The rise in stocks and initial public offerings helped create 287 new billionaires this year

Rising stock markets, a resurgence in merger activity and the flow of inheritances helped create 287 new billionaires this year, bringing the global total to more than 2,900, according to a new report.

Billionaire wealth reached a record $15.8 trillion as of the end of the third quarter, up 13%, according to UBS’s 2025 Billionaire Aspirations report. Of the 2,919 billionaires in the world, 2,059 are self-made billionaires and 860 inherited their wealth, according to the report.

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

While artificial intelligence and tech billionaires may dominate the wealth headlines, the new billionaires of 2025 have amassed their fortunes in a more diverse range of industries — from software and 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 Binder and Mike Sabel, who co-founded Venture Global, a liquid natural gas export company that went public in January.

“There is a lot of room for new, self-made entrepreneurs to create wealth,” said Judy Spalthoff, head of the Family Office Solutions Group at UBS.

The United States led the global increase in the number of billionaires, with 92 new self-made billionaires representing wealth of $180 billion, according to UBS. Nearly one-third of the world’s billionaires, or 924 people, are in the United States. Their total wealth has risen 18% over the past year to $17.5 trillion. The report found that three-quarters of American billionaires are self-made.

The large transfer of wealth also creates new billionaires through inheritance. Last year, 91 people became billionaires through inheritance, acquiring nearly $300 billion in wealth, UBS found. Among the heirs are 64 males and 27 females. The report estimates that over the next 15 years, the children and spouses of billionaires will inherit $5.9 trillion, most of it in the United States.

But attitudes toward amassing the next generation of wealth are beginning to change – especially among family-owned businesses. Instead of expecting them to take over the family business, today’s billionaires hire professional managers or sell their companies, allowing their children to be more independent and find their own careers.

“A few decades ago, succession in a family business was the norm, because markets were slower to change and continuity provided stability,” an unnamed European billionaire told UBS for the report. “Today, globalization, faster disruption cycles, and greater risks that existing companies in their current form may not take have changed priorities. With the prevalence of career management, families now see more value in children developing resilience, learning, and adaptability rather than inheriting a role.”

When it comes to investing, billionaires remain bullish on stocks, especially in the United States. Despite signs that the market is heating up and growing concentration among a few AI-driven technology stocks, 43% of billionaires plan to add to their common stock holdings in the next 12 months, UBS reports. It found that only 5% plan to reduce their shares.

Private equity is a mixed bag. Half plan to add to their direct investments in the next year, while 37% plan to add to their private equity funds, according to UBS. Meanwhile, 28% plan to reduce their investments in private equity funds, likely as a result of weak returns and a lack of exits. Most plan to keep their cash holdings as is and plan to add to their real estate holdings.

Billionaires’ confidence in America as an investment has declined in the past year. The percentage of survey respondents who see investment opportunities in the United States decreased from 80% to 64%. On the other hand, billionaires are more optimistic about Europe, with the percentage of respondents saying that they see investment opportunities there rising from 18% to 40%. Regarding China, the same share rose from 11% to 34%.

“When we look at the market volatility we’ve seen this year, the policy uncertainty and high valuations, we’re seeing consistently from these billionaire families that they’re looking to diversify into higher value deals,” said Daniele Scansaroli, head of portfolio strategy at UBS’s chief investment office. “They still have a strong bias toward American exceptionalism. It has lost a lot of its luster in the process.”

Besides moving their money, billionaires are also moving their residences around the world. More than a third (36%) of billionaires have moved elsewhere, with a quarter having moved more than once, according to UBS. Another 9% said they were considering moving.

The main reason they moved to another country was “to be able to have a better quality of life for myself or my family,” according to the report. That might include better weather, better health care or proximity to children or family, Spalthoff said. They also cite geopolitical concerns and tax regulation.

Overall, Spaltoff said she expects the number of billionaires and their wealth to continue to grow in the coming year.

“We see wealth continuing to accelerate,” she said. “In the United States, in particular, with the rapid growth of technology and industry, we do not see a slowdown in the growth of billionaire wealth.”