Billionaire wealth has skyrocketed by 121% over the past decade, reaching a staggering US$14 trillion (S$18.7 trillion), with technology moguls seeing the largest gains, according to UBS’s latest report, published on December 5.
Switzerland’s largest bank, a key player in global wealth management, revealed that the number of dollar billionaires increased from 1,757 to 2,682 over the past ten years, peaking at 2,686 in 2021. The findings, part of UBS’s annual Billionaire Ambitions report, show that the wealth of the world’s richest individuals has far outpaced global equity markets during this period.
The report tracks the growth, investment, and preservation of wealth, alongside how it is being utilized for societal impact. “This report sheds light on how great wealth is being nurtured for future generations and directed towards positive change,” said Benjamin Cavalli, Head of Strategic Clients at UBS Global Wealth Management.
Between 2015 and 2024, billionaire wealth surged from US$6.3 trillion to US$14 trillion, a 121% increase, while the MSCI AC World Index of global equities rose by 73%. Tech billionaires led the charge, with their collective wealth tripling from US$788.9 billion in 2015 to US$2.4 trillion in 2024. Over the years, these billionaires have capitalized on e-commerce, social media, digital payments, and more recently, the rise of generative AI, cybersecurity, fintech, 3D printing, and robotics.
However, since 2020, the overall growth trend has slowed, particularly due to consolidation among China’s billionaires. From 2015 to 2020, billionaire wealth globally grew at an average annual rate of 10%, but this has since dropped to just 1% per year. The wealth of Chinese billionaires more than doubled from US$887.3 billion to US$2.1 trillion between 2015 and 2020, before declining to US$1.8 trillion in 2024.
In contrast, North American billionaire wealth has surged by 58.5% since 2020, reaching US$6.1 trillion, driven largely by gains in the industrial and tech sectors.
Additionally, the report notes an increasing trend of billionaires relocating. Since 2020, 176 billionaires have moved to new countries, with Switzerland, the United Arab Emirates, Singapore, and the United States being among the top destinations.
Looking ahead, UBS estimates that baby boomer billionaires’ heirs and their philanthropic causes are set to inherit an estimated US$6.3 trillion over the next 15 years, highlighting the ongoing shift of wealth across generations.
Related Topics:
