Billionaires have outperformed equity markets over the past 10 years, according to Billionaire Ambitions Report 2024. The study by wealth management business UBS finds that between 2015 and 2024, billionaires’ total wealth increased by 121% globally, from US$6.3 trillion to US$14.0 trillion. In contrast, the MSCI ACWI Index posted a 73% increase.
During this time, according to the UBS report, the number of billionaires grew by more than 50%, from 1,757 to 2,682. However, since 2020, consolidation among Chinese billionaires has slowed the global trend.
The wealth of tech billionaires tripled from US$789bn in 2015 to US$2.4 trillion in 2024
Tech leads
The wealth of tech billionaires grew the fastest over this time period, tripling from US$789bn in 2015 to US$2.4 trillion in 2024. In second place are billionaires in industry, who have increased their wealth from US$480bn to US$1.3 trillion.
Strategic giving
Billionaires are becoming strategic about giving, according to the report. Less than half (46%) of survey respondents had a strategy when they gave money 10 years ago; compared with more than half (56%) today.
Those who stand to benefit the most are the heirs of baby boomers (who were born between 1946 and 1964) and philanthropic causes. These groups can expect to inherit an estimated US$6.3 trillion over the next 15 years.
Family fortunes
More than a third (38%) of respondents say that family members have ‘new and innovative ideas’ about wealth management, with almost a third (30%) saying that relatives want to be involved on a day-to-day basis.
Nearly a third worry that some family members have a sense of entitlement around wealth
There are also signs that the complexities of family ecosystems can lead to internal friction. Almost a third (30%) of respondents struggle to manage expectations, while nearly a third (29%) admit to being worried that some family members have a sense of entitlement around wealth.
A large majority (83%) of respondents say that they are proud of the life they’ve built for their family.
Investment risks
Respondents say that the greatest risk to investments is major geopolitical conflict, over both 12 months (61%) and five years (53%).
Regional variations
Fortune varies by geography, with US billionaires making the greatest gains in 2024, reinforcing the country’s position as the main centre for billionaire entrepreneurs worldwide. US billionaires account for more than 40% of billionaire wealth worldwide.
The wealth of Chinese billionaires (including those in Hong Kong) fell by 16.8% to US$1.8 trillion. Indian billionaires’ wealth increased by 42.1% to US$905.6bn.
Western Europe’s total billionaire wealth rose by 16.0% to US$2.7 trillion, due in part to a rise of almost a quarter (23.8%) for Swiss billionaires.
In the Middle East and Africa, UAE billionaires’ aggregate wealth rose by 39.5% to US$138.7bn. In total, the region’s billionaire wealth grew by 17% to US$3.7 trillion, with the number of billionaires increased by 70 to 728.
The new billionaires of 2024 – totalling 268 – were mainly self-made entrepreneurs, with 60% of them entrepreneurs. This is a reversal of UBS’s 2023 report, when most of the new entrants were multi-generational billionaires who had inherited money.
More information
See also the AB article ‘Top of the money pile‘
