UBS annual billionaire report or similar credible financial reports

Global Billionaire Wealth Surges 17% to $14 Trillion, Tech Billionaires Lead

Dec 5, 2024, 09:46 AM

The collective wealth of the world's billionaires has surged to $14 trillion, according to a recent report by Swiss bank UBS. Over the past year, their wealth increased by approximately 17%, driven primarily by significant gains among the super-rich in the United States, which more than offset a decline in China. The report highlights that the wealth of the 2,682 individuals with fortunes exceeding $1 billion has more than doubled over the last decade, growing by 121 percent. This growth outpaces the performance of global stock markets, with tech billionaires experiencing the fastest accumulation of wealth. The U.S. stock market boom has been a key factor in this wealth increase, while many of the super-rich have relocated, particularly to Singapore, since the onset of the Covid-19 pandemic.