Billionaire Census 2026

Introduction

Altrata’s latest Billionaire Census – the 13th edition – provides a comprehensive insight into the global billionaire class and the evolving landscape of ultra wealth creation. Amid complex geopolitics, volatile capital markets, and rapid technological disruption – most notably in artificial intelligence – the world’s billionaire population surged to an all-time high in 2025. Another year of dynamic wealth gains lifted the collective net worth of the world’s richest individuals in excess of a staggering $15tn.  

Altrata’s comprehensive database provides unrivaled insight into the status of the world’s wealthiest individuals and their characteristics, making it an essential read for wealth managers, luxury brands, private banks, family office advisors, philanthropic organizations and educational institutions looking to prospect for and engage with individuals in this highly exclusive demographic. 

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Key definitions

Ultra high net worth (UHNW) individuals
Those with a net worth of $30m+ (also referred to as the ‘ultra wealthy’).

Very high net worth (VHNW) individuals
Those with a net worth of $5m to $30m.

Key findings

• The global billionaire population surged to an all-time high of 3,795 individuals in 2025. Annual growth of 8.2% was the strongest in five years, capping a decade in which this exclusive population has expanded by almost 60%. Total wealth of the billionaire population soared by 12.8% to a record $15.1tn in 2025, equivalent to almost a quarter of the total market capitalization of the S&P 500. This was a third successive year of accelerating growth. The billionaire population comprised a tiny 0.07% share of those with more than $5m in net worth, while holding 13% of this group’s total wealth. 

• The AI investment boom was a major driver of global billionaire wealth creation. Of the 150 listed companies globally that contribute the most to billionaire wealth, those that made a meaningful investment in AI outperformed those that did not by 23% in market capitalization growth over the combined 2024-25 period. In 2025, the planet’s 29 richest people, each with fortunes above $50bn (comprising 0.7% of the billionaire population), had a combined net worth of $4.1tn, or a staggering 27% of all billionaire wealth. This share has jumped in recent years, up from 16.3% in 2023, and from just 7.2% in 2017, when 10 billionaires each held a $50bn+ portfolio. Sharp fluctuations in AI-exposed tech stocks – and, by extension, in individual billionaire wealth – will remain a feature of global markets in the coming years. 

• North America strengthened its position in 2025 as the world’s leading billionaire region. Growth of 11.6% in billionaire numbers outpaced every other region, lifting the population to 1,337 individuals (a 35% global share). The billionaire population in Europe expanded strongly for a second consecutive year, by almost 8% to 1,081 individuals (a 28% global share). Asia, the third-largest billionaire region, recorded a 6.5% rise in its billionaire population to 881 individuals, although this underperformed the global average. 

• The US, home to a third of the global billionaire class, recorded an 11.5% rise in 2025 to 1,265 billionaires. In absolute numbers, this is more than three times the level in China, whose billionaire population expanded by 13%, by far its strongest performance in the past five years. Germany, Europe’s largest wealth market, registered the fastest growth in billionaire numbers of all the leading 15 countries (at 20%). Among the top 15 cities, Singapore and major US cities recorded the strongest growth. Second-ranked Hong Kong was one of only two (alongside London) to register a fall in its billionaire population.  

• Billionaires are a globally mobile and multijurisdictional set: a fifth are foreign born, with the share at 60% in London (48% in the UK), 41% in San Francisco and 19% in New York (18% in the US). Their average age is 71, with only 9% aged under 50, and women account for just 13%. The majority of billionaires created their own fortunes, with just 8% fully inheriting their wealth. Banking and finance are the predominant industry. Some 15% of billionaires have a private jet, almost three times the share that owns a luxury yacht. Sports and philanthropy are the most popular hobbies among billionaires. In recent years, the blending of passion for sports and investment opportunities has shifted towards a more strategic portfolio focus: 201 of the world’s billionaires (just over 5%) currently own a direct stake in a sports team or franchise.  

• Almost 5,000 spouses and adult children will inherit a sizeable share of the $6.6tn of billionaire wealth that will be passed on over the next decade – and women will account for a significant share. This will include more than 1,235 female spouses. The current average age of expected adult child heirs is 48, and that of spouses is 66. Some 23% of expected adult child heirs already work alongside their billionaire parent in the primary family business. 

The billionaire class in 2025

Soaring wealth and rising influence

The global billionaire population surged to an all-time high of 3,795 individuals in 2025. Growth of 8.2% was the strongest in five years, as rising equity markets, monetary stimulus, and AI investment mania propelled dynamic wealth gains among the ultra rich. A net 287 individuals joined the billionaire club, which has grown in size by almost 60% over the past decade.  

The global billionaire population recorded its strongest expansion since 2020.

Total wealth of the billionaire population soared by 12.8% to a record $15.1tn, equivalent to almost a quarter of the total market capitalization of the S&P 500 at the time. This was a third successive year of accelerating growth, with the average billionaire fortune now standing at $4bn. In reality, median net worth among the billionaire population is closer to $2bn, reflecting the top-heavy distribution of wealth among an exclusive group of the very richest ‘superbillionaires’.  

An increasingly frenetic AI investment boom was a major driver of the rise in total billionaire wealth in 2025, but it was not the only transformative event shaping global portfolios. For the first time since the pandemic, all major asset classes delivered positive returns. Equities led the way with double-digit growth, and rate cuts among the world’s major central banks also lent support to fixed-income markets. There was considerable turbulence throughout the year, however, stoked by fractious geopolitics and an erratic realignment in the US of long-established trade relations and policy norms. This contributed to a partial rotation of globally mobile capital away from US assets and to more diverse wealth gains across a range of sectors and regional asset markets.  

