for the coming year is tariffs, while most American billionaires are most concerned about inflation or geopolitical issues.

At the same time, reports indicate that high mobility among billionaires, especially the younger generation, is reshaping the global wealth map. UBS's Benjamin Cavalli said that the pursuit of higher quality of life, geopolitical considerations, and tax factors are driving relocation decisions.

Switzerland, UAE, the United States, and Singapore are among the destinations favored by billionaires.

In Switzerland, according to UBS estimates, $206 billion will be inherited over the next 15 years. On Sunday, Swiss voters overwhelmingly rejected a proposal to tax inheritances above $62 million at a 50% rate, with critics saying the proposal could cause an exodus of the wealthy. Cavalli said, "In Switzerland, Sunday’s vote could further boost the country’s appeal."

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