The amount of wealth held by billionaires reached $15.8 trillion in 2025 – the highest level on record, according to the annual UBS Billionaire Ambitions report.
The figure amounts to more than the combined GDP of Germany, the UK, France, Italy and Spain.
The 2025 edition of the UBS report, which was released today, also shows that the heirs of billionaires have inherited more wealth this year than at any time since in the report’s history (it has been published since 2015).
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Some 91 heirs inherited wealth from billionaires between April 2024 and April 2025, collectively receiving $297.8 billion – roughly 36 per cent more than the previous year.
UBS estimates that, if current trends continue, billionaire families could pass $5.9 trillion to their children over the next 15 years. ‘These heirs are proof of a multi-year wealth transfer that’s intensifying,’ said Benjamin Cavalli, the bank’s head of strategic clients. Most of this growth is expected in the US, followed by India, France, Germany and Switzerland.
However, billionaire inheritors are not just the ‘next generation’, said Cavalli. They are often better described as ‘next in line’, because of the fact that many inheritors of billionaire wealth are partners or spouses, instead of children. This trend is one factor in a wider increase of women’s wealth, the report noted.
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In 2025, inheritance was the primary route to billionaire status for women, with 27 of the 43 new female billionaires gaining their wealth this way, while 16 were self-made. According to the report, notable heirs included Marilyn Simons, widow of US hedge fund manager Jim Simons, and Rekha Jhunjhunwala, widow of Indian investor Rakesh Jhunjhunwala.
The world’s 258 multi-generational female billionaires collectively hold around $1.5 trillion in assets, with an average wealth of $6 billion. This is compared to a total of 602 male counterparts, who hold $3.1 trillion, averaging $5.2 billion each. Overall, female billionaires (374 in total versus 2,545 men) have now outpaced men in wealth growth for four consecutive years, the report found, with their average wealth rising 8.4 per cent in 2025, more than twice the men’s 3.2 per cent increase over the same period.
Asia-Pacific has a higher share of self-made women than other global regions. Self-made female billionaires are more likely to have made their money across sectors such as consumer and retail. This is in contrast with male self-made billionaires, whose wealth is more likely to come from technology.
[See also: The Agnelli dynasty: Wealth, tragedy, and a bitter inheritance battle]
The UBS report also highlights emerging investment trends amongst billionaires.
Despite rising volatility, the vast majority (93 per cent) of respondents indicated no plans to reduce their exposure to developed‑market equities.
Instead, many are doubling down – 63 per cent point to North America as their top opportunity for investment returns over the next 12 months, while interest in Western Europe (40 per cent) and China (34 per cent) has climbed significantly.
At the same time, 42 per cent say they will boost holdings in emerging‑market equities. Private equity, hedge funds, infrastructure and other alternatives remain in favour, as billionaires position themselves for ‘the three Ps’, said Maximilian Kunkel, the CIO of Global Family & Institutional Wealth at UBS, namely ‘policy, positioning and profit development.’
Alongside these investment strategies, UBS advisers note that roughly half of the $84 trillion expected to change hands in the Great Wealth Transfer will be in the form of business assets. Benjamin Cavalli said there was a ‘huge opportunity to defend what we have, but also to win significant market share’.
