Billionaires have outperformed equity markets over 10 years.
Between 2015 and 2024, their total wealth increased by 121 percent globally from $6.3 trillion to $14 trillion, according to the 10th edition of UBS’ Billionaire Ambitions Report 2024.
For comparison, the MSCI AC World Index posted a smaller percentage gain of 73 percent.
During this time, the number of billionaires grew by more than 50 percent, from 1,757 to 2,682.
Since 2020, however, consolidation among China’s billionaires has slowed the global trend.
Here, in the report’s words, is the summary:
Billionaires on the move
Billionaires have always moved – with homes, families and businesses spread across different countries.
But since 2020, they have relocated more frequently, with 176 having moved country, from a total population of 2,682 in April 2024.
In total, billionaires accounting for more than $400 billion have emigrated in four years.
Elon Musk, the world's wealthiest individual, added $200 billion in equity wealth after the U.S. presidential elections in November 2024
Tech and industrials lead the way
It is no surprise that the wealth of tech billionaires has grown fastest over 10 years, but the progress of their industrials peers is less expected.
Tech billionaires’ wealth tripled from $789 billion in 2015 to $2.4 trillion in 2024.
Meanwhile, industrials billionaires increased their wealth by the second largest amount – from $480 billion to $1.3 trillion.
A sea change in how billionaires drive impact
In a major shift, billionaires are seeking to drive impact across all their activities – philanthropy, investing and business. They are also becoming strategic about giving.
Less than half (46 percent) of UBS billionaire clients who responded to our 2024 survey had a strategy when they gave money 10 years ago. Today more than half (56 percent) do.
Families are growing and getting more intricate
Families of billionaires have expanded in the past 10 years, with more children bringing greater complexity.
According to our estimates, the number of their children increased from 4,136 in 2015 to 6,441 in 2024.
For context, the number of billionaires UBS tracks has increased from 1,757 to 2,682.
$6.3 trillion baby boomer inheritance forecast
Baby boomer billionaires’ heirs and favored philanthropic causes stand to inherit an estimated $6.3 trillion over the next 15 years. That is higher than forecast in 2023 because more billionaires have reached the age of 70 and asset values have increased.
Please click or tap here to download the 10th edition of UBS’ Billionaire Ambitions Report 2024
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