The UBS Billionaire Ambitions Report 2024, now in its 10th year, provides a comprehensive analysis of billionaire wealth trends globally.
Over the past decade, billionaire wealth has grown by 121%, rising from USD 6.3 trillion in 2015 to USD 14 trillion in 2024, significantly outpacing the 73% rise of global equity markets in the same period. The number of billionaires globally increased from 1,757 to 2,682, with a peak of 2,686 in 2021. However, growth has slowed since 2020, with wealth expansion flattening to just 1% annually.
Regional Highlights:
- United States: Billionaire wealth in the US rose sharply by 58.5% from 2020 to 2024, reaching USD 6.1 trillion. The number of US billionaires increased by 11.2% to 835, consolidating the country’s position as a hub for entrepreneurial billionaires.
- China: After rapid growth from 2015 to 2020, Chinese billionaire wealth declined from USD 2.1 trillion in 2020 to USD 1.8 trillion in 2024, reflecting economic consolidation. The total number of Chinese billionaires fell to 501 from 588 in 2020.
- India: Indian billionaire wealth surged 42.1% to USD 905.6 billion, with 40 new billionaires emerging, driven by rapid economic growth and rising equity markets.
- Europe: Western European billionaires saw wealth rise from USD 1.5 trillion in 2015 to USD 2.7 trillion in 2024, with tech billionaires leading the growth. Swiss billionaires’ wealth increased notably by 23.8%.
- Middle East and Africa: The UAE attracted significant billionaire wealth, which rose 39.5% to USD 138.7 billion, reflecting regional dynamism.
Sectoral Insights:
- Technology: Tech billionaires experienced the fastest wealth growth, tripling their combined wealth from USD 788.9 billion in 2015 to USD 2.4 trillion in 2024. Innovations in AI, cybersecurity, robotics, and fintech have been key drivers.
- Industrials: Wealth in this sector rose from USD 480.4 billion to USD 1.3 trillion, supported by investments in green technology, reshoring, and advanced industries like aerospace and electric vehicles.
- Real Estate: This sector lagged, with wealth gains slowing due to challenges in China’s property market, Covid-19 disruptions, and high interest rates in the US and Europe.
Key Trends in Wealth Allocation:
Billionaires are adapting their investment strategies to shifting economic conditions. Over the next 12 months, 43% plan to increase exposure to real estate, while 42% aim to expand their holdings in developed market equities. Safe-haven assets like gold and cash are also gaining popularity, reflecting geopolitical concerns.
Alternative investments remain a focus, with billionaires increasingly allocating funds to private equity, private debt, infrastructure, and art. However, hedge funds have seen declining interest, with 27% of billionaires planning to reduce their investments in this area.
Billionaires on the Move:
Relocation among billionaires has increased since 2020, with 176 individuals moving countries in response to life reassessments post-pandemic. Popular destinations include Switzerland, the UAE, Singapore, and the US. The collective wealth of emigrating billionaires exceeds USD 400 billion, with the MEA region attracting the most capital.
Generational Wealth Transfer:
A significant transfer of wealth is underway, as baby boomer billionaires plan to pass USD 6.3 trillion to heirs and philanthropic causes over the next 15 years. Multigenerational billionaires have inherited USD 1.3 trillion over the past decade, and family governance is becoming increasingly critical in managing complex global estates.
Future Outlook:
Looking ahead, billionaires will face challenges stemming from fiscal constraints, geopolitical tensions, and barriers to global trade. However, they are expected to drive innovation in transformative industries such as generative AI and renewable energy. Wealth planning will evolve to address the unique needs of globally dispersed, multilayered families.
While billionaire wealth growth has slowed in recent years, the rise of tech and industrials entrepreneurs, regional shifts, and an ongoing wealth transfer ensure that billionaires remain central to shaping the global economy.
