New Billionaires on the Rise Amid Market Boom
The stock market has seen a surge, alongside a rebound in merger activity and significant inheritance flows, leading to the creation of 287 new billionaires this year. This brings the global total to over 2,900 billionaires, based on findings from a recent report.
Wealth among billionaires increased by 13%, reaching an unprecedented $15.8 trillion by the end of Q3, as highlighted in the UBS Billionaire Ambitions Report 2025. Of the total 2,919 billionaires worldwide, 2,059 are self-made while 860 inherited their fortunes.
This year marks the second-highest count of new billionaires recorded by UBS, following 2021, which saw 360 newcomers. In the last four years, 727 individuals have achieved billionaire status—a 27% increase globally.
While tech moguls and AI tycoons often steal the spotlight, the new billionaires emerging in 2025 come from a wider array of sectors, including software, genetics, dining, infrastructure, and natural gas.
Among them are Ben Lamm, co-founder of the genetics firm Colossal, and Michael Dorrell, CEO of Stonepeak, an infrastructure investment firm. Bob Pender and Mike Sabel co-founded Venture Global, a liquid natural gas export company that went public early this year.
“There’s still plenty of space for aspiring entrepreneurs to create wealth,” noted Judy Sparsoff, who heads UBS’s Family Office Solutions Group.
The United States has taken the lead in the growing number of global billionaires, producing 92 new self-made billionaires who collectively hold $180 billion. In total, around 924 billionaires reside in the U.S., with their amassed wealth jumping 18% over the previous year to $17.5 trillion. Notably, three-quarters of these billionaires have created their own wealth.
Additionally, substantial transfers of wealth have resulted in new billionaires through inheritance. UBS reports that 91 individuals gained billionaire status through inherited wealth this past year, accumulating nearly $300 billion. Among the heirs, 64 are men and 27 are women. Over the next 15 years, an estimated $5.9 trillion is expected to be passed down, mainly from American billionaires.
However, perspectives on wealth distribution among the next generation are shifting, particularly within family businesses. Instead of simply inheriting the family business, many billionaires today opt to hire professional managers or sell their enterprises, allowing their children to explore independent career paths.
“In the past, transitioning family business leadership was prevalent due to slow market changes, which provided a sense of stability,” shared an anonymous billionaire from Europe. “Now, priorities are evolving because of globalization and the rapid pace of market disruptions. Families increasingly value teaching their children to be resilient and adaptive.”
When it comes to investment strategies, billionaires remain optimistic about stocks, especially in the U.S. Despite signs of potential market overheating, 43% intend to increase their public investments in the upcoming year, while only 5% plan to scale back.
Private equity presents a mixed outlook, with half of billionaires looking to make direct investments soon and a considerable number interested in increasing their involvement in private equity funds. However, 28% are likely to pull back from these funds, possibly due to lower returns. Many are holding onto cash, and about a third are eager to expand their real estate investments.
Interestingly, confidence in the U.S. as an investment hub is waning. The portion of billionaires believing in U.S. investment opportunities has dropped from 80% to 64%. Conversely, many are more positive about Europe, with the belief in investment opportunities there increasing from 18% to 40%. Similar optimism is evident for China, where the share rose from 11% to 34%.
“Given market volatility and uncertainty, billionaire families are actively seeking to diversify into higher-value opportunities,” explained Daniel Scansaroli, head of UBS’s portfolio strategy. “Their longstanding belief in American exceptionalism has dimmed.”
Moreover, billionaires are not just adjusting their investment portfolios; they’re relocating as well. UBS reports that over a third of billionaires have changed residences, with a quarter having moved multiple times. An additional 9% are contemplating making a move.
Many cite the pursuit of an improved quality of life for their families as a primary reason for relocating, which may involve considerations like better weather, healthcare, and proximity to loved ones, along with geopolitical and tax concerns.
Looking ahead, Spalthoff anticipates continued growth in the population and wealth of billionaires next year. “We expect wealth to keep accelerating,” she noted. “With the rapid advancement in technology and industry, especially in the U.S., billionaire wealth shows no signs of stagnation.”
