The world's wealthiest individuals have accumulated vast sums of money and assets over the past decade, as shown in the latest 10th edition of the «UBS Billionaire Ambitions Report 2024». «It is the most comprehensive study in this field,» emphasized Benjamin Cavalli, Head of Strategic Clients, UBS Global Wealth Management, during the online presentation of the report on Thursday.

The report reveals that today there are 2,682 people globally with a net worth exceeding one billion dollars, up from 1,757 ten years ago. However, this number has stagnated since 2021, according to the study.

Better Than Global Stock Markets

This stagnation is primarily due to the slowed economic and wealth growth in China, along with the ongoing real estate crisis there. Other global factors, such as COVID-19 and higher interest rates since 2022, have also played a role.

Nevertheless, billionaires' collective wealth has risen to $14 trillion today, up from to $6.3 trillion in 2015. This growth has outpaced the performance of global stock markets, according to the report. UBS surveyed approximately 2,500 billionaire clients worldwide for this research.

Billionaires Have New Focus Areas

Among the main beneficiaries of this massive wealth accumulation are tech entrepreneurs and investors. A few years ago, areas like e-commerce, social media, and digital payments were the primary focuses for new billionaires. However, today, the boom in generative AI, cybersecurity, fintech, 3D printing, and robotics are becoming increasingly significant.

The sector lagging behind is real estate. Until 2017, the wealth of real estate billionaires grew in line with other global sectors, but since then, it has significantly underperformed. The reasons here include China, COVID-19, and rising interest rates.

Billionaires Face Higher Taxes

The world's wealthiest individuals now face uncertain times, as the report concludes. It is clear that governments will need to strike a balance between fiscal stability and increasing expenditure needs, particularly in countries dealing with an aging population.

Billionaires in certain countries may need to brace for higher tax burdens in the future, which, according to the study, is likely to drive increased mobility among the ultra-wealthy.

Billionaires Voting with Their Feet

Since the onset of COVID-19 in 2020, a growing number of billionaires have relocated to other countries. As of April 2024, 176 individuals or families – about one in 15 – out of  2,682 billionaires have made such a move .

The most popular destination countries are Switzerland, the United Arab Emirates (UAE), Singapore, and the United States. Over the past four years, billionaires with a total net worth of over 400 billion dollars have relocated, with the Middle East and Africa (MEA) region attracting the most billionaire capital.

Geopolitical Tensions and Obstacles

At the same time, geopolitical tensions remain high, and there could be new obstacles to international trade, particularly in light of new tariffs between major economic blocs.

Given this context, billionaire entrepreneurs require certain skills that were identified in a previous edition of this UBS report as key to success: intelligent risk-taking, business focus, and determination.

Two Key Future Topics

In the future, risk-taking billionaires are expected to play a significant role in the development and establishment of two forward-looking technological fields: generative artificial intelligence (AI) and electrification and renewable energy.

This year’s report illustrates how the founders and CEOs of tech companies are already taking a leading role in these areas, relentlessly pursuing their visions with determination and risk appetite.

Political Changes as Drivers

For the time being, the emerging political changes in the United States are likely to support this development.