UBS Billionaire Ambitions Report 2025: Record $15.8 Trillion in Billionaires’ Wealth and a Historic Inheritance Wave

Published: December 8, 2025

The world has never had more billionaires—or more money concentrated in so few hands.

According to UBS’s new Billionaire Ambitions Report 2025, global billionaire wealth has surged to an all‑time high of $15.8 trillion, spread across 2,919 individuals, up 13% in just twelve months and 8.8% more billionaires than a year earlier. ^[1]

What makes this edition of the report especially significant is not just the headline number, but the way that wealth is being created—and passed on. A powerful combination of new self‑made fortunes and the largest inheritance wave on record is reshaping the very top of the global wealth pyramid.

Record-breaking billionaire wealth in 2025

UBS, working with PwC and its long‑running billionaire database covering 47 markets, found that in the 12 months to April 4, 2025:

The number of billionaires rose from 2,682 to 2,919.
Their combined wealth grew from about $14.0 trillion to $15.8 trillion, a 13% increase. ^[2]
This marks the second‑largest annual gain in billionaire wealth since the report began, after the post‑pandemic boom of 2021. ^[3]

Tech and financial markets did a lot of the heavy lifting. UBS calculates that technology billionaires’ assets jumped almost 24%, to roughly $3 trillion, driven by soaring valuations at companies at the center of the AI boom, including US giants such as Nvidia, Meta and Oracle, as well as a rebound in Greater China tech names. ^[4]

The report underlines that this is not just a story of stock markets going up. Instead, it describes 2025 as an “exceptional year for innovation”, with new fortunes made across sectors—from AI and fintech to industrials, healthcare, logistics and consumer brands. ^[5]

Self-made tycoons meet a new generation of heirs

The billionaire class is now being powered by two engines: entrepreneurial wealth creation and multi‑generational inheritance.

196 new self-made billionaires

In the year to April 2025, 196 people became billionaires through their own business activity, adding $386.5 billion to global wealth. ^[6]

Institutional Investor’s analysis of the report notes that 89 of those new self‑made billionaires are based in the US, helping to lift the American billionaire count to 924, roughly one‑third of the global total. ^[7]

These new fortunes are not confined to Silicon Valley. UBS highlights founders in “traditional” industries who’ve scaled aggressively using technology—logistics, manufacturing, healthcare, hospitality and consumer goods—especially in the US and China. ^[8]

91 new billionaire heirs—and the biggest inheritance year on record

Running alongside this entrepreneurial wave is a historic surge in inherited wealth.

91 people became billionaires through inheritance in the latest reporting period.
Together they received about $297.8–298 billion, over a third more than in 2024. ^[9]
UBS says this is the largest amount of inherited billionaire wealth in the history of the report, which dates back to 2015. ^[10]

Reuters, reporting on the study, quotes UBS executive Benjamin Cavalli describing these heirs as “proof of a multi‑year wealth transfer that’s intensifying.” ^[11]

The report projects that at least $5.9 trillion will be passed from today’s billionaire generation to their children over the next 15 years, with the United States far ahead of any other country, followed by India, France, Germany and Switzerland. ^[12]

Women and inheritance

Gender dynamics are also shifting:

UBS finds that more women became billionaires via inheritance than through any other route in 2025, and
globally, female billionaires’ wealth grew about twice as fast as men’s, with average female billionaire wealth up around 8–9% year‑on‑year. ^[13]

In Asia‑Pacific in particular, the report notes a higher share of self‑made female billionaires compared with other regions. ^[14]

Where the money lives: US dominance, Asia’s momentum, Europe’s catch‑up

The geography of billionaire wealth is becoming more multipolar, even as the US maintains its lead.

United States: still the epicentre

UBS’s US‑focused summary highlights: ^[15]

924 US billionaires—almost a third of the global total.
74% of them are self‑made.
Together, they hold about $6.9 trillion in wealth.
$2.8 trillion of that is forecast to pass to US heirs over the coming 15 years.

