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According to a new UBS survey, the US billionaire population has increased by 379,000, with a total of 23.8 million people. Much of that wealth growth came from strong markets and stable dollars. These have been confused so far in 2025 by the fears of a trade war and recession. Even among the richest people in the world, there is a “wealth gap,” UBS economist James Mazzo told CNBC.
This version of the article first appeared on CNBC’s Inside Wealth Newsletter. This is Robert Frank, our weekly guide to Net-Worth Investor and Consumer. Sign up to receive future editions directly in your inbox.
According to a new UBS report, the US is home to the most billionaires of any country, with a tally of 23.8 million in 2024. The Swiss Bank estimated that the US minted more than 1,000 new billionaires every day to increase the roughly 379,000 new billionaires by 1.5% last year.
Mainland China ranked second at 6.3 million, up 2.3% with 141,000 new billionaires. By proportion, the Turkish billionaires population has reached 87,000 with a bump of 8.4%.
The US extended its lead thanks to Wall Street banner years and a stable US dollar. However, the first six months of 2025 were Rocky. President Donald Trump’s fears of a trade war and recession have shook the markets and weighed heavily this year at the dollar, which has fallen by around 9%.
UBS economist James Mazzo told CNBC it was too early to tell US households if wealth will grow at a slower rate than this year. According to Mazeau, the weak dollar in the dollar is driving wealth growth in countries with non-dollar currencies rather than stalling it in the US. However, he also said that American real estate is resilient and that US stocks could finish a year slightly higher than this year.
“This year could be lower than last year, but that doesn’t mean we’re turning back to property and seeing negative wealth creation,” he said. “I don’t think the engine of growth is dead in the US.
While almost 40% of the world’s billionaires are based in the US, Luxembourg and Switzerland have a concentration of wealth. According to UBS, more than one in seven adults in both countries are worth at least $1 million.
The global billionaire population has increased by more than 684,000, as it has largely increased due to increased property values. However, this growth was geographically different, with some countries losing their share. For example, Japan has lost 33,000 billionaires, a declining population.
The billionaires increased modestly to 2,891, but Mazzo noted that there was a high turnover. Billionaires lost wealth in 15 of the 56 markets in the UBS sample, falling most sharply in the Netherlands and Uruguay. Singapore, Qatar, Greece and Poland recorded their highest profits.
“Even within that segment, there could be a big turnover of good fortune,” he said.
Even among the richest people in the world, wealth is concentrated at the top.
UBS estimates that around 60 million people hold nearly half of the world’s global wealth, combined with $226.47 trillion. Within the group there is $286 billion, representing $15.7 trillion in assets. And at the top, the 15cm billionaires, less than 1% of the group, boast a total net worth of $2.4 trillion.
“I think there is wealth inequality, or even among billionaires,” Mazzo said. He attributed most of the focus to the outperformance of the high-tech sector and the rise of “mega-tech entrepreneurs.”
According to Mazzo, there is not much data on individuals ranging from $50 million to $1 billion. He also said wealth growth between mid- and low-wealth brackets is underestimated. For example, the number of $1-$5 million individuals that UBS is blowing away “everyday billionaires” has had a quarter-deficit of about 52 million since 2000.
“They have more collective wealth than all the billionaires in the world,” he said. “Many times, they overlook how much wealth is rising and head towards the middle of the pack.”
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