A record number of people became billionaires last year through inheritance, marking a major shift in how fortunes are being passed down. A new report by UBS highlights that 91 individuals entered the billionaire ranks by receiving assets from relatives — together inheriting US$298 billion, the highest amount since UBS began tracking the data in 2015.
The findings reflect a notable acceleration in the transfer of wealth from older generations to younger heirs. In fact, the number of inherited billionaires rose more than 30% from the previous year, signaling that family wealth is playing a larger role in shaping the global elite.
UBS reported that the total number of billionaires worldwide climbed to nearly 10,000 in 2025, a sharp increase from just over 2,600 the year before. Among the most prominent examples were the grandchildren of the late Singaporean paint tycoon Goh Cheng Liang, who passed away in August at 98. Each grandchild is reported to have received more than US$1 billion in shares from a publicly traded company.
Inheritance surges, but self-made wealth still growing
While the growing influence of inheritance is clear, entrepreneurship continues to drive new fortunes. The report also counted 196 new self-made billionaires this year, together holding a combined US$386.5 billion.
UBS executive Benjamin Cavalli described the data as part of a broader trend in global wealth movement. He pointed out that at least US$5.9 trillion is expected to be passed down over the next 15 years, with the largest share coming from families in the United States. India, France, Germany, and Switzerland follow closely behind.
In the United Kingdom alone, families are projected to transfer around US$164 billion over the same period. Switzerland, meanwhile, is expected to see US$206 billion handed down to heirs.
Alongside the wealth transfers, many billionaires are relocating across borders. The report noted increased movement by the wealthy, often driven by tax strategies, political stability, and lifestyle preferences.
Rising political pressure to tax extreme wealth
The surge in inherited fortunes has sparked debate in several countries. In Europe especially, there is growing political pressure to introduce or expand taxes on the ultra-wealthy.
In Switzerland, voters recently rejected a proposal for a 50% tax on inheritances above US$63 million. Meanwhile, France’s lawmakers turned down a plan for a 2% tax on fortunes over US$116 million.
Italy is moving ahead with changes, raising its flat tax on foreign income for wealthy residents from €200,000 to €300,000 starting in 2026. The U.K. has also taken steps, ending its nondomiciled tax status and adding a property tax surcharge for homes worth more than £2 million.
At the international level, Spain, Brazil, Germany, and South Africa have supported a proposed global tax of 2% on the richest individuals. The idea, first introduced at the G20 summit, is expected to raise up to US$250 billion in public revenue. It complements ongoing efforts to set minimum tax levels for global corporations and digital businesses.