UBS study finds billionaires’ wealth more than doubled in 10 years
The number of super-rich people and their wealth has risen significantly in ten years. In April 2024, there were 2,682 billionaires, according to a study by UBS. That is a good 50% more than in March 2015.
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Their total wealth increased by 121% to $14 trillion during this period. By comparison, this is around half as much as the total economic output of the US last year.
According to the study published on Thursday, billionaires’ wealth rose faster than the MSCI AC World Index for global equities, which increased by 73% in the same period. In China, billionaires saw a steep rise until 2020, followed by a slight decline. In the US, wealth grew steadily, as did Europe, albeit to a lesser extent.
“Tech billionaires recorded the highest growth in wealth,” UBS noted. Overall, their wealth tripled between 2015 and 2024 to $2.4 trillion. The bank speaks of a boom in industries such as generative artificial intelligence, cybersecurity, fintech, 3D printing and robotics.
In a survey, a good 40% of the billionaires questioned by UBS said they wanted to invest more in real estate and equities from industrialised countries over the next twelve months. Some 40% wanted to invest more in safe havens such as gold and other precious metals.
Some 31% want to increase cash reserves. “This could reflect fears about increased geopolitical risks and equity market valuations,” UBS wrote.
Translated from German by DeepL/jdp
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