This year, the number of billionaires increased by 287, an 8.8% rise compared to 2024. Their combined net worth surged by 13%, reaching approximately USD 15.8 trillion. UBS compiled its report based on client surveys and data from consulting firm PwC.

About 70% of the new billionaires are self-made individuals. Additionally, 91 people inherited their wealth, including descendants of major pharmaceutical families in Germany. "These inheritors demonstrate the increasing strength of multi-year wealth transfer processes", noted UBS CEO Benjamin Cavalli.

UBS estimates that at least USD 5.9 trillion will be transferred to billionaires' children over the next 15 years, primarily in the US, India, France, Germany, and Switzerland. However, the ultra-rich are seeking a better quality of life, and young billionaires show high mobility, which could alter this landscape.

Concerns about geopolitical instability and tax considerations are driving their decisions to relocate. Cavalli forecasts that Switzerland, the UAE, the US, and Singapore are among the preferred destinations for billionaires.

Tech billionaires at the US Presidential inauguration on Capitol Hill on 20/1. *AFP*.

The US currently has 924 billionaires, accounting for nearly one-third of the global total. This year, the world's largest economy added 87 self-made billionaires. Among them are Ben Lamm, co-founder of genetics and bio-science company Colossal, and Michael Dorrell, co-founder and CEO of infrastructure investment fund Stonepeak.

Billionaires' fortunes grew partly due to a tech stock boom fueled by artificial intelligence (AI). The "Magnificent Seven" group — comprising seven US technology companies: Nvidia, Amazon, Apple, Meta, Microsoft, Google, and Tesla — recorded a cumulative stock price increase of 25% this year.

This surge propelled the wealth of many tech billionaires, including Oracle founder Larry Ellison and Nvidia CEO Jensen Huang. Ellison is now the second richest person in the world with a net worth of USD 274 billion, an increase of USD 104 billion since the start of the year. Huang ranks ninth richest, with his wealth rising by USD 45 billion since the year began, reaching USD 159 billion, according to the Bloomberg Billionaires Index.

Three-quarters of global billionaires (75%) believe that technology and AI represent the most pressing challenge for younger generations. "I see AI as both a huge opportunity and a challenge", one billionaire shared with UBS.

Phien An (according to Reuters, Entrepreneur)