The US remains the single largest pool of billionaire wealth, and UBS notes that North America is still seen as the deepest, most innovative market—particularly in tech, private equity and venture capital. ^[16]

Asia-Pacific: fast-growing fortunes and shifting centres

Asia‑Pacific is where much of the growth is happening:

Regional billionaire wealth climbed 11.1%, to about $4.2 trillion. ^[17]
China alone added roughly $321 billion in billionaire wealth to reach about $1.8 trillion, with 70 new billionaires, second only to the US in absolute numbers. ^[18]

A separate analysis in The Australian—based on UBS figures—argues that an inheritance wave across Asia is already reshaping investment flows. It estimates that $6.9 trillion in billionaire wealth is likely to be inherited by 2040, with Asia playing an outsized role, and highlights that Australia’s 43 billionaires, 77% of them self‑made, collectively hold about $212.6 billion and are expected to pass on more than $114 billion over the next 15 years. ^[19]

Middle East and MENA: UAE’s billionaires surge

The Gulf is also benefiting. A separate article in Khaleej Times cites the UBS report to show that UAE billionaires’ wealth jumped from $138.7 billion to $168.7 billion in 2025, a rise of about 21.6%—the strongest in the Middle East and North Africa. ^[20]

Abu Dhabi and Dubai continue to position themselves as hubs for ultra‑rich families seeking political stability, favourable tax regimes and global connectivity.

Europe: slower, but still rising

UBS calculates that billionaire wealth in Europe, the Middle East and Africa (EMEA) grew 10.4% to $4.1 trillion, slightly behind the Americas and Asia‑Pacific but still a solid increase, despite slower growth and political uncertainty in some European markets. ^[21]

The $5.9 trillion “great wealth transfer”

If there’s one figure that stands out from the 2025 report, it’s this: $5.9 trillion.

That’s UBS’s estimate of the wealth that will be inherited by billionaire children over the next 15 yearsalone. ^[22]

Where the inheritance money will likely flow

The bank expects the bulk of that transfer to be concentrated in a handful of countries:

United States – the largest single source of billionaire inheritances, with $2.8 trillion projected to pass to heirs. ^[23]
India – leading the Asian inheritance wave, with one estimate putting projected billionaire transfers at around $382 billion. ^[24]
France, Germany, Switzerland – key European nodes of multi‑generational wealth. ^[25]

At the same time, the report stresses that billionaires are highly mobile: more than a third (36%) of surveyed billionaires say they’ve already relocated at least once, and another 9% are considering it. ^[26]

That mobility means current domicile‑based forecasts could be reshaped as families move for tax, lifestyle or geopolitical reasons. UBS and Reuters both highlight Switzerland, the UAE, the US and Singapore as particularly attractive destinations. ^[27]

Tax, politics and the backlash debate

The surge in billionaire wealth is fuelling fierce political debates about inequality and taxation.

Switzerland’s inheritance-tax referendum

In Switzerland, UBS’s home market, voters this month overwhelmingly rejected a 50% federal tax on very large inheritances (above 62 million Swiss francs / roughly $62 million). UBS notes—and Reuters echoes—that the defeat of the proposal may actually reinforce the country’s appeal as a base for ultra‑rich families. ^[28]

Europe’s mixed approach

Coverage in The Guardian of the UBS report points to a patchwork policy response across Europe: ^[29]

France rejected a new wealth‑tax proposal on ultra‑rich households.
Italy plans to raise its flat tax on foreign income for wealthy residents.
The UK has scrapped its controversial non‑dom tax status and introduced a form of “mansion tax” on high‑value properties.

Meanwhile, Spain, Brazil, Germany and South Africa are among the countries backing calls for a global 2% tax on ultra‑rich individuals, which campaigners say could raise up to $250 billion per year if implemented in parallel with the emerging 15% global minimum corporate tax. ^[30]

“Rigged for the wealthy”?

Advocacy groups have seized on the UBS numbers as evidence of a system “rigged for the wealthy.” A widely shared analysis by progressive outlet Common Dreams notes that just 2,919 billionaires now control $15.8 trillion, and argues that this concentration of wealth underscores the need for coordinated global taxes on both corporations and individuals. ^[31]

UBS itself is more neutral in tone, but the data it publishes is increasingly at the centre of this policy tug‑of‑war.

How billionaires are investing—and what they fear

Beyond the headline figures, the Billionaire Ambitions Report 2025 offers a rare look at how the ultra‑rich are thinking about the future.

