Wealth among the ultra-rich grew 13 percent this year, reaching $15.8 trillion worldwide, according to UBS.
By yourNEWS Media Newsroom
The global billionaire population climbed to an all-time high in 2025 as wealth appreciation and inheritance accelerated, Swiss bank UBS reported in its latest Billionaire Ambitions study.
Total billionaire wealth rose to $15.8 trillion, up 13 percent from 2024, marking the second-largest annual increase after 2021. UBS said the gains were driven by higher valuations for technology billionaires and an expanding number of wealthy individuals across multiple industries.
“In a highly uncertain time for geopolitics and economics, entrepreneurs are innovating at scale across a range of sectors and markets. They’re creating wealth as they do so,” UBS Global Wealth Management executive Benjamin Cavalli said.
The report found that inheritance played a growing role in the rise of billionaire fortunes. Over the 12 months through April, 91 people joined the billionaire ranks through inheritance, receiving nearly $298 billion collectively. UBS estimates that $5.9 trillion will pass to billionaire heirs over the next 15 years.
The number of billionaires worldwide rose 8.8 percent this year to 2,919 from 2,682. The United States leads with 924 billionaires holding about $6.9 trillion in assets, followed by mainland China with 470 worth $1.8 trillion. India, Germany, and the United Kingdom round out the top five.
UBS noted that geopolitical and tax policy changes are prompting greater mobility among billionaires, with many relocating for stability and favorable tax environments.
Debate Over Wealth Taxes
The growing concentration of wealth has renewed debate over wealth taxation. In the United States, Sen. Elizabeth Warren and Rep. Pramila Jayapal introduced the Ultra-Millionaire Tax Act to impose a tax on net worth above $50 million, though the proposal stalled in Congress.
Warren said, “When you make it big, bigger than $50 million, then on that next dollar, you pitch in two cents, so everyone else can have a chance.”
Similar efforts abroad have faced resistance. Nearly 80 percent of Swiss voters rejected a proposed 50 percent tax on inherited fortunes above 50 million francs ($62 million), and France’s parliament declined a 2 percent levy on wealth exceeding 100 million euros ($116 million).
Economists remain divided on the policy’s merits. French economist Gabriel Zucman estimated in a G20 report that a global 2 percent wealth tax could generate $250 billion annually. Nobel laureate Joseph Stiglitz argued that such a measure could reduce inequality and raise significant revenue, while Ludwig von Mises warned that heavy taxation undermines capital accumulation.
Economist Milton Friedman said in the 1970s that wealth levies discourage saving and investment, ultimately limiting productivity and technological progress.
A 2024 analysis from the Tax Foundation concluded that wealth taxes tend to create job losses, discourage innovation, and generate little revenue relative to their economic costs.
Original article
Comments