Rising stocks, IPOs helped create 287 new billionaires this year

The Rise of Billionaires: A New Era of Wealth Creation

The number of billionaires worldwide has reached an all-time high, with 287 new billionaires added in the past year alone, bringing the total to over 2,900. According to the UBS Billionaire Ambitions Report 2025, billionaire wealth has also reached a record $15.8 trillion, a 13% increase from the previous year. This significant growth can be attributed to rising stock markets, a resurgence in merger activity, and a substantial influx of inheritances.

The report highlights that 2,059 of the world’s 2,919 billionaires are self-made, while 860 have inherited their wealth. The United States leads the way in terms of billionaire growth, with 92 new self-made billionaires representing a combined wealth of $180 billion. Nearly a third of the world’s billionaires, or 924 individuals, are based in the U.S., with their total wealth increasing by 18% over the past year to $17.5 trillion.

A Diverse Range of Industries

The new cohort of billionaires has made their fortunes in a diverse array of industries, including software, genetics, restaurants, infrastructure, and natural gas. Notable examples include Ben Lamm, co-founder of genetics and bioscience company Colossal, and Michael Dorrell, co-founder and CEO of infrastructure investment firm Stonepeak. This diversification is a significant shift from the traditional dominance of tech billionaires, with artificial intelligence and technology no longer the sole drivers of wealth creation.

Judy Spalthoff, head of UBS Family Office Solutions Group, notes that “there is a lot of room for new, self-made entrepreneurs to create wealth.” This sentiment is echoed by the report’s findings, which suggest that the great wealth transfer is also minting new billionaires through inheritance. In the past year, 91 individuals became billionaires through inheritance, receiving nearly $300 billion in wealth.

Shifting Attitudes towards Wealth and Inheritance

Attitudes towards raising the next generation of wealth are changing, particularly among family-owned companies. Rather than expecting their children to take over the family business, many billionaires are now hiring professional managers or selling their companies, allowing their children to pursue independent careers. This shift reflects a growing recognition of the importance of adaptability and resilience in an increasingly fast-paced and disrupted global economy.

As one European billionaire noted, “A few decades ago, succession into the family business was the norm, because markets were slower to change and continuity provided stability. Today, globalization, faster disruption cycles, and greater risk that existing businesses may not endure in their current form have shifted priorities.” This change in mindset is likely to have significant implications for the way wealth is managed and transferred in the years to come.

Investment Strategies and Global Outlook

Despite signs of an over-heated market, billionaires remain bullish on stocks, particularly in the U.S. According to the report, 43% of billionaires plan to add to their public equities in the next 12 months, while only 5% plan to decrease their holdings. Private equity is a more mixed bag, with half of billionaires planning to add to their direct investments and 37% planning to add to their private equity funds.

However, billionaires’ faith in America as an investment opportunity has declined in the past year, with the share of those surveyed who see investment opportunities in the U.S. dropping from 80% to 64%. In contrast, optimism about Europe and China has increased, with 40% and 34% of respondents, respectively, seeing investment opportunities in these regions. As Daniel Scansaroli, head of portfolio strategy in the UBS Chief Investment Office, notes, “They still have a strong bias towards American exceptionalism. It’s just lost a lot of the shine in the process.”

Ultimately, the report suggests that the billionaire population and wealth will continue to grow in the coming year, driven by the rapid growth of tech and industrials, particularly in the U.S. As Judy Spalthoff notes, “We see wealth continuing to accelerate… with the rapid growth of tech and industrials, we don’t see the growth of billionaire wealth slowing down.” As the global economy continues to evolve, it will be interesting to see how the billionaire class adapts and responds to new challenges and opportunities.