Billionaire wealth surge driven by U.S. tech dominance
The fortunes of billionaires globally have more than doubled in less than a decade, according to analysis by Swiss bank UBS. The report highlights that those in the technology sector, primarily in the U.S., have been the main beneficiaries.
From 2015 to 2024, the total wealth of billionaires increased by 121%—from $6.3 trillion to $14 trillion, as per the UBS analysis. During this period, the number of billionaires worldwide rose from 1,757 to 2,682.
Millionaires worldwide: the U.S. is unmatched
The analysis shows that the wealth of Chinese billionaires more than doubled from 2015 to 2020, peaking at $2.1 trillion, but declined to $1.8 trillion after the COVID-19 pandemic. Meanwhile, the net worth of America's richest steadily grew throughout this time. By 2024, American billionaires held a combined wealth of $6.1 trillion, more than double what it was in 2015.
In Western Europe, billionaire fortunes rose from $1.5 trillion to $2.1 trillion between 2015 and 2020, with slower growth afterwards. By 2024, their cumulative wealth reached $2.7 trillion.
As for the number of millionaires, Americans remain unmatched. The 2024 report indicates there were almost 22 million (out of a population of about 335 million). China ranks second with just over 6 million millionaires, about twice as many as the next leading country, the United Kingdom. In percentage terms, a significant 38% of the world's millionaires are in the U.S., 28% in Western Europe, and 10% in China.
According to the study's authors, the least profitable sector was real estate, due in part to the pandemic and rising interest rates in the United States and Europe.
