UBS recently published the 10th edition of its Billionaire Ambitions Report, which examines the wealth and investment trends of over 2,500 billionaires across the Americas, Europe, Middle East, Africa (EMEA), and Asia-Pacific (APAC). Over the past 10 years, this report has documented how billionaires grow and preserve their wealth for future generations, while also using it to make a positive impact on society. Here’s what the latest report reveals:
Billionaires Outperform Equity Markets Over the Long Term
Billionaires have outpaced stock markets over the last 10 years. Between 2015 and 2024, their combined wealth rose by an impressive 121%, growing from $6.3 trillion to $14 trillion globally. In contrast, the MSCI All Country World Index increased by a smaller margin of 73% during the same period.
The number of billionaires also grew significantly, from 1,757 in 2015 to 2,682 in 2024—a 50% jump. However, since 2020, growth has slowed to just 1% annually, largely due to a decline in billionaire wealth in China. On the other hand, wealth expansion remains robust in regions like the United States, Europe, and India.
Source: The UBS Billionaire Ambitions Report, 2024
Tech and industrials lead the way
Tech Billionaires: Driving Innovation
The wealth of tech billionaires has grown the fastest among all sectors, tripling from $789 billion in 2015 to $2.4 trillion in 2024. In earlier years, this growth was fuelled by e-commerce, social media, and digital payments. More recently, tech entrepreneurs have driven advancements in generative AI, cybersecurity, fintech, 3D printing, and robotics.
Industrials Billionaires: A Surprising Contender
While the rapid rise of tech billionaires is expected, industrialists have also made significant strides. Their collective wealth has grown from $480 billion in 2015 to $1.3 trillion in 2024, reflecting the enduring importance of manufacturing, construction, and other industrial sectors.
Raising exposures to developed market equities, real estate and gold / precious metals
The report reveals that billionaires are shifting their investment strategies. With interest rates in the US and Europe expected to ease, 43% of billionaires plan to increase investments in real estate, and 42% are targeting developed market equities.
Basically, in the face of evolving economic conditions, billionaires are adjusting their investment strategies. Here’s where they are focusing their money:
Traditional Asset Classes
Real Estate: 43% of billionaires plan to increase their real estate investments.
Developed Market Equities: 42% intend to boost their exposure to equities in developed markets, possibly due to expected economic growth as interest rates stabilize.
Gold and Precious Metals: 40% aim to increase investments in gold and other precious metals, which are seen as safe havens during times of geopolitical uncertainty.
Cash Holdings: 31% plan to hold more cash to hedge against market volatility.
Alternative Investments
Private Equity: While 38% plan to increase direct private equity investments, only 28% favour private equity funds/ funds of funds holdings, with 34% intending to reduce exposure to these funds.
Infrastructure and Private Debt: These sectors are gaining traction, with 26% and 35% planning to increase investments, respectively.
Art and Antiques: Interest in art and antiques has surged, with 32% planning to grow their collections—up from 11% in the previous year.
Declining Interest
Hedge funds appear to be losing their appeal, as 27% of billionaires plan to reduce their investments, compared to 23% who plan to increase them.
Source: The UBS Billionaire Ambitions Report, 2024
A sea change in how billionaires drive impact
Billionaires are also changing the way they make a difference in the world. They now understand that there are many ways to have an impact, whether through philanthropy, investments, or their businesses.
Over the past 10 years, they’ve become more thoughtful and strategic about their giving. For example, 10 years ago, only 46% of billionaires had a clear plan when donating money or making grants. Today, that number has grown to 56%, and it’s expected to stay around the same (55%) over the next decade. Being strategic helps ensure their contributions make a bigger impact.
Billionaires back ventures they care about and with potential for creating change
Furthermore, billionaires focus their efforts on areas where they believe their impact will be most visible, such as education, local communities, and the arts or museums. Globally, nearly three-quarters (71%) of them support education initiatives, making it the most popular area of investment. This is followed by efforts to assist local communities (54%) and projects in healthcare or medicine (49%).
Conclusion
Many important facts and conclusions are drawn from the study conducted by UBS in its report.
The world’s billionaires are not just growing their wealth—they are redefining how they invest and give back. From technology and real estate to education and healthcare, their choices reveal a mix of financial prudence and social responsibility.
While their investments continue to evolve in response to global trends and challenges, one thing is clear: billionaires are using their wealth not only to secure their future but also to leave a lasting impact on society. This dual approach highlights the potential for wealth to drive meaningful change in the world.
