Stock Gains and IPO Activity Propel Creation of 287 New Billionaires This Year

A combination of rising equity markets, renewed merger activity and significant inheritances produced 287 new billionaires this year, pushing the global total above 2,900, according to the UBS Billionaire Ambitions Report 2025. Aggregate billionaire wealth reached a record $15.8 trillion at the end of the third quarter, a 13% increase year over year. Of the 2,919 billionaires counted in the report, 2,059 are self‑made and 860 inherited their fortunes.

This year’s addition of 287 new billionaires is the second‑largest annual increase recorded by UBS, behind 2021’s 360 entrants. Over the past four years, 727 people have joined the billionaire ranks, expanding the global population by 27%. While technology and artificial intelligence figures often dominate headlines, the 2025 cohort accumulated wealth across a wide range of sectors, including software, genetics, restaurants, infrastructure and natural gas. Notable new entrants named in the report include Ben Lamm of Colossal, Michael Dorrell of Stonepeak, and Bob Pender and Mike Sabel of Venture Global.

The United States led the increase, adding 92 new self‑made billionaires who together represent roughly $180 billion in wealth. Nearly one‑third of the world’s billionaires—924 individuals—reside in the U.S., and their combined wealth rose 18% over the past year to $17.5 trillion. UBS reports that about three‑quarters of American billionaires are self‑made.

Inheritance also played a material role in expanding the billionaire population. In the past year, 91 people became billionaires through inheritance, receiving nearly $300 billion; 64 of those inheritors were male and 27 were female. UBS projects that $5.9 trillion will transfer to children and spouses from billionaire estates over the next 15 years, predominantly in the United States.

Succession practices are shifting among wealthy families. Rather than assuming heirs will take operational control, many owners are hiring professional managers or selling businesses, enabling descendants to pursue independent careers. An unnamed European billionaire quoted in the UBS report said that faster disruption cycles and globalization have reduced the value of automatic succession, increasing the appeal of professional management and encouraging heirs to develop resilience and adaptability.

On investment strategy, billionaires remain inclined toward public equities, particularly U.S. stocks. Despite concerns about market concentration in a small number of AI‑driven names, 43% of respondents plan to increase allocations to public equities over the next 12 months, while only 5% intend to reduce them. Intentions for private equity are mixed: half of respondents plan to increase direct investments, 37% plan to add to private equity funds, and 28% expect to reduce fund commitments—likely reflecting weak returns and limited exit opportunities. Most billionaires plan to maintain current cash holdings, and about one‑third intend to expand real estate allocations.

Geographic sentiment has shifted. The share of billionaires who view the United States as an attractive investment destination fell from 80% to 64%, while optimism for Europe rose from 18% to 40% and for China from 11% to 34%. UBS analysts say this reflects a move toward more value‑oriented diversification amid market volatility and policy uncertainty, even as many families retain a bias toward U.S. markets.

Mobility among billionaires is notable: 36% have relocated residence, a quarter of those have moved more than once, and another 9% are considering a move. The primary motivations cited are improving quality of life—factors such as climate, healthcare and proximity to family—along with geopolitical concerns and tax planning.