Billionaires around the world have seen their collective wealth surge by an astonishing 121% over the past decade, reaching a total of $14 trillion, according to a new report from Swiss bank UBS. The findings, published in UBS’s 10th annual Billionaire Ambitions report, highlight the significant growth in billionaire fortunes, with the wealth of tech entrepreneurs rising at the fastest pace.
The number of dollar billionaires globally increased from 1,757 in 2015 to 2,682 in 2024, peaking at 2,686 in 2021. The growth of billionaire wealth significantly outpaced global equity markets, which saw an increase of only 73% over the same period, as measured by the MSCI AC World Index. Over the past 10 years, total billionaire wealth jumped from $6.3 trillion to $14 trillion, a trend largely driven by rapid advancements in technology and digital industries.
Tech billionaires were the biggest beneficiaries, with their collective wealth tripling from $788.9 billion in 2015 to $2.4 trillion in 2024. These billionaires have capitalized on the rise of e-commerce, social media, digital payments, and more recently, generative AI, fintech, cybersecurity, 3D printing, and robotics. UBS attributed much of the accelerated growth to the commercialization of these transformative technologies, which have reshaped the global economy.
Despite the overall growth, the report pointed to a slowdown in wealth accumulation since 2020, particularly among Chinese billionaires. From 2015 to 2020, global billionaire wealth grew at an average annual rate of 10%, but since 2020, growth has dropped dramatically to just 1%. Chinese billionaire wealth, which had more than doubled between 2015 and 2020, has now contracted, falling from $2.1 trillion to $1.8 trillion.
In contrast, North American billionaires have seen significant wealth gains since 2020, with their collective fortune rising 58.5% to $6.1 trillion, driven by the success of industrial and tech entrepreneurs. The US remains the dominant center for new billionaire entrepreneurs, with US billionaires’ wealth rising by 27.6% in 2024 to $5.8 trillion, constituting over 40% of global billionaire wealth.
Meanwhile, Indian billionaires saw their wealth increase by 42.1% to $905.6 billion, with the number of billionaires growing from 153 to 185. Wealth in Western Europe rose by 16%, with Switzerland seeing a 24% increase in billionaire wealth.
Looking ahead, UBS predicts that the next decade could be challenging for billionaires, given geopolitical tensions, trade barriers, and growing government spending. However, the report also forecasts that smart risk-taking and determination will allow the wealthiest individuals to lead the way in emerging sectors such as generative AI and renewables. Additionally, the heirs and philanthropic causes of baby boomer billionaires are expected to inherit an estimated $6.3 trillion in the next 15 years.
This unprecedented growth in billionaire wealth underscores the widening global wealth gap, with technology driving much of the disparity between the super-rich and the broader population.
