Global billionaire wealth hits record as relocation and inheritance accelerate, UBS finds

A new UBS report finds global billionaire wealth at record levels, with more ultra-rich individuals relocating and inheritance playing a growing role in wealth creation

Global billionaire wealth reached a record USD 15.8 trillion in 2025, driven by business creation, technology-led growth and the largest wave of intergenerational inheritance recorded to date, according to UBS’s latest annual study.

The Swiss bank’s UBS Billionaire Ambitions Report 2025 found that the number of billionaires rose by 8.8 per cent over the past year to nearly 3,000, with 196 newly created self-made billionaires adding US$386.5 billion in wealth.

The increase represents the second-largest annual rise since the report began tracking billionaire wealth in 1995.

Unlike the post-pandemic surge of 2021, which was largely asset-price driven, UBS said the latest growth was fuelled by entrepreneurial activity across sectors ranging from technology and genetics to liquefied natural gas and infrastructure. Billionaires in the United States and Asia-Pacific accounted for a significant share of the expansion.

Technology investors saw their wealth rise by 23.8 per cent, while industrial wealth recorded the fastest growth overall, increasing by 27.1 per cent to US$1.7 trillion. Financial services wealth climbed 17 per cent to US$2.3 trillion, supported by market recovery and renewed interest in cryptocurrencies. Consumer and retail wealth grew more slowly at 5.3 per cent, reflecting softer conditions in the European luxury sector.

The report, published last December, also highlighted accelerating wealth transfer. In 2025, 91 heirs inherited a combined US$297.8 billion, a 36 per cent increase on the previous year despite fewer individuals inheriting.

The number of multi-generational billionaires rose to 860, overseeing total assets of US$4.7 trillion, up from US$4.2 trillion in 2024. UBS estimates that approximately US$6.9 trillion of billionaire wealth will be transferred globally by 2040.

Relocation remains a significant trend among the ultra-wealthy, with UBS finding that 36 per cent of billionaires surveyed have relocated at least once, while a further nine per cent are considering doing so. Quality of life, geopolitical concerns and the ability to manage tax affairs more efficiently were cited most frequently as reasons for moving. The bank said this mobility is adding complexity to how families manage legal, cultural and financial arrangements across borders.

Women’s billionaire wealth, meanwhile, continued to grow faster than men’s in 2025, rising by 8.4 per cent to an average of US$5.2 billion, compared with growth of 3.2 per cent for men. Women now account for 374 billionaires globally, compared with 2,545 men.

Investment preferences continue to favour North America, followed by Western Europe and Greater China. UBS said 42 per cent of billionaires plan to increase exposure to emerging market equities over the next year, while more than four in ten expect to raise allocations to developed market equities. Many also intend to expand investments in private equity, hedge funds and infrastructure.

Despite growing wealth, concerns remain. Tariffs, major geopolitical conflict and policy uncertainty ranked highest among risks cited for the coming year.

The report is based on an online survey of UBS billionaire clients across Europe, the United States and Asia-Pacific conducted between July and September 2025, supplemented by in-depth interviews and data from the UBS/PwC billionaire database.

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