Billionaires have seen their combined wealth increase 121% over the past decade to $14 trillion
Over the past decade, the combined wealth of billionaires has surged by 121%, reaching $14 trillion, according to a report from Swiss bank UBS released Thursday. Tech billionaires saw the fastest growth in their fortunes during this period.
The number of billionaires globally grew from 1,757 in 2013 to 2,682 in 2023, peaking at 2,686 in 2021. UBS, one of the largest wealth managers worldwide, highlighted these trends in its 10th annual Billionaire Ambitions report, which tracks the wealth, investments, and societal contributions of the world's wealthiest individuals.
“Billionaires have significantly outperformed global equity markets over the past decade,” noted Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management. The report also examines how this wealth is being managed for future generations and leveraged for societal impact.
Between 2015 and 2024, total billionaire wealth climbed from $6.3 trillion to $14.0 trillion, reflecting a 121% increase. In contrast, the MSCI AC World Index of global equities grew by 73% during the same period.
Tech Billionaires Lead Wealth Growth
Tech billionaires experienced the fastest wealth accumulation, followed by industrialists. Their combined fortunes tripled from $788.9 billion in 2015 to $2.4 trillion in 2024.
"In the earlier years, new billionaires capitalized on e-commerce, social media, and digital payments," UBS stated. "More recently, they have driven advancements in generative AI, as well as developments in cybersecurity, fintech, 3D printing, and robotics."
The report noted a global slowdown in billionaire wealth growth since 2020, primarily due to declines in China. From 2015 to 2020, billionaire wealth expanded at an annual rate of 10%, but growth has since slowed to just 1% annually.
While Chinese billionaires saw their combined wealth more than double from $887.3 billion in 2015 to $2.1 trillion in 2020, it has since dropped to $1.8 trillion. Meanwhile, North American billionaires have seen a 58.5% increase in wealth since 2020, reaching $6.1 trillion, led by gains in the tech and industrial sectors.
Relocation and New Entrants
Since 2020, billionaire relocations have increased, with 176 individuals moving to new countries. Popular destinations include Switzerland, the United Arab Emirates, Singapore, and the United States.
In 2024 alone, 268 individuals joined the ranks of billionaires, with 60% identified as self-made entrepreneurs.
“The new billionaires this year were predominantly self-made,” UBS noted, emphasizing that U.S.-based billionaires saw the most significant gains, solidifying the country’s role as the leading hub for billionaire entrepreneurs.