Rising stocks, IPOs helped create 287 new billionaires this year

Rising stock markets, the return of merger activity and flowing inheritances have helped create 287 new billionaires this year, pushing the global total to more than 2,900, according to a new report.

According to the UBS Billionaire Ambitions Report 2025, the wealth of billionaires increased by 13 percent to $15.8 trillion as of the end of the third quarter. According to the report, of the world’s 2,919 billionaires, 2,059 created their own wealth and 860 inherited their wealth.

This year was the second-highest total of new billionaires recorded by the UBS survey, behind 2021, when 360 new billionaires were created. 727 people have become billionaires in the last four years, increasing the global total by 27%.

While AI and tech billionaires dominate wealth headlines, the new billionaires of 2025 have made their fortunes in a much more diverse range of industries, from software to genetics to restaurants, infrastructure and natural gas.

The new group includes Ben Lamm, co-founder of genetics and bioscience company Colossal; Michael Dorrell, co-founder and CEO of Stonepeak, an infrastructure investment firm; and Bob Pender and Mike Sabel, co-founders of Venture Global, a liquid natural gas exporter that went public in January.

“There is plenty of room for new, self-taught entrepreneurs to create wealth,” said Judy Spalthoff, president of UBS Family Office Solutions Group.

The United States led the global billionaire surge, with 92 new self-made billionaires representing $180 billion in wealth, according to UBS. Almost one-third of the world’s billionaires, 924 people, are in the United States. Their total wealth increased by 18 percent last year to $17.5 trillion. According to the report, three-quarters of American billionaires are self-made.

Massive wealth transfers also enable new billionaires to be minted through inheritance. According to UBS’s findings, 91 people became billionaires through inheritance last year and acquired a fortune of approximately $300 billion. 64 of the heirs were men and 27 were women. The report estimates that children and spouses of billionaires, mostly in the United States, will inherit $5.9 trillion over the next 15 years.

But attitudes towards increasing the wealth of future generations are changing; especially among family businesses. Rather than expecting them to take over the family business, today’s billionaires hire professional managers or sell their companies, allowing their children to become more independent and find their own careers.

“A few decades ago, the transition to family business was the norm because markets changed more slowly and continuity provided stability,” an unnamed European billionaire told UBS for the report. “Today, globalisation, faster cycles of disruption and greater risk that existing businesses cannot withstand in their current form have shifted priorities. With professional management more prevalent, families now place greater value on children developing resilience, education and adaptability rather than taking over a role.”

When it comes to investing, billionaires remain bullish on stocks, especially in the U.S. Despite signs of an overheated market and growing concentration among a handful of AI-powered technology stocks, 43 percent of billionaires plan to increase their public holdings of stocks in the next 12 months, according to a UBS report. It turned out that only 5 percent planned to reduce their equity capital.

Private equity is a mixed bag. According to UBS, half of respondents plan to increase their direct investments next year, while 37% plan to add to their private equity funds. At the same time, 28% of respondents plan to reduce their investments in private equity funds, likely due to low returns and lack of exits. Most plan to keep their cash holdings the same and add a third to their real estate holdings.

Billionaires’ confidence in America as an investment decreased last year. The percentage of survey respondents who see investment opportunities in the US dropped from 80% to 64%. In contrast, billionaires are more optimistic about Europe; of respondents say the investment opportunity there has increased from 18% to 40%. In China, the same share increased from 11% to 34%.

“As we look at market volatility, policy uncertainty and high valuations this year, we see these billionaire families consistently looking to move into higher-value transactions,” said Daniel Scansaroli, head of portfolio strategy at UBS Chief Investment Office. “They still have a strong bias against American exceptionalism. It has lost much of its luster in the process.”

In addition to moving their money, billionaires also move their homes around the world. According to UBS, more than a third (36%) of billionaires have moved elsewhere; a quarter of them moved more than once. Another 9% said they were considering relocating.

According to the report, their main reason for moving to another country was “to have a better quality of life for me or my family.” That could include better weather conditions, better health care or being closer to children or family, Spalthoff said. They also touch on geopolitical concerns and tax organization.

Overall, Spalthoff said he expects the billionaire population and wealth to continue growing next year.

“We see wealth continuing to rise,” he said. “With the rapid growth of technology and industry, especially in the United States, we do not see the growth of billionaire wealth slowing.”