ISLAMABAD: According to a report by Swiss bank UBS, billionaires have experienced a remarkable 121% surge in their combined wealth over the past decade, reaching $14 trillion. The wealth of tech billionaires has grown at the fastest pace, with the number of billionaires globally increasing from 1,757 to 2,682 over the past ten years, peaking at 2,686 in 2021.
The findings are detailed in the 10th edition of UBS’s Billionaire Ambitions report, which tracks the growth, investment, and societal impact of the world’s wealthiest individuals. The report highlights that billionaires have significantly outperformed global equity markets over the past decade. Between 2015 and 2024, their collective wealth soared from $6.3 trillion to $14 trillion, compared to a 73% rise in the MSCI AC World Index of global equities.
Tech Billionaires Lead Wealth Growth
Tech billionaires have seen their wealth triple from $788.9 billion in 2015 to $2.4 trillion in 2024. Early tech billionaires leveraged opportunities in e-commerce, social media, and digital payments, while recent wealth has been driven by innovations in generative AI, cybersecurity, fintech, 3D printing, and robotics.
Industrialists followed closely behind tech leaders in wealth growth.
Regional Trends and Shifts
The report notes a slowdown in global billionaire wealth growth since 2020, primarily due to a decline in Chinese billionaires’ fortunes. From 2015 to 2020, billionaire wealth grew globally at an annual rate of 10%, but this has slowed to just 1% since 2020.
- China: Billionaire wealth in mainland China and Hong Kong peaked at $2.1 trillion in 2020 but has since declined to $1.8 trillion, with the number of billionaires falling from 588 to 501.
- North America: Billionaire wealth has risen by 58.5% since 2020, reaching $6.1 trillion, led by industrial and tech sectors.
- India: Indian billionaires’ combined wealth increased by 42.1% to $905.6 billion, with their numbers rising from 153 to 185.
- Western Europe: Total billionaire wealth grew 16% to $2.7 trillion, driven partly by a 24% rise in Swiss billionaires.
- UAE: Aggregate wealth rose 39.5% to $138.7 billion, reflecting the region’s growing appeal to high-net-worth individuals.
Relocation and New Entrants
Since 2020, 176 billionaires have relocated, with Switzerland, the UAE, Singapore, and the US being top destinations. In 2024 alone, 268 individuals joined the billionaire ranks, 60% of whom were self-made entrepreneurs.
US billionaires saw the largest gains in 2024, with their wealth growing by 27.6% to $5.8 trillion, accounting for over 40% of global billionaire wealth. This reinforced the US’s position as the leading hub for billionaire entrepreneurs.
