MW When it comes to manufacturing billionaires, nobody does it better than the U.S.

By Jules Rimmer

A fresh wave of billionaires is emerging, lifted by business innovation and increasing inheritance

2025 has seen 196 self-made new billionaires - its highest year since 2021

The U.S. leads the way in creating new billionaires in 2025, a vintage year for wealth creation.

UBS Global Wealth Management released its annual "Billionaire Ambitions" report Thursday, which revealed that 2025 produced a bumper crop with 287 new entries. This was the best year since the pandemic-induced asset bubble of 2021, when superabundant global liquidity floated all boats. Once again, the largest number of self-made billionaires are domiciled in the U.S., where 87 saw their wealth reach 10 figures.

Total wealth and total number of new billionaires from 2022 to 2025

U.S. wealth creation this year, however, has more diverse sources than 2021, with fortunes derived from software, genetics (like Ben Lamm, co-founder of Colossal ), infrastructure (Michael Dorrell, the chief executive of Stonepeak) and the trading of liquefied natural gas (like Bob Pender and Mike Sabel, who set up and listed Venture Global $(VG)$.)

The note found that China is coming up fast, with 61 new billionaires, while concerns about Western Europe's innovation were justified, with only 43 entrepreneurs reaching the billionaire milestone.

Notable new billionaires in the Asia Pacific region included the Zhang brothers from China, whose Mixue Ice Cream & Tea (HK:2097) chain launched an IPO in Hong Kong last March; Haao Tang, a pre-IPO investor in the Hong Kong-based AppLovin (APP) marketing software and games company; and Justin Sun, a crypto entrepreneur.

While Europe may be lagging other regions, UBS noted that the rising tide of asset prices made it a focal point for new billionaires created by inherited wealth. Forty-eight Europeans came into fortunes totaling $149.5 billion this year, whereas only 18 were so lucky in the U.S. With families going back generations in Europe, it's no surprise that it hosts more multi-generation billionaires with roughly 40% of the 805 total.

UBS predicts a growing number of billionaires and centi-millionaires, estimating $6.9 trillion of wealth will be bequeathed globally by 2040, with the vast majority of this transferred directly (or indirectly via spouses) to children. Since a third of all billionaires live in the U.S., its heirs benefit disproportionately and $2.8 trillion will be passed on - although, of course, this does not factor in any appreciation of assets between now and then.

-Jules Rimmer

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December 04, 2025 07:42 ET (12:42 GMT)

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