ASIA-Pacific’s (Apac) ultra wealthy had the fastest growing fortunes among billionaires across the globe over the last decade, a UBS report found on Thursday (Dec 5).
The wealth of Apac’s billionaires soared 141 per cent over the last 10 years, according to the 10th UBS Billionaire Ambitions Report.
This outpaced the global wealth growth rate of billionaires, whose total fortunes rose 121 per cent from US$6.3 trillion to US$14 trillion between 2015 and 2024.
Ranks of the Apac’s billionaires also swelled more rapidly than the rest of the world, as the region experienced the highest growth rates in its number of ultra-wealthy individuals at 69 per cent. It is currently home to the largest number of billionaires, with 981 of such individuals, or 37 per cent of the world’s ultra-wealthy population.
By contrast, the number of global billionaires rose by around 52.6 per cent for the period of 2015 to 2024 – from 1,757 to 2,682. Of these, 1,877 were self-made billionaires and 805 were multi-generational as at 2024.
“Notably, women are becoming a more significant part of the billionaire world,” noted Amy Lo, the chairman of UBS global wealth management Asia and co-head of global wealth management Apac.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Apac’s number of female billionaires has more than doubled since 2015, climbing from 40 to 101, said Lo. Their wealth in the region has more than trebled from US$94 billion in 2015 to US$308 billion currently, she added.
Globally, the number of female billionaires rose 81 per cent, from 190 to 344 for 2015 to 2024. This was mainly driven by the self-made billionaires.
It outstrips the growth rate for the number of male billionaires globally, which rose 49 per cent, though the male billionaire population remains far larger at 2,338 as of 2024.
Tech billionaires led wealth growth, with the fastest growing fortunes across all sectors, tripling from US$788.9 billion in 2015 to US$2.4 trillion in 2024.
“In the earlier years the new billionaires commercialised e-commerce, social media and digital payments,” the report said.
“More recently they engineered the generative artificial intelligence (AI) boom, while also developing cybersecurity, fintech, 3D printing and robotics,” it added.
Following tech’s lead were the industrial billionaires, who increased their wealth by the second-largest amount, from US$480.4 billion to US$1.3 trillion.
Trailing behind were real estate billionaires whose wealth lagged other sectors since 2017 – possibly due to China’s property correction, upheaval in parts of commercial real estate sparked by Covid-19, and higher US and European interest rates from 2022.
Shifting sentiments on asset classes
Billionaires’ views on asset classes are shifting as “interest rates appear to be starting an easing cycle in the US and Europe, which may underpin economic growth”, the report said.
While 43 per cent plan to increase their exposure to real estate and 42 per cent to developed market equities over the next 12 months, billionaires are increasingly investing in “perceived safe havens”.
The report found that 40 per cent plan to raise their exposures to gold and precious metals and 31 per cent intend to invest more in cash – a shift that possibly reflects “fears of heightened geopolitical risk and equity market valuations”.
And while they are still investing in alternative assets – likely for diversification – they are doing so differently.
Though 38 per cent still plan to increase their direct private equity holdings, only 28 per cent aim to raise private equity funds or funds of funds holdings, and 34 per cent intend to decrease these.
Additionally, 26 per cent seek to increase infrastructure investments and 35 per cent private debt.
Hedge funds appear to be losing favour, with 27 per cent looking to lower their exposure to these and only 23 per cent aiming to increase these investments.
Art and antique investments are a “bright spot” that has drawn rising interest, with 32 per cent looking to increase exposure to these assets – an 11 per cent increase from last year.
Outlook
Into the next decade, the report outlined smart risk-taking, business focus and determination as key factors for billionaire entrepreneurs to succeed against a global backdrop of uncertainty, geopolitical tensions, and international trade barriers.
It noted that risk-taking billionaires are likely to be at the forefront of shaping two tech-related industries of the future – generative AI and the electrification of renewables.
