Swiss bank UBS reports that the total wealth of billionaires has surged by 121% over the past 10 years, reaching $14 trillion (62 trillion ringgit), with technology billionaires experiencing the fastest growth.
According to AFP, Swiss bank UBS, one of the world's largest wealth management institutions, stated that over the past 10 years, the number of billionaires calculated in USD increased from 1,757 to 2,682, reaching a peak of 2,686 billionaires in 2021.
The "2024 Billionaire Report" by UBS, which tracks global billionaire wealth, found that over the past decade, billionaire performance outpaced the global stock market.
From 2015 to 2024, total billionaire wealth increased by 121%, from $6.3 trillion (27.91 trillion ringgit) to $14 trillion, while the MSCI All-Country World Index rose 73%.
In 2024, about 268 people became billionaires for the first time, with 60% being entrepreneurs. UBS stated, "Most of the new billionaires this year are self-made."
Wealth of technology billionaires grew the fastest, followed by industrial magnates. Global technology billionaires' wealth increased from $788.9 billion (3.49 trillion ringgit) in 2015 to $2.4 trillion (10.63 trillion ringgit) in 2024.
UBS stated, "In the early days, new billionaires commercialized e-commerce, social media, and digital payments; in recent years, they've facilitated the explosion of generative artificial intelligence (AI) and have also developed cybersecurity, fintech, 3D printing, and robotics."
The report found that since 2020, global growth trends have slowed due to the shrinkage of Chinese billionaire wealth. From 2015 to 2020, global billionaire wealth grew at an annual rate of 10%, but since 2020, the growth rate has slowed to 1%.
Meanwhile, the frequency of billionaires relocating has increased, with 176 moving to another country since 2020. Switzerland, the UAE, Singapore, and the USA are popular destinations.