Portfolio shifts: more equity, more private markets

In its survey of 87 billionaire clients, UBS finds that over the next 12 months: ^[32]

Around four in ten plan to increase exposure to developed‑market and emerging‑market equities, as they regain confidence in both US tech and parts of Asia.
A similar share intend to add to private equity and private debt, including both funds and direct deals.
More than 40% say they will boost allocations to hedge funds, often as a way to hedge macro and policy risks.
Most plan to hold fixed income steady, especially in emerging markets, suggesting they see more upside in growth assets.

One European billionaire quoted in the report describes the core strategy as anchoring family wealth in “real assets” and businesses that can sustain value through volatility and inflation, with hedge funds and complex products treated as supplementary rather than central. ^[33]

What keeps billionaires up at night

When asked what they see as the biggest threats to markets over the next year, billionaires cite a mix of economics, geopolitics and policy: ^[34]

Tariffs and trade wars – 66%
Major geopolitical conflict – 63%
Policy uncertainty – 59%
Followed by concerns over inflation, potential debt crises and climate‑related shocks.

On longer‑term social challenges for the next generation, 75% point to technology and AI as the top issue, with 55% naming climate change and around half mentioning education, healthcare and inequality. ^[35]

Interestingly, the report suggests that younger heirs are more drawn to “holistic” values—things like lifestyle, impact investing and social purpose—than their parents, which could influence how this $5.9 trillion inheritance wave is ultimately deployed. ^[36]

Migration, family dynamics and the future of billionaire wealth

Longer life expectancy is complicating succession planning. Over four in ten (44%) billionaires expect to live significantly longer than they did a decade ago, and more than half of those say they are now reviewing their wills, trusts and beneficiaries more frequently. ^[37]

At the same time:

36% of surveyed billionaires have already relocated at least once,
another 9% are considering a move, ^[38]
and family offices are taking on a larger strategic role in managing both business and investments for multi‑generational clans. ^[39]

This web of mobility, longevity and family complexity is part of why UBS frames 2025 as the rise of “a new generation” of billionaires: some are first‑time founders, others are third‑ or fourth‑generation heirs, but almost all are operating globally.

What it all means for markets and inequality

For financial markets, the UBS data suggests that:

There is ample firepower behind private equity, venture capital, hedge funds and high‑end real estate.
Capital is likely to flow increasingly towards Asia-Pacific and selected European markets over a five‑year horizon, even as North America remains a dominant short‑term focus. ^[40]
Heirs inheriting diversified portfolios may be more open to impact investing and climate‑aligned strategies, at least at the margin. ^[41]

For societies, the picture is more ambiguous:

The speed and scale of the inheritance wave—combined with already‑high inequality—will keep pressure on governments to rethink wealth and inheritance taxes, residency rules and the regulation of offshore structures. ^[42]
At the same time, attempts to tax the ultra‑rich more aggressively risk triggering capital flight, as seen in the Swiss referendum debate and in the popularity of low‑tax hubs like the UAE and Singapore. ^[43]

UBS doesn’t take a political stance in the report, but its numbers are already being used by both sides: campaigners for global wealth taxes see proof that the system is out of balance, while wealth‑friendly jurisdictions see an opportunity to attract more capital and family offices.

Outlook: what to watch after the UBS report

Looking ahead from December 8, 2025, the Billionaire Ambitions Report 2025 sets the baseline for several key trends to track:

Policy moves on wealth and inheritance
Expect more national debates—especially in Europe and North America—around wealth taxes, mansion taxes, inheritance thresholds and the transparency of offshore structures. ^[44]
Asia’s inheritance wave
UBS and subsequent regional analyses suggest that Asia‑Pacific, led by India and China, will increasingly shape how and where billionaire wealth is invested, with spill‑overs to markets like Singapore and Australia. ^[45]
The AI and tech cycle
With tech billionaires’ wealth growing almost a quarter in a year, largely tied to AI and digital infrastructure, any reversal in that sector would rapidly show up in future UBS editions. ^[46]
The behaviour of heirs
As billions move from first‑generation founders to their children and grandchildren, their choices—between philanthropy, impact investing, consumption and traditional business—will determine whether this wealth widens or narrows social divides. ^[47]

For now, UBS’s latest report leaves little doubt: billionaire wealth is not just growing, it is hardening into dynasties, with inheritance playing a larger role than ever before. How governments, markets and societies respond to that reality is likely to be one of the defining economic stories of the coming decade.