This massive surge helped lift the global billionaire population to 2,919 individuals, holding a total record wealth of $15.8 trillion. The U.S. now hosts 924 billionaires, representing nearly a third (31.7%) of the global billionaire population. The growth in the Americas region, which was led by the U.S., saw overall billionaire wealth climb 15.5% to $7.5 trillion.

The dramatic increase in U.S. wealth was largely driven by an exceptional year for innovation and rising financial asset prices, the Swiss bank concluded. The United States welcomed 109 fresh entrants to the billionaire ranks, vastly outnumbering the 18 who dropped below the threshold or passed away. The growth was heavily buoyed by self-made success, as 87 new U.S. residents became self-made billionaires, contributing $171.9 billion to the Americas’ total new wealth.

The technology sector played a crucial role in this growth, UBS added, with tech billionaires globally seeing their assets increase by 23.8% to $3 trillion. This surge in tech wealth is closely linked to the appreciating values of companies driving the artificial intelligence revolution, such as Nvidia, Oracle, and Meta.

Six U.S. tech billionaires alone saw their wealth increase by a combined $171 billion compared with the previous year. This wave of entrepreneurship means that 2025 recorded the second-highest number of self-made individuals becoming billionaires in the history of the report, behind the remarkable year for markets that was 2021, demonstrating widespread business creation across diverse sectors.

That year, 360 self-made billionaires accounted for $782 billion, an “exceptional rise [that] resulted from asset price appreciation in a period of ample financial liquidity following the COVID-19 pandemic.” The result in 2025 was more down to “widespread business creation,” UBS added. The report found the number of new billionaires minted annually increased roughly eightfold from 35 in 2022 to 287 in 2025, while their assets have grown by roughly ninefold, from $74.6 billion to $684.3 billion.

The coming transfer of wealth

While U.S. entrepreneurs are busy creating new wealth, the long-anticipated “great wealth transfer” is accelerating. Globally, at least $5.9 trillion is expected to be inherited by billionaire children over the next 15 years. Of that amount, at least $2.8 trillion will pass to U.S. heirs over this period. This calculation is likely conservative as it does not factor in future appreciation of asset values.

The report highlights that families are becoming increasingly international as the wealth transfer intensifies, yet the inheritance itself is set to be concentrated in a small number of markets, with the U.S. leading the way.

Female billionaires made notable progress in 2025, according to the report. While there are only 374 female billionaires globally, compared with 2,545 male, their average wealth grew by 8.4% to $5.2 billion in 2025, more than twice the 3.2% average growth rate for men. This is part of a trend, with the average wealth of female billionaires rising at a faster rate for each of the four years since 2022. In part, this is driven by inheritance, with more women becoming billionaires through inheritance than any other way in 2025. Of the 43 women who became billionaires in the year, UBS found that 27 inherited while 16 were self-made.

Despite the vast sums set for inheritance, surveyed billionaires expressed a strong desire for their children to achieve success independently. More than eight in 10 (82%) of those surveyed hope their children will develop the necessary skills and values to succeed without relying solely on the inherited fortune. Over half (55%) also want their heirs to use their wealth to make a positive impact on the world.

Furthermore, billionaires are highly mobile, with 36% of those surveyed having relocated at least once, and a further 9% considering a move. The top three reasons for relocation are linked to better quality of life (36%), geopolitical concerns (36%), and organizing tax affairs more efficiently (35%). This high level of mobility could potentially alter the geographic picture of where wealth is ultimately transferred.

The report was generated in part through an online survey of 87 billionaire clients as well as in-depth interviews which took place over several weeks in September and October.