Global billionaires have outperformed equity markets over the past decade, according to the UBS Billionaires Ambitions Report 2024 which is now in its 10th year.
Between 2015 and 2024, global billionaires’ total wealth increased by 121% to US$14 trillion, compared to MSCI AC World Index’s 73% gain.
During this period, the number of billionaires grew by more than half from 1,757 to 2,682. This year, 1,877 billionaires were self-made while 805 were multi-generational.
Asia Pacific is home to the largest number of billionaires globally with 981 billionaires. This represents almost 40% of the world’s total billionaire population, says UBS Global Wealth Management APAC co-had Young Jin Yee.
“Three in five Asia Pacific billionaires have a relationship with UBS and close to 80% of the region’s billionaires are self-made,” says Young.
While the region experienced significant fluctuations in the number of billionaires in the last decade, the overall trend remains positive with a 10-year compounded annual growth rate (CAGR) of 6%.
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Asia Pacific billionaires’ wealth grew 141% over the past decade, outperforming the MSCI AC Asia Index with a return of 14% over the same period.
Over the past 12-months, Chinese billionaires’ wealth (including Hong Kong) fell by 16.8% to US$1.8 trillion, while the number dropped from 588 to 501. In a market with a high rate of billionaire churn, 138 people’s wealth fell below a billion.
Elsewhere in the region, Indian billionaires’ wealth increased by 42.1% to US$905.6 billion in 2024, while their number grew from 153 to 185. Forty people became billionaires against the backdrop of rising equity prices and rapid economic expansion.
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The number of female billionaires in Asia Pacific has more than doubled since 2015, increasing from 40 to 101 today, notes Amy Lo, UBS Global Wealth Management Asia chairman and UBS Global Wealth Management APAC co-head.
“Similarly, their wealth in Asia Pacific has multiplied by more than three times, growing from US$94 billion in 2015 to US$308 billion today. Women tend to invest with purpose, showing a preference for sustainable investing, wealth planning and family advisory,” she adds.
Female billionaires in Southeast Asia are leading the way within Asia Pacific, with their average wealth up by 56% over the past decade. Most of them are second generation or more.
Asset classes and moves
Globally, over the next 12 months, 43% of billionaires intend to increase their exposure to real estate and 42% to developed market equities. Simultaneously, they are also increasing their investments in perceived safe havens — 40% intend to increase their gold and precious metals exposures while 31% intend to increase their cash exposures.
While 38% still intend increasing their direct private equity holdings, only 28% plan to raise private equity funds or funds of funds holdings, with 34% intending to decrease them. More than a quarter (26%) intend to increase infrastructure investments and more than a third (35%) private debt.
Hedge funds are looking less popular, with 27% intending to decrease investments and 23% aiming to increase. An increasingly bright spot is art and antiques, where almost a third plan to increase their exposure. This is a significant rise from 11% in the previous year.
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Meanwhile, the report highlights that billionaires have reassessed their lives, on the back of the Covid-19 pandemic. Since 2020, billionaires have relocated more frequently, with 176 having moved from a total population of 2,682 in April.
These billionaires are moving to countries such as Singapore, Switzerland, the UAE and the US. In total, billionaires accounting for more than US$400 billion have emigrated in four years, with the Middle East and Africa region attracting the most billionaire capital.
