Billionaires’ heirs have inherited a record $297.8bn in 2025 as global billionaire wealth reached a new high this year, according to a report from UBS.

The bank’s Billionaire Ambitions report showed that 91 people became billionaires through inheritance in 2025, with the $297.8bn inherited representing an increase of more than a third from $218.9bn last year.

It noted that the great wealth transfer was accelerating and estimated that at least $5.9trn would be inherited by billionaire heirs over the next 15 years.

The report highlighted a fresh wave of billionaires that were emerging, driven by business innovation and increasing inheritance.

This year, 196 self-made billionaires pushed wealth to a record $15.8trn, an increase of 13 per cent year-on-year, the second highest annual increase after 2021.

“In 2025, the second highest number of self-made individuals in the history of our report became billionaires,” said UBS Global Wealth Management head of strategic clients & global connectivity, Benjamin Cavalli.

“Bucking the hype around artificial intelligence (AI), they’re creating businesses not just in technology but also across a broad spectrum of traditional sectors, mainly in the United States and China.

“These individuals are joining the spouses and children of existing billionaires who became billionaires themselves during the year, collectively inheriting more wealth than ever before in our reporting. These heirs are proof of a multi-year wealth transfer that’s intensifying.”

The report noted that the wealth transfer looked likely to be focused on a small number of markets, with most wealth transfer occurring in the US, followed by India, France, Germany, and Switzerland.

However, high levels of migration could shift this trend and 36 per cent of surveyed billionaires said they had relocated at least once, while 9 per cent were considering doing so.

More than eight in 10 (82 per cent) billionaires with children wanted their kids to follow their own path, stating that they aspired to see them develop skills and values to succeed independently rather than relying solely on inherited wealth.

“A fresh wave of wealth creators and inheritors is rising, as we show in this year’s Billionaire Ambitions Report, heralding a new era which will transform how families connect, collaborate and unlock opportunities across borders,” Cavalli said.

“These new billionaires include both entrepreneurs successfully building businesses amid today’s environment of uncertainty, and heirs participating in an accelerating multi-year wealth transfer.

“We’d like to thank our 87 billionaire clients who took part in our survey for their valuable insights which have shaped our findings.

“With over one third of them telling us that they have already relocated more than once and almost a further 10th considering doing so, this year’s report shows how families are becoming increasingly extended and international.

"This means they now face an unprecedented set of challenges that span continents, generations and cultures.”

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