Billionaires command an outsized share of global wealth 

The distribution of wealth is highly imbalanced across the world economy at all levels of society and wealth tiers. The billionaire class accounts for only a tiny fraction of the ‘global wealthy’ population but commands an extravagantly outsized proportion of total net worth. The concentration of wealth is just as stark among the world’s richest individuals themselves, with the rapid appreciation of technology stocks, in particular, having widened the wealth gap between the very richest billionaires and the rest of the billionaire class.  

In 2025, there were approximately 5.9 million individuals around the world each with personal wealth in excess of $5m. Their estimated combined net worth totaled $116tn. The billionaire population comprised a tiny 0.07% share of this affluent group, while holding 13% of the total stock of wealth. Focusing just on the very wealthy ultra high net worth (UHNW) segment – numbering some 557,000 individuals globally, each with a fortune of more than $30m – the billionaire class represented only a 0.7% share by population, whereas their collective net worth of $15.1tn accounted for an outsized 24% of total UHNW wealth.  

Billionaires comprise just 0.07% of individuals with more than $5m in net worth, while holding 13% of this group’s total wealth.

Total billionaire wealth has more than doubled (in nominal terms) over the past decade, outpacing by some margin the rise in billionaire numbers. It is worth noting that a similar pattern is evident across the broader UHNW population (excluding billionaires), highlighting the robust expansion of asset portfolios over this period across the highest wealth tiers of society. As a result, billionaire wealth as a proportion of UHNW wealth has remained largely stable within a narrow 23-25% range since the mid-2010s. Viewed in a broader context, this has, of course, accompanied a steady rise in the concentration of billionaire wealth relative to the total stock of global private wealth.  

An increasing concentration of extreme billionaire wealth 

Driven by scalability gains in the technology sector, soaring AI-focused company valuations, and compounding capital-market gains, one of the clearest trends of recent years has been a more skewed distribution of wealth among the billionaire class itself, to the benefit of those at the very peak of the global wealth pyramid. 

Almost half (46%) of the global billionaire population has a net worth of between $1bn and $2bn, placing these individuals in the ‘lowest’ billionaire wealth tier. Another third of billionaires hold personal wealth in the range of $2bn-$5bn. Combined, these two groups account for 82% of the billionaire class. 

Around half of all billionaires have a net worth of $1bn-$2bn.

Exclusivity increases sharply among the uppermost wealth tiers. About one in every nine billionaires has a net worth of between $5bn and $10bn. In 2025, this group numbered 425 individuals. Rising further, a highly privileged 278 billionaires – some 7% of the global billionaire population and up from 192 in 2021 – each held a fortune in excess of $10bn. 

Age of the ‘superbillionaire’ 

Of this group, a select 29 individuals are accorded with ‘superbillionaire’ status, each with a fortune valued in excess of $50bn. Members of this elite tier have recorded by far the most dynamic wealth generation over the past decade, underlining the hyper concentration of global wealth at the very top. In 2025, the planet’s 29 richest people (comprising 0.7% of the billionaire population) had a combined net worth of $4.1tn, or a staggering 27% of all billionaire wealth. This share has jumped in recent years from 16.3% in 2023, and is almost four times higher than in 2017, when 10 billionaires each held a $50bn+ portfolio. 

Twenty-nine superbillionaires each hold fortunes valued in excess of $50bn and control 27% of total billionaire wealth, up from a share of 7% in 2017.

The combined wealth holdings of the superbillionaire group imply an average 12-figure fortune in the region of $140bn but, as in every wealth tier, the distribution is far from uniform. The technology sector features prominently as the driver of wealth generation for many of the very richest billionaires, whose portfolio valuations have been recently bolstered (dramatically in some cases) by the AI investment boom and related corporate deals. This includes individuals such as Larry Page (US; Google) and Jeff Bezos (US; Amazon), and it is certainly the case for Elon Musk, the world’s wealthiest individual, whose personal fortune has soared over the past year (and who became, temporarily, the first trillionaire following the public listing of SpaceX, the rocket manufacturer and technology group, in mid-2026).  

Riding the AI wave

The AI investment boom has been one of the most important drivers of global billionaire wealth creation since 2023 and its influence became even more pronounced through 2025 and the first half of 2026. Investor enthusiasm for generative AI, large language models, cloud computing and AI-enabled software has attracted unprecedented levels of capital, fueling a dramatic re-rating of the market capitalization of many technology companies.  

Those that have benefited the most have typically been producers of key hardware components, however, the impact of the AI investment ‘‘supercycle’ is evident in corporate balance sheets across many areas of the digital supply chain. Of the 150 listed companies globally that contribute the most to billionaire wealth, we have found that market valuations have correlated positively with meaningful AI investment: over the combined 2024-25 period, the companies that made a meaningful investment¹ in AI outperformed those that did not by 23% in market capitalization growth. 

Record private investment, successful public listings and inflated market valuations of AI-focused start-ups in recent years have created a wave of new AI billionaires in areas ranging from foundation models and cloud applications to robotics and cybersecurity. As a large proportion of billionaire wealth is typically concentrated in company equity, the founders and major shareholders of the world’s leading technology companies have been the largest beneficiaries of the AI-driven rise in tech stocks, translating directly into substantial increases in personal net worth. As highlighted above, some of the world’s superbillionaires have seen their fortunes increase by tens of billions of dollars over the past year or so, reinforcing the dominant status of a small group of technology entrepreneurs at the very top of the global wealth pyramid.  

At the same time, market volatility in the technology sector has increased amid growing investor scrutiny of the AI spending spree by the ‘big tech’ corporates. The enormous scale of deployed (and planned) capital outlay has understandably prompted reservations as to whether certain investments will ultimately pay off. It has also raised ‘bubble’ concerns over equity concentration risk tied to AI-related stocks, especially in tech-heavy markets such as South Korea and the US. Sharp fluctuations in AI-exposed tech stocks – and, by extension, in individual billionaire wealth – will remain a feature of global markets in the coming years as the adoption and commercialization of AI continue to evolve. 

