In 2025, China added 70 new billionaires, bringing the total number of billionaires in mainland China to 470, ranking second globally.

According to the "2025 Billionaires Report" released by UBS Group AG, mainland China now has 470 individuals with assets exceeding $1 billion (approximately RMB 7.02 billion), trailing only the U.S. in total count. Their combined wealth reached $1.8 trillion, up 22.2% year-on-year.

Lyu Zijie, Head of UBS Wealth Management China, noted that Greater China remains the world's largest growth engine for billionaires. Notably, 98% of mainland China's billionaires are self-made entrepreneurs, aligning with the profile of most first-generation Chinese business founders. The report highlights that the 70 new billionaires in 2025 primarily emerged from high-tech sectors like IT and are younger on average compared to their global peers.

Globally, the billionaire population grew by 287 to 2,919 in 2025—the second-highest annual increase since UBS began tracking the data in 2015. Total billionaire wealth rose 13% to $15.8 trillion. The Asia-Pacific region led in growth, expanding from 981 to 1,036 billionaires. The U.S. added 89 billionaires (total: 924), accounting for one-third of the global tally, with their wealth surging 18% to $6.9 trillion.

**Tech and Consumer Sectors Drive Growth** The tech sector saw robust wealth expansion (up 23.8% to $3 trillion), fueled by AI advancements. Six U.S. tech billionaires alone added $171 billion collectively, driven by their firms’ AI capabilities spanning chip manufacturing to cloud infrastructure. China’s tech billionaires also gained momentum, supported by DeepSeek’s early-2025 launch and renewed market confidence.

Meanwhile, consumer/retail billionaire wealth grew modestly (5.3% to $3.1 trillion), though it tied with tech as the top industry for minting new billionaires. Industrial manufacturing (+27.1% to $1.7 trillion) and finance (+17% to $2.3 trillion) also posted strong gains, with over 80% of finance billionaires being self-made—boosted by equity rallies and crypto rebounds.

**Self-Made Dominance in China** Globally, 196 of 2025’s new billionaires (68.3%) were self-made, amassing $386.5 billion in wealth from fields like marketing software, biotech, and LNG. The Asia-Pacific region led with 79% self-made billionaires, reflecting vibrant entrepreneurship. Mainland China’s 98% self-made rate outpaced the U.S. (74%), Japan (68%), and Europe (UK: 70%; France: 57%; Germany: 26%).

Notable newcomers include Mixue Bingcheng’s Zhang brothers (Zhang Hongchao and Zhang Hongfu), who joined the ranks after their HK-listed bubble tea chain’s IPO. BYD’s Wang Chuanfu and Lu Xiangyang also ranked among industrial manufacturing’s top wealth growers.

**Inheritance Boom and Gender Trends** In 2025, 91 heirs inherited $297.8 billion—a 36% annual jump and a record high. Western Europe led with 48 heirs ($149.5 billion), while UBS projects $5.9 trillion in billionaire wealth will transfer to heirs globally over the next 15 years, primarily in the U.S., Western Europe, and India.

Female billionaires (374 globally) saw average wealth grow 8.4%—double the male rate (3.2%)—with consumer/retail their dominant sector ($619.9 billion). Over 70% of women in this sector inherited wealth, though Asia-Pacific had more self-made female billionaires. Tech remained male-dominated ($2.9 trillion, 98.1% self-made).

**Investment Outlook** Billionaires are increasingly bullish on China: 34% view Greater China as the top 12-month opportunity (up 23 points from 2024), while 48% rank it the most attractive five-year destination. North America remains preferred (63% for near-term, 65% long-term), though sentiment dipped slightly.

Asset allocation trends show 42% plan to increase emerging-market equity exposure, with 49% favoring private equity and 43% hedge funds. Gold/precious metals (32%) and infrastructure (35%) also gained interest. Top concerns include tariffs (66%), geopolitical conflicts (63%), and policy uncertainty (59%), with regional variations—75% of Asia-Pacific billionaires worry about tariffs, while 70% in the Americas focus on inflation/conflicts.

Notably, 75% of surveyed billionaires flagged AI/tech as a critical global challenge, followed by climate change (55%).