UBS Wealth Report or similar reputable financial reports

Billionaires' wealth doubles to $14 trillion in decade, led by tech boom, UBS reports

Dec 5, 2024, 04:29 PM

According to a recent report by Swiss bank UBS, the wealth held by the world's billionaires surged by 17% over the past year, reaching a combined total of $14 trillion. This significant increase was driven primarily by gains among the super-rich in the United States, which more than offset declines in China. Over the past decade, billionaire wealth has more than doubled, with an overall growth of 121%, outpacing global stock markets. The number of billionaires worldwide has also grown, rising from 1,757 to 2,682 individuals. The report highlights that tech billionaires experienced the fastest wealth growth, while the real estate sector lagged behind. Additionally, since the COVID-19 pandemic, many of the super-rich have relocated, particularly moving to Singapore.