What's happened
UBS's latest report shows a record increase in billionaires worldwide, reaching 2,919 with collective wealth of $15.8 trillion. Women are outpacing men in wealth growth for four consecutive years, and inheritance continues to drive the rise, especially in the US and Europe. The billionaire class is diversifying and expanding rapidly.
What's behind the headline?
The rise in billionaire numbers and wealth signals a significant concentration of global economic power. The reports reveal that the majority of new billionaires are self-made, often capitalizing on AI and tech sectors, especially in the US and China. However, inheritance remains a dominant factor, with over $298 billion transferred in 2025 alone, fueling future wealth accumulation.
This trend raises questions about economic mobility and wealth inequality. The fact that 82% of billionaires with children want their heirs to succeed independently suggests awareness of the risks of generational wealth stagnation. Meanwhile, efforts to introduce wealth taxes in Europe face political resistance, indicating a complex landscape for wealth redistribution.
The rapid growth of billionaires, especially through inheritance, could exacerbate social divides if wealth continues to concentrate. Yet, the rise of self-made billionaires indicates ongoing opportunities for innovation-driven wealth creation. The next decade will likely see further shifts as global tax policies and economic conditions evolve, impacting the distribution of wealth and power.
What the papers say
The Independent reports that the number of billionaires increased to 2,900 in 2025, with women outpacing men in wealth growth for the fourth consecutive year. Business Insider UK emphasizes the role of AI-driven stock surges, noting that six US tech billionaires increased their wealth by $171 billion this year. Both sources highlight the ongoing inheritance transfer, with UBS estimating over $298 billion passed down in 2025, fueling the rise of new billionaires. The Guardian adds context by discussing the geopolitical and tax considerations influencing wealth transfer and inheritance, noting resistance to wealth taxes in Europe and the US. While The Independent and Business Insider focus on the growth metrics and sector drivers, The Guardian underscores the political and social implications of this wealth concentration.
How we got here
Recent years have seen a surge in billionaire wealth and numbers, driven by stock market gains, technological innovation, and inheritance transfers. The UBS reports highlight a global trend of increasing wealth among the ultra-rich, with a notable rise in self-made billionaires and inheritance-based fortunes. This growth reflects broader economic shifts, including the AI boom and changing tax policies.
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Common question
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Why Is the Number of Billionaires Growing Worldwide?
The global wealth landscape is changing rapidly, with more individuals reaching billionaire status than ever before. This trend raises questions about what's driving this growth—are technological advances, inheritance, or economic policies the main factors? Below, we explore the key reasons behind the surge in billionaires worldwide and what it means for the global economy.
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UBS Group AG is a Swiss multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres as the largest Swiss banking
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Lawrence Joseph Ellison is an American business magnate, investor, and philanthropist who is a co-founder and the executive chairman and chief technology officer of Oracle Corporation.