GENEVA: The wealth of billionaires has soared over the past 10 years, a study by Swiss bank UBS revealed on Thursday, reported German news agency dpa.
The report found that in April 2024, there were 2,682 billionaires across the world, around 50 per cent more than in March 2015. Their total wealth increased by 121 per cent to US$14 trillion over the period, a marked rise over the index for global equities, which rose by 73 per cent.
Wealth among billionaires has grown steadily in the United States and, to a lesser extent, in Europe, while China experienced sharp growth periods until 2020, followed by a slowdown.
"The wealth of tech billionaires has grown fastest over 10 years," the report said, tripling to US$2.4 trillion driven by new technologies including artificial intelligence, cybersecurity, fintech, 3D printing and robotics.
In a survey of 82 billionaires conducted by UBS between June and September, some 40 per cent said they wanted to invest more in real estate and equities from industrialised countries in the coming 12 months. Another 40 per cent wanted to increase their holdings in safe havens such as gold and other precious metals, while 31 per cent wanted to increase cash reserves.
"This may reflect concerns over heightened geopolitical risks and equity market valuations," the report stated.
Billionaires are also increasingly mobile, with one in 15 relocating since the coronavirus pandemic, searching for political stability, good healthcare, and successful schools. Switzerland, Singapore, the United Arab Emirates, and the US have all seen an influx of billionaires.-- BERNAMA