UBS Billionaire Ambitions Report 2023: 2,544 Billionaires, 136 New Billionaires, Average Inherited Wealth $2.8 Billion, Average Self-Made Wealth $1.7
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UBS Billionaire Ambitions Report 2023: 2,544 Billionaires, 136 New Billionaires, Average Inherited Wealth $2.8 Billion, Average Self-Made Wealth $1.7 Billion, Top 5 Sectors are Consumer & Retail, Technology, Materials, Financial Services & Industrials 1st December 2023 | Hong Kong
UBS has released the UBS Billionaire Ambitions Report 2023, providing key insights into global billionaires, population & wealth, source of wealth, investment allocation in the next 12 months & their legacy goals. In 2023, there are 2,544 billionaires (2021: 2,686) with $12 trillion total wealth, and 137 new billionaires with $291.5 billion total wealth. The average billionaire inherited wealth is $2.8 billion and the average billionaire self-made wealth is $1.7 billion. The Top 5 billionaires sectors (by wealth) are Consumer & Retail, Technology, Materials, Financial Services, Industrials. The Top 5 countries with most billionaires are United States 751, Mainland China 520, India 153, Germany 109, United Kingdom 83. Billionaires by region – Americas 867, APAC 1,019, Western Europe 456. Billionaires in key financial centres – Switzerland 75, Hong Kong SAR 68, Singapore 41. Top 5 increase in asset classes (next 12 months) – Private equity (direct investments), Private debt, Bonds / fixed Income (developed markets), Private equity (funds / funds of funds), Equities (developed markets). Top 5 decrease in asset classes (next 12 months) – Private equity (funds / funds of funds), Hedge funds, Cash & equivalent, Bonds / fixed Income (emerging markets), Private equity (direct investments). Top 3 Legacy-related Goals (1st Generation) – Future generations of family to benefit from wealth 65%, Philanthropic goals 68%, Enabling or supporting others 48%. Top 3 Legacy-related Goals (2nd Generation & onwards) – Continuing & growing what I or my forebears have achieved 68%, Future generations of family to benefit from wealth 60%, Philanthropic goals 32%. Next / Multi-Generation billionaires following family legacy (Global)– 43.4% Yes (56.6% No). Next / Multi-Generation billionaires following family legacy (APAC) – 33.3% Yes (66.7% No). Top 5 factors negatively impacting active operating business (next 12 months) – Geopolitical tensions 53%, Outlook of inflation 49%, Potential recession in the US 45%, Impact of higher interest rates on asset valuations 42%, Availability & price of raw materials 38%. See below for key findings & summary | View report here
“ 2,544 Billionaires, 136 New Billionaires, Average Inherited Wealth $2.8 Billion, Average Self-Made Wealth $1.7 Billion, Top 5 Sectors are Consumer & Retail, Technology, Materials, Financial Services & Industrials “
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Foreword – For close to a decade, the UBS Billionaire Ambitions Report has charted the progress of the wealthiest in society, along with the unique challenges and opportunities they face. During this time they have benefited from the long period of low interest rates and navigated the uncertainties of the Covid-19 pandemic. Now they are adapting to a time of rapid change brought by technological transformation and the drive for decarbonization. Against this backdrop, the 2023 report finds that the heirs to billionaires are gaining prominence. Indeed, the new billionaires minted during this year’s study period accumulated more wealth through inheritance than entrepreneurship. That’s a theme we expect to see more of over the next 20 to 30 years, as more than 1,000 billionaires pass an estimated USD 5.2 trillion to their children. Why does this matter? Because this coming generation has fresh views about business, investment and philanthropy. Many are redirecting the large pools of private wealth they control to new business opportunities arising from the times we live in. Others are stepping away from their families’ businesses, choosing careers more suited to their individual ambitions and talents. At the core of our research is an analysis of trends in wealth and a survey of our billionaire clients that we were privileged to conduct for the second time. The survey illustrated the distinct differences in views about business opportunities and challenges, as well as legacy, between the first generation and successive generations, although they all anticipated the commercial opportunity arising from generative artificial intelligence. At UBS, we are listening to our clients and adapting to their changing needs. The newly enlarged bank is using its combined expertise to help families plan for succession, educate their younger members and reimagine how to invest. We hope this report – alongside our other flagship reports and our award-winning Chief Investment Office – will offer our clients invaluable insights that serve as a starting point for further conversations.