Regional, country and city performance

Billionaires by region

North America 

Resilient financial markets and elevated tech-sector valuations propelled strong wealth gains in a turbulent policy environment. 

North America strengthened its position in 2025 as the world’s leading billionaire region. Growth of 11.6% in billionaire numbers outpaced every other region, lifting the population to 1,337 individuals (a 35% global share). Both the US and Canada recorded double-digit gains. The AI investment boom opened new wealth opportunities and significantly bolstered company valuations across the region’s dominant technology sector, elevating the fortunes of billionaire founders and those with major shareholdings. Regional equities overall delivered healthy returns, although they were outshone by major stock markets in Europe and Asia. This reflected a degree of US exposure hedging by investors amid some unease over AI market concentration risk and a more unpredictable political and policy environment in the US, which weighed on the US dollar. Resilient economic activity and gradual monetary easing helped to counter these modest headwinds, with the combined wealth of the billionaire class in North America surging by 16% to a record $6.8tn, equivalent to 45% of global billionaire wealth. 

North America’s billionaire population held 45% of global billionaire wealth in 2025.

Europe 

Strong growth in billionaire numbers and wealth as rising equities and reputational stability countered economic and trade constraints. 

The billionaire population in Europe expanded strongly for a second consecutive year, increasing by 8% to 1,081 individuals (a 28% global share). Rising equity markets, positive currency effects, and firm demand across the region’s established industrial, financial, and luxury sectors drove a 13% expansion in billionaire net worth to $3.7tn. Growth lagged that in North America, partly owing to substantially lower exposure to AI-led technology returns, but outperformed Asia and most other regions. Investors diversifying towards non-US assets favored the relative stability and value of European stocks, which drove healthy gains across the region’s equity markets (after a stark underperformance in 2024). Established private banking and wealth-management structures also held strong appeal for globally mobile capital in a time of heightened geopolitical volatility. Currency appreciation against the US dollar and policy easing by Europe’s central banks further bolstered wealth portfolios. This more than offset the impact of lackluster economic conditions in the region’s largest wealth centers (Germany, the UK, and France), market exposure to the protectionist shift in US trade policy, and more prevalent structural constraints on entrepreneurial-led wealth creation than in North America and Asia. 

Asia 

Wealth portfolios boosted by AI spillover effects and dynamic equity gains, but billionaire growth lagged that in North America and Europe. 

The third-largest billionaire region recorded a 6.5% rise in its billionaire population to 881 individuals, although this underperformed the global average and growth in the other two large billionaire regions. Positive spillover effects from the wider AI investment boom, supportive fiscal and governance reforms, and global investor diversification underpinned strong returns in many of the region’s equity markets. South Korea’s tech-heavy KOSPI index was the top global performer, with robust gains also in Taiwan, Japan, and Hong Kong. In contrast, returns in the fast-growing billionaire market of India were relatively muted for a second consecutive year. Trade dislocation from US tariff policy – with the region’s largest billionaire hub of China a notable target – weighed on regional sentiment to an extent, as did pockets of real estate weakness and structurally softer growth of the Chinese economy. However, this was countered by easing monetary conditions, export rotation to non-US markets, and deepening integration of Asian firms in global supply chains, notably in high-value manufacturing and technology. Overall, the cumulative net worth of the region’s billionaire class rose by 10% to $3.1tn (a 20% global share). 

Middle East 

Rise in billionaire numbers, but total wealth dented by lackluster energy and capital markets. 

2025 was a challenging year for Middle Eastern billionaires, although there was modest growth in their population, which rose by 5% to 254 individuals. Key drivers were extensive non-oil diversification activity and large sovereign infrastructure programs, which supported capital inflows and new channels of wealth creation, particularly in the leading centers of Saudi Arabia and the United Arab Emirates (UAE). However, the region’s still heavy reliance on hydrocarbon exports was exposed by the weakness in global energy markets. Oil prices trended lower through the year and closed 2025 down almost 20%, the largest annual fall since 2020. The US dollar currency peg in most Gulf Arab countries was much less supportive for wealth holdings than in 2024, while equity markets across the region underperformed the emerging-market average. Stock market returns varied sharply on a country basis, shaped by their sector focus, uneven monetary policy paths, and exposure to ongoing geopolitical instability in the region. As a result of these varied headwinds, total billionaire wealth in the region fell by 4% to $0.7tn, equivalent to a global share of 4.4%. 

Latin America and the Caribbean 

More concentrated wealth gains amid a second consecutive annual decline in the region’s billionaire population. 

The billionaire class in Latin America and the Caribbean totaled 144 individuals in 2025, a 3.8% global share and down slightly from a year earlier. Despite this fall, cumulative billionaire net worth in the region rebounded strongly after broad-based weakness in 2024, rising by 11% to $0.6tn. This more concentrated distribution of wealth was driven by pockets of strong non-oil commodity demand (especially in industrial metals and agricultural products), positive capital market developments, and rising company valuations in the digital and finance sectors. Conversely, some regional portfolios were badly exposed to the US-led protectionist shift in global trade. Most regional central banks maintained an easing stance, although the region’s largest wealth market of Brazil was a key exception. Stock markets generally trended higher, with Mexico and Chile the standout performers. There was also support for wealth portfolios from currency appreciation against the US dollar and higher capital inflows tied to global investor diversification away from US assets. 

The Pacific and Africa 

The two smallest billionaire regions recorded modest absolute gains in billionaire numbers and wealth, driven by the mineral and digital sectors. 

The billionaire populations of the Pacific region and Africa comprise, in each case, just over 1% of the global total. Given the relatively low numbers, caution is required when interpreting annual changes. The Pacific almost exclusively reflects developments in Australia, where billionaire wealth is concentrated in mining, financial services, tech and property. The billionaire population rose modestly in absolute number to 51 individuals, on the back of global demand for mineral commodities and financial and business services, although wealth gains were constrained by subdued export trends to China (by far the largest trading partner of the region) and real estate pressures that dampened equity-market returns.  

