UBS Reveals the Secrets of Billionaires Over the Past Decade
This report, considered the most comprehensive study on billionaires, reveals striking trends: a dramatic increase in wealth, contrasting regional dynamics, and future prospects amid an uncertain economic and geopolitical landscape.
A Decade of Record Growth for Billionaires
Between 2015 and 2024, the total wealth of billionaires surged by 121%, rising from $6.3 trillion to $14 trillion, far outpacing the growth of the MSCI AC World Index (+73%). At the same time, the number of billionaires skyrocketed, rising from 1,757 to 2,682, with a peak of 2,686 in 2021. Tech entrepreneurs were the main drivers of this growth, with their wealth tripling over this period to reach $2.4 trillion.
Technology played a central role, with innovations in fields such as generative artificial intelligence, cybersecurity, and fintech. Industrial billionaires also saw their wealth increase significantly, driven by investments in the green economy and industrial reshoring. In contrast, the real estate sector stagnated, affected by the market correction in China and high interest rates in the West.
The Americas Dominate, China Stalls
American billionaires consolidated their supremacy in 2024, with their wealth increasing by 27.6% to reach $5.8 trillion, accounting for more than 40% of the world’s billionaire wealth. This region saw the emergence of 101 new billionaires, bringing the total to 835. In Latin America, Brazil stood out with 19 new billionaires and a 37.7% increase in the total wealth of the country’s ultra-rich.
In contrast, China, which had dominated wealth creation between 2015 and 2020, has seen its billionaire wealth decline by 16.8% since 2020, falling to 1.8 trillion USD. This decline reflects the country’s economic slowdown and challenges in the real estate market.
Europe, the Middle East, and Africa (EMEA) saw a 17% increase in billionaire wealth, reaching $3.7 trillion in 2024. Switzerland and the United Arab Emirates stand out, attracting significant capital inflows thanks to attractive tax environments and infrastructure tailored to high net worth individuals.
Mobility and Investment Diversification
Since 2020, billionaires have become more mobile. Approximately 176 of them have moved to a different country, representing $400 billion in transferred wealth. Switzerland, the United Arab Emirates, Singapore, and the United States are among the preferred destinations, offering attractive tax and policy advantages.
In terms of investment, billionaires are adapting their portfolios to a changing environment. With interest rates likely to fall in 2025, 43% of the ultra-wealthy plan to increase their exposure to real estate, while 42% favor stocks in developed markets. Gold and precious metals are also gaining popularity, with 40% of respondents planning to invest more in them—a sign of caution in the face of geopolitical risks. At the same time, alternative assets such as private equity, art, and infrastructure continue to attract capital.
A Future Shaped by Wealth Transfers and Philanthropy
Generational transitions are accelerating among billionaires. The heirs of baby boomers and philanthropic organizations are expected to receive $6.3 trillion over the next 15 years, a figure revised upward from the 2023 projections. These wealth transfers present a governance challenge for billionaire families, who must balance simplicity and flexibility to meet the diverse ambitions of their members.
At the same time, philanthropy is playing an increasingly prominent role in billionaires’ strategies. Social commitments, combined with innovative initiatives in areas such as education and healthcare, demonstrate a growing willingness to use wealth to create a lasting impact.
Outlook: Innovation and Resilience
In an uncertain world, billionaires remain at the forefront of innovation, particularly in artificial intelligence and renewable energy—two sectors identified as having great future potential. However, geopolitical challenges, trade tensions, and increasing tax demands will force the ultra-wealthy to exercise even greater caution.
The 2024 UBS Billionaire Ambitions Report thus paints a fascinating picture of the dynamics of great fortunes, revealing both their ability to adapt and their crucial role in the global economy. As global wealth stabilizes, billionaires will continue to shape the future through their entrepreneurial boldness and their growing commitment to social causes.