Benjamin Cavalli
UBS Head of Global Wealth Management Strategic Clients
UBS Billionaire Ambitions Report 2023
UBS Zurich UBS has released the UBS Billionaire Ambitions Report 2023, providing key insights into global billionaires, population & wealth, source of wealth, investment allocation in the next 12 months & their legacy goals.
Summary:
Billionaire Insights:
Billionaires Quote:
- Quote 1 – Throughout human history, there has always been a gap between generations. The older generation tends to grapple with this dilemma, however, believing in the value of and trusting what the next generation can bring is the most meaningful thing we can do.
- Quote 2 – The main problem with the younger generation is to educate them to be ambitious. They take ambitions for granted, they take important entrepreneurial information for granted, whereas the founding generation has to collect this for themselves and make the best out of it.
- Quote 3 – As much as my father was in oil and gas and mining, I am trying to shift the whole business into tech-related areas that have less impact on the environment. But I am not going to sell all of these businesses in one day. It is a journey; a process that I began several years ago when I took over the family business … … I have also set up a venture capital fund that’s focusing on businesses that are doing impact investing. I am trying to use technological solutions to give people a better quality of life in areas like edtech, proptech and agritech.
- Quote 4 – I believe that the values we hold will be the sole legacy we can pass on, even to the six generations that will follow
- Quote 5 – Leaving a legacy of compassion and service to future generations is our highest duty.
UBS Billionaire Ambitions Report 2023 1) Global Billionaires
Billionaires in 2023:
- No. of billionaires – 2,544 (2021: 2,686)
- Total wealth of billionaires – $12 trillion (2021: $13.4 trillion)
- New billionaires inherited wealth – 53 heirs inherited $150.8 billion
- New billionaires self-made wealth – 84 self-made billionaires $140.7 billion
- Average inherited wealth – $2.8 billion
- Average self-made wealth – $1.7 billion
- Total new billionaires – 137 billionaires with $291.5 billion
Americas
- No. of billionaires – 867 (+1.4%)
- Wealth of billionaires – $5 trillion (+2.7%)
- Self-made – 70.2%
- Inherited – 29.8%
APAC
- No. of billionaires – 1,019 (+10.5%)
- Wealth of billionaires – $3.7 trillion (+8.1%)
- Self-made – 81.4%
- Inherited – 18.6%
Western Europe:
- No. of billionaires – 456 (+16.7%)
- Wealth of billionaires – $279 billion (+39.4%)
- Self-made – 50.4%
- Inherited – 49.6%
Middle-East & Africa:
- No. of billionaires – 63 (+12.6%)
- Wealth of billionaires – $2.3 trillion (+27.1%)
- Self-made – 79.3%
- Inherited – 20.7%
Top 20 Countries with Most billionaires:
No. of billionaires – Americas:
No. of billionaires – APAC:
No. of billionaires – Western Europe:
No. of billionaires – Middle-East & Africa:
2) Source of Wealth
Top billionaires sectors (by wealth):
New billionaire average wealth (Inherited vs Self-made):
- APAC – $2 billion vs $1.6 billion
- Americas – $2.2 billion vs $1.5 billion
- Europe, Middle-East & Africa (EMEA) – $4.4 billion vs $2.2 billion
Average billionaire inherited wealth:
- 2015 – $3.4 billion
- 2016 – $4 billion
- 2017 – $4.5 billion
- 2018 – $2.7 billion
- 2019 – $4.4 billion
- 2020 – $5.8 billion
- 2021 – $2.6 billion
- 2022 – $1.9 billion
- 2023 – $2.8 billion
Average billionaire self-made wealth:
- 2015 – $2.7 billion
- 2016 – $3.8 billion
- 2017 – $3.4 billion
- 2018 – $5.3 billion
- 2019 – $3.2 billion
- 2020 – $3.2 billion
- 2021 – $2.2 billion
- 2022 – $2.2 billion
- 2023 – $1.7 billion
Total billionaires inherited wealth:
- 2015 – $137.8 billion
- 2016 – $83.4 billion
- 2017 – $183.2 billion
- 2018 – $73.9 billion
- 2019 – $127.8 billion
- 2020 – $145.8 billion
- 2021 – $144.3 billion
- 2022 – $15.2 billion
- 2023 – $150.8 billion
Total billionaires self-made wealth:
- 2015 – $193.6 billion
- 2016 – $314 billion
- 2017 – $374 billion
- 2018 – $437.7 billion
- 2019 – $247.3 billion
- 2020 – $268.2 billion
- 2021 – $782.4 billion
- 2022 – $59.4 billion
- 2023 – $140.7 billion
3) Investment Allocation (Next 12 months)
Billionaires Increase in asset classes (next 12 months):
Billionaires Decrease in asset classes (next 12 months):
No Change to asset classes (next 12 months):
4) Billionaire Legacy
Main Legacy-related Goals (1st Generation):
- Future generations of family to benefit from wealth – 65%
- Philanthropic goals, making an impact in the world & society – 68%
- Enabling or supporting others (e.g. cultural legacy, sponsoring sports, entrepreneurship initiatives) – 48%
- Continuing and growing what I / my forebears have achieved (i.e., business, brand &/or assets) – 26%
Main Legacy-related Goals (2nd Generation & onwards):
- Continuing and growing what I / my forebears have achieved (i.e., business, brand &/or assets) – 68%
- Future generations of family to benefit from wealth – 60%
- Philanthropic goals, making an impact in the world & society – 32%
- Enabling or supporting others (e.g. cultural legacy, sponsoring sports, entrepreneurship initiatives) – 16%
Next / Multi-Generation billionaires following family legacy:
- APAC – 33.3% Yes / 66.7% No
- Americas – 46.7% Yes / 53.3% No
- Europe, Middle-East & Africa (EMEA) – 52.9% Yes / 47.1% No
- Global – 43.4% Yes / 56.6% No
4) Billionaires insights on operating business
Main factors negatively impacting the performance of active operating business (next 12 months):
Technologies offering the biggest commercial opportunities for active operating business (next 12 months):
Biggest risks of technological change for active operating business (next 12 months):
6) Billionaires’ Quotes
- Quote 1 – Throughout human history, there has always been a gap between generations. The older generation tends to grapple with this dilemma, however, believing in the value of and trusting what the next generation can bring is the most meaningful thing we can do.
- Quote 2 – The main problem with the younger generation is to educate them to be ambitious. They take ambitions for granted, they take important entrepreneurial information for granted, whereas the founding generation has to collect this for themselves and make the best out of it.
- Quote 3 – As much as my father was in oil and gas and mining, I am trying to shift the whole business into tech-related areas that have less impact on the environment. But I am not going to sell all of these businesses in one day. It is a journey; a process that I began several years ago when I took over the family business … … I have also set up a venture capital fund that’s focusing on businesses that are doing impact investing. I am trying to use technological solutions to give people a better quality of life in areas like edtech, proptech and agritech.
- Quote 4 – I believe that the values we hold will be the sole legacy we can pass on, even to the six generations that will follow
- Quote 5 – Leaving a legacy of compassion and service to future generations is our highest duty.
UBS billionaire Survey
UBS conducted an online survey of its billionaire clients booked in Europe (incl. Switzerland), Middle East, Singapore, Hong Kong SAR, and the United States between 28 June and 17 September 2023. The total sample size was 79 respondents.
UBS / PwC Billionaires database and wealth assessment methodology
The Billionaire’s Industry Index is computed from wealth data of billionaires (1995–2023), segregated into nine industry sectors. This data undergoes normalization (via annual mean wealth computation per sector) and standardization (to remove weighting effects). Outliers beyond 2.5% of the norm are excluded to ensure normal distribution. Annual industry growth patterns, following normalization and standardization, form the basis of index construction (base 100).
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