Africa’s 47 billionaires recorded a moderate increase in their cumulative net worth. Asset holdings – which are concentrated in South Africa, Egypt, Nigeria and Kenya – were supported by new investments tied to rising digital transformation and growing demand for the region’s critical mineral reserves, as well as currency effects. Political, financing, and infrastructure constraints continued to limit broader wealth generation, which is expanding from a low base, but the focus of global investors on the region is gradually building. 

What drives growth in billionaire wealth?

What drives growth in billionaire wealth? 

Billionaire wealth is generated through a combination of entrepreneurship, business ownership, financial and luxury asset investments, and inheritance. Most self-made billionaires derive their fortunes from founding or building successful companies. Rather than holding substantial cash balances, billionaire wealth is typically concentrated in equity stakes in listed or privately owned companies, often making business valuations and stock market performance the key determinants of net worth. Inherited wealth also represents a growing share of billionaire fortunes as large family-owned businesses and investment portfolios are transferred between generations. 

Changes in billionaire wealth are driven primarily by fluctuations in asset prices. Rising equity markets can rapidly increase the value of large shareholdings (paper wealth), and vice versa. Domestic and global developments that shape economic growth, consumer demand, interest rates, commodity prices and currency movements all influence corporate earnings and asset market returns. Private company valuations, mergers and acquisitions, initial public offerings (IPOs) and private market/venture capital funding also play important roles in creating and expanding billionaire fortunes, as do more individual elements, such as the approach to wealth planning, financial leverage, tax optimization, philanthropic giving and inheritance. While billionaires in the same country will be exposed to similar economic, political and regulatory developments (among others), every billionaire’s asset structure, capital concentration, market exposure and investment strategy is unique, so the impact on their wealth will be different for each individual. 

Top billionaire countries

The top 15 countries are home to just over three quarters of the global billionaire population, underlining the influential status of this select group of wealth markets and the focused opportunities for companies and organizations that target the super wealthy. Here, we highlight some of the key country trends and recent changes in billionaire population size. 

The billionaire populations of the top 15 countries held a cumulative 83% of global billionaire wealth in 2025.

Strong growth of the US billionaire class, amid more volatile and polarized markets 

The world’s dominant billionaire country recorded an 11.5% rise in its billionaire population in 2025 to 1,265 individuals. This was above the global average, although lower than in second-ranked China and third-ranked Germany. The US is home to a third of the global billionaire class, more than three times the level in China. The proportion of total billionaire wealth held in the US is even greater, at 44%, reflecting the capital-generating power of the US economy, its strengths in technology and financial services, and the high concentration of many of the world’s superbillionaires. A more polarized and unpredictable policy climate tempered capital-market returns to an extent, but the US billionaire class still expanded rapidly on the back of soaring technology-sector valuations and a resilient economic base. 

A much improved year for billionaires in China… 

China’s billionaire population expanded by 13%, by far its strongest performance in the past five years. Targeted stimulus, rising investment in technology and advanced manufacturing, and firm global demand for Chinese exports underpinned equity gains and focused channels of wealth generation, countering the effects of US-tariff disruption. On the downside, structural weakness in the residential property market persisted for a fifth successive year. 

… and in Germany, the world’s third-largest billionaire country 

Europe’s largest wealth market registered the fastest growth in billionaire numbers of all the leading 15 countries, marking a sharp turnaround from a period of relative underperformance. Most billionaire wealth in Germany is concentrated in multi-generational, family-owned enterprises, held across diverse portfolio structures. Solid domestic-facing equity returns, especially in the finance and defense sectors, were buoyed by strong currency appreciation and an investor rotation towards European assets.  

Robust gains in Russia and Singapore, but a softer trend in India and the UK 

Russia consolidated its position as the fourth-largest billionaire country, with the population and wealth holdings boosted by strong currency and interest-rate effects, and rising (non-oil) commodities revenue amid redirected trade to Asia. The financial hub of Singapore was among the best-performing billionaire markets for a second consecutive year, with firm capital-market returns and cross-border inflows tied, in part, to its status as a leading international wealth management center.  

In contrast, changes to the UK’s tax regime and divergent equity-market returns contributed to the below-par performance of Europe’s third-largest billionaire country. India also lost ground to its closest peers, for a second year running, as portfolio exposure to trade disruption and currency effects largely offset robust wealth-generating returns in other parts of the fast-growing Asian economy. 

Top billionaire cities

The distribution of the world’s billionaire population is constantly evolving, shaped by the globalization of business and technology, and the increasing mobility of capital. The allure of the premier global cities remains strong, however, offering privileged access to aligned social networks, entrepreneurial hubs, financial services, and high-end cultural, educational, entertainment and lifestyle services. As a result, year-on-year movements in the city rankings tend to be modest. Below, we highlight some of the structural drivers and recent changes in the top 15 cities ranked by billionaire population. 

The vast majority of leading cities increased their billionaire numbers in 2025, with the strongest growth in Singapore and major US cities.

The top 15 cities are home to 26% of the billionaire class 

A total of 975 billionaires resided in these 15 cities in 2025. Annual growth was slightly weaker than that of the global billionaire population, continuing the pattern of recent years. The top 15 cities’ share of the billionaire class has declined gradually since the turn of the decade, from around 28-30%. (Moscow is excluded from this year’s list owing to data limitations.) 

New York reinforced its status as the global billionaire capital 

The financial and commercial capital of the world’s largest wealth market, New York boasted an 8% rise in billionaire numbers – a firm riposte to recently heightened competition from more streamlined jurisdictions. The city’s population of 164 billionaires is larger than that of almost every country in the world, barring China and Germany (excluding the US). Wealth trends tied to the AI investment boom were a major driver of activity across the city’s extensive private capital markets, family offices and ultra-prime real estate.  

