- Honda and Nissan expected to begin merger talks
- 'Draconian' Vietnam internet law heightens free speech fears
- Israeli women mobilise against ultra-Orthodox military exemptions
- Asian markets track Wall St rally as US inflation eases rate worries
- Tens of thousands protest in Serbian capital over fatal train station accident
- Trump vows to 'stop transgender lunacy' as a top priority
- Daniels throws five TDs as Commanders down Eagles, Lions and Vikings win
- 'Who's next?': Misinformation and online threats after US CEO slaying
- Only 12 trucks delivered food, water in North Gaza Governorate since October: Oxfam
- Langers edge Tiger and son Charlie in PNC Championship playoff
- Explosive batsman Jacobs gets New Zealand call-up for Sri Lanka series
- Holders PSG edge through on penalties in French Cup
- Slovak PM Fico on surprise visit to Kremlin to talk gas deliveries
- Daniels throw five TDs as Commanders down Eagles
- Atalanta fight back to take top spot in Serie A, Roma hit five
- Mancini admits regrets over leaving Italy for Saudi Arabia
- Run machine Ayub shines as Pakistan sweep South Africa
- Slovak PM Fico on surprise visit to Kremlin
- Gaza rescuers say Israeli strikes kill 35
- 'Incredible' Liverpool must stay focused: Slot
- Maresca 'absolutely happy' as title-chasing Chelsea drop points in Everton draw
- Salah happy wherever career ends after inspiring Liverpool rout
- Three and easy as Dortmund move into Bundesliga top six
- Liverpool hit Spurs for six, Man Utd embarrassed by Bournemouth
- Netanyahu vows to act with 'force, determination' against Yemen's Huthis
- Mbappe back from 'bottom' as Real Madrid down Sevilla
- Ali hat-trick helps champions Ahly crush Belouizdad
- France kept on tenterhooks over new government
- Salah stars as rampant Liverpool hit Spurs for six
- Syria's new leader says all weapons to come under 'state control'
- 'Sonic 3' zips to top of N.America box office
- Rome's Trevi Fountain reopens to limited crowds
- Mbappe strikes as Real Madrid down Sevilla
- 'Nervous' Man Utd humiliated by Bournemouth
- Pope again condemns 'cruelty' of Israeli strikes on Gaza
- Lonely this Christmas: Vendee skippers in low-key celebrations on high seas
- Troubled Man Utd humiliated by Bournemouth
- 2 US pilots shot down over Red Sea in 'friendly fire' incident: military
- Man Utd embarrassed by Bournemouth, Chelsea held at Everton
- France awaits fourth government of the year
- Germany pledges security inquest into Christmas market attack
- Death toll in Brazil bus crash rises to 41
- Joshua bout only fight left for beaten Fury says promoter Hearn
- Odermatt stays hot to break Swiss World Cup wins record
- Neville says Rashford's career at Man Utd nearing 'inevitable ending'
- Syria's new leader vows not to negatively interfere in Lebanon
- Germany pledges security inquest after Christmas market attack
- Putin vows 'destruction' on Ukraine after Kazan drone attack
- Understated Usyk seeks recognition among boxing legends
- France awaits appointment of new government
Billionaires' wealth more than doubles in 10 years: UBS
Billionaires have seen their combined wealth shoot up 121 percent over the past decade to $14 trillion, Swiss bank UBS said Thursday, with tech billionaires' coffers filling the fastest.
Switzerland's biggest bank, which is among the world's largest wealth managers, said the number of dollar billionaires increased from 1,757 to 2,682 over the past 10 years, peaking in 2021 with 2,686.
The 10th edition of UBS's annual Billionaire Ambitions report, which tracks the wealth of the world's richest people, found that billionaires have comfortably outperformed global equity markets over the past decade.
The report documents "the growth and investment of great wealth, as well as how it's being preserved for future generations and used to have a positive effect on society", said Benjamin Cavalli, head of strategic clients at UBS global wealth management.
Between 2015 and 2024, total billionaire wealth increased by 121 percent from $6.3 trillion to $14.0 trillion -- while the MSCI AC World Index of global equities rose 73 percent.
- Tech wealth -
The wealth of tech billionaires increased the fastest, followed by that of industrialists.
Worldwide, tech billionaires' wealth tripled from $788.9 billion in 2015 to $2.4 trillion in 2024.
"In earlier years, the new billionaires commercialised e-commerce, social media and digital payments; more recently they engineered the generative AI boom, while also developing cyber-security, fintech, 3D printing and robotics," UBS said.
The report found that since 2020, the global growth trend had slowed due to declines among China's billionaires.
From 2015 to 2020, billionaire wealth grew globally at an annual rate of 10 percent, but growth has plunged to one percent since 2020.
Chinese billionaire wealth more than doubled from 2015 to 2020, rising from $887.3 billion to $2.1 trillion, but has since fallen back to $1.8 trillion.
However, North American billionaire wealth has risen 58.5 percent to $6.1 trillion since 2020, "led by industrials and tech billionaires".
Meanwhile billionaires are relocating more frequently, with 176 having moved country since 2020, with Switzerland, the United Arab Emirates, Singapore and the United States being popular destinations.
- 268 new billionaires in 2024 -
In 2024, some 268 people became billionaires for the first time, with 60 percent of them entrepreneurs.
"The year's new billionaires were mainly self-made," said UBS.
The report said US billionaires accrued the greatest gains in 2024, reinforcing the country's place as the world's main centre for billionaire entrepreneurs.
Their wealth rose 27.6 percent to $5.8 trillion, or more than 40 percent of billionaire wealth worldwide.
Billionaires' wealth from mainland China and Hong Kong fell 16.8 percent to $1.8 trillion, with the number of billionaires dropping from 588 to 501.
Indian billionaires' wealth increased 42.1 percent to $905.6 billion, while their number grew from 153 to 185.
Western Europe’s total billionaire wealth rose 16.0 percent to $2.7 trillion -- partly due to a 24 percent increase in Swiss billionaires.
UAE billionaires' aggregate wealth rose 39.5 percent to $138.7 billion.
- Next 10 years -
UBS said billionaires faced an "uncertain world" over the next 10 years, due to high geopolitical tensions, trade barriers and governments with mounting spending requirements.
Billionaires will therefore need to rely on their previous distinctive traits: "smart risk-taking, business focus and determination".
"Risk-taking billionaires are likely to be at the forefront of creating two technology-related industries of the future already taking shape: generative AI and renewables/electrification," UBS predicted.
And more flexible wealth planning will be needed as billionaire families move country and spread around the world.
The heirs and philanthropic causes of baby boom billionaires are set to inherit an estimated $6.3 trillion over the next 15 years, UBS said.
P.M.Smith--AMWN