While the population of billionaires has been broadly flat since 2021, the period from 2015 to this year has seen a large surge in their number, driving the wealth sector to think of new and better ways to serve this cohort. Billionaires are becoming more mobile, they want to diversify, and there are large NextGen issues to confront.

Between 2015 and 2024, total billionaire wealth increased by 121 per cent globally from $6.3 trillion to $14 trillion, according to the 10th UBS Billionaire Ambitions Report. For comparison, the MSCI AC World Index posted a smaller percentage gain of 73 per cent. And UBS's analysis of trends report noted that, among other forces, billionaires are more interested in moving around. 

Looking at the last 10 years, the study tracks the wealth of more than 2,500 billionaires across the Americas, EMEA and APAC. UBS also surveyed a sample of its billionaire clients.

Between 2015 and this year, the number of billionaires grew by approximately 50 per cent, from 1,757 to 2,682. In 2024, 1,877 billionaires were self-made and 805 multi-generational, UBS said.

Perhaps unsurprisingly, Asia-Pacific chalked up the fastest growth rate of billionaires over the last decade; it is home to 981 such persons, or 37 per cent of the global total, while the Americas is home to 973 billionaires. The APAC billionaires’ wealth grew 141 per cent.

“Over the past 10 years, the APAC region has experienced the relative highest growth rate of ultra wealthy individuals at 69 per cent. Notably, women are becoming a more significant part of the billionaire world. In APAC, the number of female billionaires has more than doubled since 2015, increasing from 40 to 101 today,” Amy Lo, chairman of UBS Global Wealth Management Asia and co-head UBS Global Wealth Management APAC, said. 

“Similarly, their wealth in APAC has multiplied by more than three times, growing from $94 billion in 2015 to $308 billion today. Women tend to invest with purpose, showing a preference for sustainable investing, wealth planning and family advisory. 

What lies ahead
Looking ahead, the report said: "In the 10 years of the study, multigenerational billionaires have inherited a total of $1.3 trillion. This amount understates the total inheritance as many heirs have not themselves become billionaires. We calculate that billionaires aged 70 or more will transfer $6.3 trillion over the next 15 years, mainly to families but also chosen causes. That is higher than the estimate in 2023 of $5.2 trillion over 20 to 30 years, due to asset price inflation and the ageing of billionaires," it said.

Female wealth
Globally, the average wealth of female billionaires is up 40 per cent to $4.8 billion. In APAC, Southeast Asia female billionaires are leading the way with their average wealth up by 56 per cent over the past decade, with most of them being second generation or more. 

The number of billionaires hit a peak at 2,686 billionaires in 2021, and has remained flat since that time.

India was a bright spot with a 42.1 per cent growth in billionaire wealth.

The report also provided data showing why the Middle East is surging as a wealth sector. 

Within the Middle East and Africa, UAE billionaires’ aggregate wealth rose by 39.5 per cent to $138.7 billion, with the number of billionaires growing by one to 18. 

North America
The wealth of North American billionaires has continued to accumulate. From 2015 to 2020, billionaires’ wealth grew by more than half (52.7 per cent) from $2.5 trillion to $3.8 trillion.

And from 2020 to 2024, it grew by more than half again (58.5 per cent) to $6.1 trillion, led by industrials and tech billionaires.

In Western Europe, wealth accumulation has slowed slightly since 2020 against a backdrop of higher interest rates. It rose by 43.6 per cent from $1.5 trillion to $2.1 trillion from 2015 to 2020, before increasing a further 29 per cent to $2.7 trillion by 2024, led by tech billionaires in fields as varied as software, messaging and music streaming.

Equities, real estate, gold
Billionaires’ views on asset classes are shifting at a time when interest rates appear to be starting an easing cycle in the US and Europe, which may underpin economic growth. Over the next 12 months, 43 per cent of billionaires intend to increase their exposure to real estate and 42 per cent to developed market equities. At the same time, though, they’re increasing investments in perceived safe havens. The survey found that 40 per cent intend to increase gold/precious metals exposures over 12 months and 31 per cent in cash. This could reflect fears of heightened geopolitical risk and equity market valuations, UBS said. 

While 38 per cent still intend increasing their direct private equity holdings, only 28 per cent plan to raise private equity funds/funds of funds holdings, with 34 per cent intending to cut them. More than a quarter (26 per cent) intend to increase infrastructure investments and more than a third (35 per cent) private debt. But hedge funds are looking less popular, with 27 per cent intending to decrease investments and 23 per cent aiming to increase. 

An increasingly bright spot is art and antiques, where almost a third (32 per cent) plan to increase exposure more. That’s a significant rise from 11 per cent in the previous year.

Billionaires on the move
UBS said the pandemic was a “wake-up call” for many people and led them to reassess their lives. Since 2020, billionaires relocated more frequently, with 176 having moved from a total population of 2,682 in April 2024 – or one in 15.