Second-ranked Hong Kong was one of two top-15 cities to register a fall in its billionaire population  

Overall billionaire net worth in the semi-autonomous territory maintained a rising trend, but persistent weakness in the real estate sector and comparatively low portfolio exposure to AI-driven wealth gains led to a dip in the city’s billionaire population. As one of Asia’s leading financial and wealth management hubs, deepening integration with mainland Chinese capital flows offers significant wealth opportunities, but also increased exposure to geopolitical rivalry.  

Six US cities rank among the top 15, with two from China 

The US and China remain the only countries with more than one city in the rankings. Reflecting its dominant status, the US boasted three of the top six cities in 2025. These included the global technology hub of San Francisco, one of the fastest-growing billionaire centers by absolute numbers of additional billionaires, behind New York and Singapore. Seventh-placed Beijing was the highest-ranked Chinese city, well ahead of Shenzhen. 

Asian cities are increasingly prominent, but there is no city representation for Germany 

The billionaire city list has a clear US bias, but exhibits a more diversified country (and regional) distribution when compared with the leading UHNW cities. In particular, major Asian wealth centers feature more prominently in the billionaire list, highlighting the concentrated net worth gains in cities such as Singapore, Beijing, and Mumbai. Dubai and Istanbul also stand out in this regard. Another key takeaway is that the world’s third-largest billionaire country – Germany – has no city representation in the top 15 (its largest billionaire hubs are Munich, Frankfurt and Hamburg). This reflects a wider dispersion of private wealth across the country’s domestic urban centers than in most leading markets. 

Billionaires in profile

A snapshot of the key characteristics of today’s global billionaire population. 

In this section we take a look at what the typical billionaire looks like in terms of their key characteristics and preferences. From demographics and source of wealth to primary industry focus and personal interests, we provide valuable insight for organizations prospecting for, targeting and engaging with this exclusive group. 

Billionaires are predominantly male and aged over 60 

The average age of the world’s billionaire population is 71. About 9% of billionaires are aged under 50, while almost half are older than 70. Attention will often focus on the latest gen Z wealth creators, but the overall age distribution of the world’s billionaires has changed little in the past decade. The scalability of asset gains in the technology sector and more frequent transfers of inherited wealth mean it is now slightly more common to enter the billionaire club at a young age, but it is still rare for an individual to enter this wealth tier before their 40th birthday. It is also relatively uncommon to be a female billionaire as women comprise just 13% of this global population. The share, however, is rising gradually thanks to evolving socio-economic trends, increasing female entrepreneurship, and growth in inter-generational wealth transfers. Asia exhibits the highest female representation of the three dominant wealth regions. 

Almost 40% of billionaires have inherited some of their wealth 

Most wealthy individuals have created their own fortunes, and this is the case for 62% of the global billionaire class. This figure has trended higher over the past decade, but has stabilized more recently with the rising frequency of family asset transfers. The share of self-made billionaires is lower than that of (non-billionaire) UHNW individuals (13 percentage points lower), a nod to the substantial wealth benefits to be gained from the ‘helping hand’ of inheritance. Some 30% of billionaires have amassed their fortunes via a blend of inherited and self-created wealth. Representation of this cohort has been rising gradually, in contrast to the share that has fully inherited their wealth (8% in 2025, down from 11% in 2020).  

Asset allocation is weighted towards equity stakes in listed companies 

Some 73% of the average billionaire portfolio comprises stakes in listed or privately owned companies, with the largest allocation (38%) in public holdings. This underlines the extent to which stock market performance and business valuations shape the wealth levels of the super rich. The share of public holdings is highest among North American billionaires, whose peers in Asia have the largest weighting in private companies. Liquid assets comprise about a quarter of billionaire portfolios, with real estate and luxury assets – such as art, jewelry and vehicle collections – accounting for a minor share (<2%). Some 15% of billionaires have a private jet, almost three times the share who own a luxury yacht. 

A preferred industry focus on banking and finance, with sports and philanthropy as favored interests 

Banking and finance is the predominant industry, with 20% of billionaires allocating the bulk of their professional time to this sector – more than twice the share of second-ranked business and consumer services. The relative appeal of finance has diminished slightly given the global digitalization wave, but it remains a favored channel for robust wealth creation, given the high compensation levels and scalable asset returns offered by private equity, asset and wealth management, investment banking and the like. Business and consumer services, industrial conglomerates, technology, and real estate are the main areas of commercial focus for a similar share of the billionaire class (7-8% in each case). Billionaires in North America (notably more so than in Europe) have the strongest representation in technology, while industrial conglomerates and real estate are a more common focus among Asia’s billionaires. Sport and philanthropy stand out as the two most popular interests of the billionaire class, both of which also offer an expanding range of investment-focused opportunities. A passion for aviation is far more common across the billionaire wealth tier than among the UHNW population. 

Billionaire focus

A globally mobile and multijurisdictional population

Increasing mobility, global connectivity, and market diversification are defining features of today’s billionaire class.  

Wealth is now increasingly global in origin and diversified in structure. With the strong expansion of wealth markets around the world, more varied avenues of entrepreneurial growth, and the rising frequency of inter-generational wealth transfers, the billionaire population is more globally positioned than ever before. Whether a technology founder, a private equity partner, or an heir to a family business, many of today’s wealthiest individuals can generate income across multiple markets, making geographic flexibility both practical and strategic. As emerging wealth hubs continue to challenge the established order, advances in digital connectivity and cross-border financial infrastructure have made it easier for the super-wealthy to live, work, invest, and structure assets across multiple jurisdictions. 

Almost 40% of billionaires own (or part-own) commercial interests headquartered outside their primary country of residence.

