The world’s wealthiest families are entering a new era, as bold entrepreneurship collides with the largest inheritance wave ever recorded. According to UBS, global billionaire wealth hit an all-time high in 2025 – but it’s what happens next that may redefine legacy, leadership and where the smart money flows.

Global billionaire wealth has surged to a record US$15.8 trillion in 2025, up 13% in just 12 months, according to UBS’s eleventh Billionaire Ambitions Report. While 196 self-made billionaires were responsible for adding US$386.5 billion to this total, it was a parallel force – inheritance – that made headlines: 91 heirs inherited US$297.8 billion, marking the largest transfer in the history of the report.

Speaking at a virtual roundtable on Thursday, Benjamin Cavalli, Co-Head of EMEA at UBS Global Wealth Management, described the trend as “a fresh wave of wealth creators and inheritors… heralding a new era that will transform family dynamics, increase global collaboration, and unlock opportunities across borders.”

UBS also revealed that 860 families now qualify as multi-generational billionaire dynasties, collectively managing US$4.7 trillion, and that this legacy wealth is expanding rapidly: fourth-generation billionaire families grew by over 10% this year alone.

Women and ‘Next in Line’ heirs take greater control

The face of global wealth is also becoming more diverse. This year, 43 women became billionaires – 27 via inheritance and 16 through self-made success – and women’s average wealth grew by 8.4%, more than double the rate of their male counterparts.

“We’ve observed that wealth is increasingly passed not just to children but also to spouses or partners, especially widows and second-generation inheritors,” said Cavalli. “This is why we talk not just about the ‘Next Generation’, but the ‘Next in Line’.

Women are managing wealth with “more disciplined, risk-aware approaches”, he said, and are showing a strong preference for diversified, impact-focused portfolios.

While many female billionaires continue to hold wealth in consumer and retail sectors – often through inherited businesses – Asia-Pacific stands out for producing a growing number of self-made female billionaires, often in tech or finance.

Heirs seek independence over entitlement

UBS found that more than 80% of billionaires with children want them to succeed independently, not rely solely on inheritance. Many are encouraging personal ambition and philanthropy over tradition, even as they prepare to pass on staggering levels of capital.

“The real legacy of the family is not the business itself, but the values bestowed on the next generation,” one billionaire told researchers. Another added, “My wish is that they choose paths that make them happy – not simply focus on money or tradition.”

Yet, 43% still want to see their children grow the family business or preserve the family name, suggesting the line between legacy and evolution remains delicately drawn.

AI, longevity and social impact now top priorities

At the roundtable, Michael Viana, head of strategic client coverage at UBS, shared that 75% of billionaire clients believe artificial intelligence is the single most important social challenge facing the next generation – ahead of climate change and inequality. In Asia-Pacific, that number rises to 90%.

UBS has also included longevity for the first time in its report. “Almost half of respondents expect to live longer than they did just a decade ago,” said Viana. This is already influencing how families update trusts, estate structures and portfolio strategies, especially across Europe and Asia.

Billionaire mobility and new investment focus

Wealth isn’t just changing hands – it’s changing postcodes. 36% of billionaires have already relocated, with another 9% considering a move. Quality of life, geopolitical risk and tax efficiency were the top reasons cited, adding new layers of complexity to family governance and global estate planning.

“Families must now navigate legal, cultural and financial challenges across borders,” said Maximiiian Kunkel, Chief Investment Officer – Global Family and Institutional Wealth within UBS Global Wealth Management. “When it comes to Europe, certainly Switzerland, Monaco, and Italy are among the top choices. In the Middle East, we’re seeing Abu Dhabi and Dubai emerge as major relocation hubs. And in Asia-Pacific, Singapore remains the most preferred destination.”

When it comes to investment, billionaires remain remarkably optimistic. According to Kunkel, 40% plan to increase equity exposure, and only 2% intend to reduce emerging markets holdings, suggesting long-term confidence in economic fundamentals.

While North America remains the top investment destination, optimism for Western Europe and Greater China has grown significantly. Over 40% now cite Western Europe as the most attractive region for returns, reflecting what UBS calls the “three Ps”: policy, positioning and profit development.

In terms of asset allocation, private equity, infrastructure and hedge funds remain popular, while a third of billionaires plan to increase gold exposure – a clear signal of caution amid market uncertainty.

Billionaire portfolios shift focus to long-term growth and resilience

UBS anticipates that future billionaire portfolios will be increasingly shaped by structural shifts rather than short-term cycles. In the coming year, many plan to expand their exposure to private equity, hedge funds, infrastructure, and emerging markets — signalling a pivot towards strategies that can navigate complexity while capturing long-term growth. As new generations take on greater responsibility, investment decisions are expected to reflect not only financial objectives but broader concerns around innovation, resilience and global impact.

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