A new study by the Swiss banking group UBS, cited by the Wall Street Journal, reveals that the global billionaire population reached its highest level on record in 2025, boosted largely by surging technology valuations and strong performance across global stock markets. The combined wealth of roughly 2,900 billionaires now stands at 15.8 trillion dollars, up from about 14 trillion dollars a year earlier, when the world counted around 2,700 billionaires.
Tech Boom Creates Nearly 300 New Billionaires
Over the past year, 287 new billionaires have appeared worldwide, marking the second-largest annual increase since UBS began tracking global billionaire wealth in 2015. Only 2021 saw a bigger jump, fueled by economic stimulus measures in the United States and historically low interest rates that drove asset prices sharply higher.
“We are seeing an acceleration in billionaire growth across all sectors,” said John Mathews, head of private wealth management at UBS. According to the bank, new billionaires emerged both from entrepreneurial success and from the passing down of vast family fortunes from one generation to the next.
Entrepreneurs and Heirs Shape New Billionaire Class
The study is based on data collected jointly by UBS and the auditing firm PricewaterhouseCoopers, covering billionaire wealth across every major region. UBS also surveyed 87 billionaire clients to supplement its findings.
The self-made billionaires of 2025 come from a diverse range of industries. Notable examples include Ben Lamm, founder of Colossal Biosciences; Michael Dorrell, co-founder of infrastructure investment firm Stonepeak Partners; China’s Zhang brothers of Mixue Ice Cream and Tea; and crypto-entrepreneur Justin Sun. Meanwhile, 91 newcomers inherited their fortunes, including 15 heirs from two German pharmaceutical dynasties. “We have spoken about a historic wealth transfer for more than a decade, and now we are watching it unfold,” Mathews said.
Other Analysts Confirm Record Wealth Concentration
The wealth intelligence group Altrata also reports a record surge in global billionaire numbers, estimating the 2025 total at 3,508 individuals. According to Altrata, their combined wealth stands at 13.4 trillion dollars, with roughly one-third of the world’s billionaires residing in the United States. China ranks second with 321 billionaires, who collectively control around 10 percent of global billionaire wealth.
Who Tops the List of the Richest?
As of December 4, the world’s richest person was Elon Musk, CEO of Tesla and SpaceX, with an estimated net worth of 462 billion dollars, according to the Bloomberg Billionaires Index. In second place was Larry Page, co-founder of Google, with 274 billion dollars, followed by Larry Ellison of Oracle, whose wealth stands at roughly 266 billion dollars.
Among Russia’s wealthiest individuals, Vladimir Potanin, a principal owner of Norilsk Nickel, held the top position with 29.6 billion dollars. He was followed by Aleksey Mordashov, the main shareholder of Severstal, whose net worth is estimated at 26.1 billion dollars. In third place was Leonid Mikhelson, head of NOVATEK, with 23.1 billion dollars.