At the same time, rising geopolitical fragmentation and a weakening of institutional norms and macroeconomic anchors in major wealth markets have introduced new uncertainties and heightened the focus on risk mitigation. Set alongside intensifying climate shocks, cybersecurity threats, and tax competition, consideration of political, legal and market stability is taking a more prominent role in ‘discreet’ portfolio planning and restructuring. This is not only from a wealth preservation perspective, but also for lifestyle reasons tied to privacy, safety and personal freedom. 

Foreign-born individuals feature prominently among the world’s billionaire population. 

One in five of the world’s billionaires was born outside the country in which they now reside and where their primary business (if they have one) is based – a near-identical share to that of the global UHNW population. An individual’s decision to migrate from their native country will typically reflect a combination of factors – family reasons, education or work offers, personal security, and the potential career and lifestyle opportunities available in a new location. 

The extent of the ‘push’ dynamic (political or economic) will vary considerably based on the respective conditions in their native country. Major ‘pull’ factors that attract wealthy individuals and their mobile capital to a specific jurisdiction are typically a more stable political and regulatory regime, a more entrepreneurial business environment, more beneficial tax structures, more sophisticated financial markets, and access to higher-quality lifestyle services. Global competition to entice the mobile wealthy is intense, and includes offers of an ever-changing array of ‘golden visa’ schemes, favorable investor and residency programs, and complex tax and family office incentives. 

Huge variation in the share of foreign-born billionaires across major wealth markets. 

In the US, the foreign-born share of the billionaire class is a slightly below-average 18%. The world’s largest billionaire country has long been an attractive destination for entrepreneurial wealth creators and global asset holdings in general, reflecting the scale of its capital, consumer and technology markets, and the extensive networking and lifestyle opportunities. The US is home to many of the world’s wealthiest foreign-born billionaires, such as: the Tesla and SpaceX CEO, Elon Musk (born in South Africa); the cofounder of Google/Alphabet, Sergey Brin (born in Russia); and the cofounder of Nvidia, Jensen Huang (born in Taiwan). By the same token, these factors have fostered a substantial base of multigenerational local-born billionaire wealth that, for the most part, has had little reason to move outside of the US. This large ‘denominator effect’ is a major reason for the slightly below-average proportion of foreign-born billionaires. The ‘billionaire capital’ of New York exhibits a similar share of 19% but there are regional exceptions, such as the tech hub of San Francisco, where 41% of resident billionaires immigrated from overseas. 

Singapore, Hong Kong, and the UK stand out for their high share of foreign-born billionaires. All three are leading international financial centers, providing highly sophisticated and established private banking and wealth-management services – an important consideration in the safeguarding of complex billionaire portfolios. They are also well-connected wealth-creation hubs in their own right, with deep asset markets and extensive links to regional and global wealth centers, making them an attractive base for internationally active business owners. Almost 60% of billionaires in London are foreign born. Singapore and Hong Kong have become increasingly popular destinations for the super affluent from China and India. 

60% of billionaires in London are foreign born, compared with 19% in New York.

The large billionaire countries of China, Germany, and India have a very low proportion of foreign-born individuals. Wealth generation and billionaire fortunes in these markets are closely linked to domestic-oriented and family-owned businesses – these are strongly entrepreneurial in the case of China and India, and often multigenerational in Germany. Their relative economic size offers extensive opportunities to accrue substantial fortunes from local markets, resulting in a large proportion of billionaires being native-born founders, entrepreneurs or inheritors. Portfolios and institutions are typically structured to support domestic wealth accumulation, with residency, investor, and tax regimes far less geared towards attracting mobile capital than those in the financial centers of Singapore, Hong Kong, and the UK. 

‘Passion assets’ and the growth of sports investment

Passion assets comprise a small but distinctive share of billionaire portfolios. 

For the most part ’passion assets’ are luxury assets and rare collectibles. These include jewelry and precious metals, luxury vehicles and classic cars, yachts and private jets, wine and fine art collections, watches, and other luxury items. The category also encompasses direct ownership of sports teams, which ties in with sport being the most popular interest/passion among global billionaires. Real estate holdings are not included. 

As previously noted, billionaire portfolios are concentrated overwhelmingly in listed equities, private company stakes, investment funds and cash-equivalent liquid assets. The defined category of ‘real estate and luxury assets’ accounts for under 2% of a typical billionaire’s total wealth holdings. Excluding the real estate element reduces the passion assets share still further.  

For most billionaires, the minor portfolio share allocated to such assets will still equate to a substantial total in absolute terms, and will account for a major portion of billionaires’ actual spending on tangible and personally significant items and ‘passion investments’. At this extreme level of wealth, a 1% asset allocation can represent an extremely valuable and unique collection of fine art, luxury transport, wine, and jewelry, among others. 

Luxury asset ownership offers an insight into billionaires’ personal interests and status, but often also has a strong investment focus. 

As the name suggests, passion assets are not bought purely for financial reasons. Owners can enjoy using them, while they may also signal their wealth and social status, preserve family heritage, or provide access to rare and culturally important items. Their scarcity can also help preserve wealth, protect against inflation and diversify an investment portfolio, making them an attractive way to store value.  

As with all assets, the returns can be volatile, shaped by global and market trends, as well as by more intangible factors such as provenance, brand appeal, and collector demographics. Led by the classic car and watch segments, most luxury asset markets have delivered strong gains over the past decade, notwithstanding a sharp post-pandemic correction in 2023-24.   

Sports ownership as a ‘trophy asset’. 

Sport has long been the most popular interest/passion of the global billionaire class (and across all major wealth tiers). This reflects its broad appeal as an active leisure pursuit, for social entertainment and competition, and for the purposes of investment and ownership prestige. For the billionaire class, owning a high-profile sports team can be a statement of wealth and a prominent channel through which to connect with influential business, political and social networks.  

Numerous billionaires have acquired ownership of some of the world’s most famous sports teams, particularly in the US National Football League (NFL) and National Basketball Association (NBA), and the UK Premier League (association football/soccer). High-profile examples include Jerry Jones acquiring the Dallas Cowboys (NFL) in 1989; Robert Kraft purchasing the New England Patriots (NFL) in 1994; Steve Ballmer acquiring the Los Angeles Clippers (NBA) in 2014; Malcolm Glazer buying Manchester United FC (Premier League) in 2005, with Sir Jim Ratcliffe acquiring a 27.7% stake in 2024 (and having increased this since); John Henry’s Fenway Sports Group acquiring Liverpool FC (Premier League) in 2010; and Stan Kroenke becoming majority owner of the Los Angeles Rams (NFL) in 2010 and Arsenal FC (Premier League) in 2011.  

An increasingly attractive portfolio asset for the billionaire class 

In more recent years, this overlap between personal interest/passion and investment opportunity in sport has shifted towards a more strategic portfolio focus among a rising share of the world’s billionaire class. With the expansion of sports media rights, streaming platforms, sports betting and sponsorship revenue, and as digitalization has increased the monetization potential of global fan bases, interest in sports ownership has broadened significantly among the super wealthy. 

Sharply rising market valuations of leading sports teams have helped to fuel this engagement, as has the increasing global visibility of the biggest teams and leagues, in some cases spurring ownership activity primarily as a global influencing strategy (notably in association football and golf). New sports franchise leagues have been established, with cricket at the forefront of this trend. Some of India’s wealthiest billionaires have become prominent Indian Premier League (IPL) team owners, notably Mukesh Ambani, whose Reliance Industries acquired the Mumbai franchise at the league’s launch in 2008. More recently, Lakshmi Mittal looks set to enter the IPL ownership market, with his family agreeing in 2026 to acquire a majority stake in the Rajasthan Royals (in a partnership deal), subject to regulatory approval. The IPL has become one of the world’s most commercially successful cricket leagues and its franchise owners are now expanding into countries including South Africa, the UAE, and the UK to bolster their commercial and personal exposure. 

Increasing valuations, more diverse revenue channels, and rising billionaire involvement have attracted the attention of more institutional capital and private-equity sponsors, further accelerating investments and acquisitions. The past two years have seen a wave of multi-billion-dollar purchases of stakes in leading sports teams, including the Los Angeles Lakers (NBA), the Boston Celtics (NBA), the New York Giants (NFL), Manchester United FC and the Royal Challengers Bengaluru (IPL). In August 2026, Amazon’s Jeff Bezos was part of a consortium of prominent billionaires that acquired a large minority stake in Liverpool FC. 

Our data shows that more than 200 of the world’s billionaires currently own a direct stake in a sports team or franchise. Many others will have sports-related investments via indirect vehicles as part of their wealth management strategy. Globally, billionaires are increasingly acquiring minority positions and investing via consortia, expanding their portfolio exposure across multiple teams, leagues and sports-focused businesses and infrastructure. While it is still the case that sports investments account for a minor share of most billionaires’ total wealth holdings, there is no doubt that the focus is continuing to shift from passion-driven engagement to a more investment-led portfolio allocation. 

Wealth transfer to 2035

The great wealth handover is gathering momentum

The share of the global billionaire population that has inherited at least part of its wealth is increasing as a result of the growing frequency of inter-generational estate transfers and family gifting. We estimate that, over the next decade, a total of $6.6tn of billionaire wealth will be passed on to billionaires’ spouses and children, as well as other beneficiaries such as their siblings, grandchildren, friends and associates as well as not-for-profit and educational institutions.  

This substantial transfer of family wealth is set to occur in a world of rising complexity, tense geopolitics, and major environmental and technological change. Digital innovation, mobile capital and a realignment of the world economy to the AI supercycle, climate pressures and further erosion of the global rules-based order will be defining structural themes in the coming years. A more unpredictable multipolar world, with shifting centers of power and influence, will complicate the succession-planning and wealth-preservation strategies of the global billionaire class. At the same time, such inherent volatility will present the next generation with new opportunities for business ventures, asset diversification and philanthropic activity. 

In line with global trends, the personal interests and motivations of the wealthy naturally evolve with the times. While these vary considerably at an individual level, it is widely acknowledged that the cohort of heirs set to inherit substantial wealth over the next decade – mostly generation X (born between the mid-1960s and early 1980s) and millennials (born between the early 1980s and the late 1990s²) – are more mobile, digitally aware, and activism oriented than their elders. It is to be expected that new technologies, climate change, and ‘impact investing’ will be prominent areas of focus for many heirs’ ambitions, which may not necessarily align with a family’s existing business structures or the legacy plans of those transferring their fortunes.

Regional focus 

Three-quarters of all billionaire wealth transferred over the next decade will be to heirs in North America and Europe. 

Donors in North America will hand over $3.3tn of wealth by 2035. Of the estimated 1,673 billionaires set to pass on their fortunes over the next decade, some 40% will be in North America, collectively transferring estates worth $3.3tn (a 49% global share). This is a testament to the scale of billionaire wealth held in the US and to a slightly older billionaire demographic in North America compared with most other regions. 

Billionaires in Europe are forecast to transfer $1.6tn over the next decade, a 24% global share. Some 440 of the region’s richest individuals are expected to redistribute their wealth to the next generation, accounting for just over a quarter of all billionaire transfers. Europe will see the largest proportion of multi-generational handovers across legacy estates. The average handover of around $3.7bn per billionaire will be $1bn lower than in North America.  

Some 18% of billionaire transfers will occur in Asia, with a cumulative $1tn of wealth to be passed down. The average age of the billionaire population across the Asian continent is younger than in almost all major western markets, with multi-generational dynastic wealth far less prevalent in the region’s largest billionaire markets of China and India. There are exceptions, with a notably older billionaire demographic and a higher share of legacy estates in Japan and Singapore. Outside the ‘big three’ regions, the Middle East will account for the next largest share of billionaire estates (7%) over the next decade.  

Direct beneficiaries 

The direct beneficiaries of this huge transfer of billionaire wealth will number around 5,000 heirs, with women accounting for a significant share. 

Almost 5,000 direct beneficiaries (spouses and adult children) will inherit billionaire wealth over the next decade. Reflecting the global billionaire distribution, the largest share of recipients will be in North America (43%), followed by Europe (24%) and Asia (17%). An estimated 2,120 direct beneficiaries across the US and Canada will inherit sizeable sums, though the amount will differ by family and billionaire. Thousands of other beneficiaries are likely to receive part of this huge transfer of billionaire wealth, from siblings, grandchildren, to not-for-profit and educational institutions, among others. 

North America will account for 43% of the almost-5,000 direct heirs who will be on the receiving end of billionaire wealth transfers over the next decade.

Heiresses will comprise a large proportion of the beneficiaries of billionaire wealth transfers to 2035. Women remain significantly under-represented in the global billionaire class. This gender gap is expected to continue to narrow gradually, with female spouses and daughters comprising a relatively large share of those in line to receive substantial family wealth – at 90% of spouses. Rising female representation among the billionaire population would not necessarily drive a major shift in investment preferences or asset holdings, but would lead to greater diversity in decision-making roles and ownership structures, particularly of family-owned businesses. It could also spur more entrepreneurial activity and venture capital involvement among the wealthy female class, drive an expansion of female-focused wealth management services, and influence large-scale philanthropic endeavors (billionaire women are typically more engaged in the not-for-profit sector than their male counterparts, at both a commercial and personal level³).  

The current average age of expected adult child heirs is 48, and that of spouses is 66. Attention is often focused on young millennial and gen Z heirs, but the gen X demographic is by far the most numerous in line to inherit from their wealthy parent(s). At a global level, the current average age of adult child heirs set to receive billionaire wealth transfers over the next decade is 48. This age differs to an extent by region, reflecting varied wealth dynamics, family structures, and billionaire demographics, but generally hovers in the mid-to-late 40s.    

Almost a quarter of expected adult child heirs work in the same company as their billionaire parent. 

In many cases, the beneficiaries of billionaire wealth transfers will likely receive a combination of shares in listed companies, private businesses, investment portfolios and real estate rather than simply cash deposits. This carries implications not least for those in major family-owned businesses, with multi-generational corporations especially common in sectors such as manufacturing, consumer goods, retail, real estate, and financial services. Some 23% of expected adult child heirs currently work alongside their billionaire parent in some capacity in the primary family business. Amid rapid technological change and with values and aspirations often differing between generations, succession planning will play a critical role for many billionaire families in determining whether such ownership remains concentrated within the family structure or is diluted through sales, IPOs and diversification.  

About Altrata

This report provides a timely lens into these shifts, equipping organizations with the insight needed to identify opportunity, build meaningful relationships, and act with greater precision. With Altrata, teams can go a step further, accessing the real-time intelligence, global coverage and relationship mapping required to stay ahead of an increasingly mobile and complex UHNW landscape.

If you’re looking to turn these insights into action, connect with our team to see how Altrata can support your strategy.

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Methodology

Methodology

This report uses Altrata’s unique and proprietary Database, the world’s most extensive collection of curated research and intelligence on the wealthy and influential. Our database provides insights into their financial profile, career history, professional and personal relationships, affiliations, family background, education, philanthropic endeavors, passions, hobbies, interests and much more. Our proprietary valuation model (as defined by net worth) assesses all asset holdings, including privately and publicly held businesses and investable assets. The database uses the primary business address as the determinant of a billionaire’s location. References to $ or dollars refer to US dollars. 

 

To gauge the relative performance in market capitalization growth of billionaire-backed listed businesses over 2024-25 that made meaningful investments in AI compared to those that did not, we first identified the 150 listed companies globally that contribute the most to billionaire wealth (typically these are companies where billionaires’ stakes equate to large sums of wealth). We then undertook secondary research to ascertain whether these 150 companies had invested significantly in AI over the last five years or not, setting the minimum threshold of investment at $30m. The majority of investments were of a far higher value. Sorting the companies into two groups, we then measured their market capitalization in 2024-25 to gauge their relative growth performance. 

 

To assess the change in the value of billionaires’ ‘passion assets’ over the past decade, we drew on the archives of the Altrata database to establish the total market value of these holdings in 2016 and compared it with their market value in 2025. Passion assets comprise direct ownership of art collections and fine wine, sports teams, jewelry, watches, gold and other precious metals, as well as yachts and private jets, covering both outright and fractional ownership. 

 

To size billionaire wealth transfer, we used our Wealth Transfer Model and the Altrata database. Our Wealth Transfer Model sizes the number of billionaires that will be passing on wealth over the next decade and the amount of this wealth in 2025 prices, by wealth tier and market (region/country). Because our coverage of the billionaire population is comprehensive at the individual level, rather than modeled, the process is applied at a person-by-person level. First, we take the full billionaire population recorded in our database, with wealth assessed by our proprietary valuation model. Second, we apply each individual’s known age, drawn from the database. Third, we use secondary sources to integrate the life-expectancy distribution of wealthy individuals by country. We use life-expectancy data from 46 countries globally to estimate (with a 95% confidence level) the probability that an individual of a given age and country will experience mortality within the next decade.  To profile both those who will be passing on their fortunes and the direct beneficiaries of these fortunes we used our exhaustive database for these characteristics. 

 

Analysis of the data and additional insights were provided by Altrata’s Analytics team. Leveraging Altrata’s database and its own data models, Altrata Analytics provides customizable data assets tailored to an organization’s needs. 

Footnotes

The minimum threshold of investment explicitly made in AI was set at $30m, although the majority of such investments were of a far higher value.

²See Altrata’s World Ultra Wealth Report 2025.

³See Altrata’s, “The Defining Characteristics of Ultra Wealthy Women”, April 2023.