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Global System 'Rigged for the Wealthy' Delivers World With 'More Billionaires Than Ever'
New annual report on "ambitions" of billionaires by wealth management giant UBS shows just 2,919 individuals have a combined wealth of $15.8 trillion.
Dec 05, 2025
A new assessment by the international wealth management giant UBS this week shows that the number of billionaires in the world has reached new heights and that the acceleration of inherited wealth represents a new chapter for the ultra-rich in the 21st Century.
The latest UBS Billionaire Ambitions Report, unveiled Thursday, details how just 2,919 individual billionaires have a combined wealth of $15.8 trillion. The number of billionaires in the world is up nearly 9 percent from the previous year. In the United States—where nearly a third of those on the list reside—924 billionaires hold a collective $6.9 trillion in wealth.
The assessment by UBS—which surveyed its own billionaire clients as part of the survey, now its eleventh edition—emphasizes a surge of inherited wealth among the billionaire class. According to the report:
In 2025, 91 heirs (64 of them male and 27 female) inherited a record USD 297.8 billion. That’s 36% more than in 2024, despite fewer people inheriting overall. Globally, inheritance bolstered the number of multigenerational billionaires, with some 860 multi-generational billionaires now overseeing total assets of USD 4.7 trillion. That’s up from 805 with USD 4.2 trillion in 2024.
Across the world, multi-generational billionaires are slowly extending down the generations, with the number of second-generation billionaires growing by 4.6% in the 2025 report, the number of third generation
by 12.3%, and the number of fourth generation and beyond by 10%.
The growing number of billionaires, including a rapidly increasing share who inherited their wealth rather than generating it themselves, says UBS, "heralds a new era" for the ultra-rich as "the great wealth transfer is intensifying as heirs inherit more than ever before.
The coming decades, the report notes, "will see growing numbers of billionaires and centi-millionaires as the Great Wealth Transfer continues to accelerate. Billionaires are estimated to transfer approximately USD 6.9 trillion of wealth globally by 2040, with at least USD 5.9 trillion set to be passed to children—either directly or indirectly through spouses."
Of the $6.9 trillion currently held by US billionaires, the report estimates that $2.8 trillion of that wealth will be passed down to heirs over the next 15 years.
"The world has more billionaires than ever because of a system that’s broken for workers and rigged for the wealthy and CEOs who already make 285 times what workers do," said the AFL-CIO in response to the report.
The union federation says that organized workers winning better collective bargaining is the first step needed to "level the playing field" for working people, while others see the surging fortunes of the ultra-wealthy as just more evidence that taxing the rich must remain at the top of the economic and political agenda both at the national level and internationally.
With the UBS report showing that 91 of the new billionaires created this year arrived at their financial status through inheritance, Hal Singer, economics professor at the University of Utah, said, "That's 91 additional reasons for a wealth tax."
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As Trump Recession Looms, New WSJ Poll Backs Call for Democrats to Embrace Economic Populism
"It feels like it's on the brink, it's on the precipice of this recession," one economist said this week.
Sep 02, 2025
A new poll from The Wall Street Journal released Tuesday is sparking calls on more Democrats to embrace economic populism, as it shows that Americans are still feeling gloomy about their financial prospects.
According to the poll, a record-low 25% of Americans now say they have a good chance at improving their standard of living, while almost 70% said they no longer believe that merely working hard is enough to get ahead.
On top of all this, more than 75% lack confidence that future generations will be better off than they are today.
The poll shows that US President Donald Trump is facing problems similar to the ones that former President Joe Biden faced over his last year in office, in that economic pessimism appears high even as the unemployment rate and the rate of inflation appear low by historical standards.
One major issue that appears to be weighing down economic sentiment is the cost of housing, as The Wall Street Journal writes that "fewer than one-quarter of respondents said they were very confident they could buy a home if they wanted to," while "some 56% said they had little or no confidence they could do so."
Democratic pollster John Anzalone took stock of the poll in a post on X and said that it "shows how important it is for Dems to get a strong economic message" given that "70% of people said they believe the American dream no longer holds true."
Democratic media operative Dan Ancona zeroed in on a question in the poll showing that a majority of Americans agreed with the statement that Trump and the GOP "are trying to scare and divide Americans so they can cut their own taxes and keep wealth flowing to the very rich."
In fact, roughly 27% of respondents who voted for Trump in the 2024 presidential election either somewhat or strongly agreed with that statement. Given this, Ancona called the populist economic framing "a pretty good starting point."
Rep. Ro Khanna (D-Calif.) also jumped at the findings of the WSJ poll and said that stamping out economic inequality in the US needed to be Democrats' priority.
"We must tackle the economic divides tearing our nation apart and make the economic independence of every family and community our highest mission," he declared. "I call it a new economic patriotism."
The WSJ poll showing Americans' sour economic mood comes as more economic forecasters have been raising the odds of a recession hitting the US economy.
Fortune reported on Tuesday that investment bank UBS believes the probability of a recession occurring in the near future has grown significantly in recent months, although it notes there is still a great deal of uncertainty over what the economy will look like in six months.
"The key message is the US economy, by these hard data measures, is locked in a prolonged phase of stagnation or slow contraction, warranting caution even as outright collapse has not yet materialized," wrote Fortune. "This aligns with other analysts' warnings that, even if a recession doesn't materialize, the economy is headed for a bout of 1970s-style 'stagflation,' a combination of a stagnating economy and rising inflation."
Moody's Analytics chief economist Mark Zandi has also been sounding the alarm about the state of the American economy, and he believes state-level data are already showing the US "on the edge of recession," according to Newsweek.
As Zandi explained this week, both California and New York, which together account for over 20% of American gross domestic product, are essentially flat at the moment, while southern states that have been the strongest in terms of economic growth in recent years have been slowing down.
"I don't think the economy is in a recession, at least not at this point," Zandi said in an interview with Newsweek. "But it feels like it's on the brink, it's on the precipice of this recession."
Along with a potential impending recession, former Labor Secretary Robert Reich pointed out that Americans are well aware of structural inequalities.
"CEO pay is up 1,085% since 1978, while worker pay is up just 24%. Millions live paycheck to paycheck as they struggle to afford basic goods," said Reich. "Is it any wonder why 70% of people said they believe the American dream no longer holds true or never did?"
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Wealth of World's Richest Has Doubled Over Past Decade
The total wealth of billionaires increased by 121% from 2015-24.
Dec 06, 2024
Driven largely by the accumulation of massive wealth by the richest people in the United States, the Swiss wealth manager UBS said Thursday the assets of billionaires around the world more than doubled over the past decade.
Between 2015-24, the total wealth of billionaires increased by 121%, from $6.3 trillion to $14 trillion.
Meanwhile, the MSCI AC World Index of global equities, which measures the performance of more than 3,000 stocks from both developed and emerging markets, rose by 73%.
The planet's total gross domestic product is about $105.4 trillion, with a population of just over 8 billion, underscoring the extreme concentration of wealth among the very richest people.
The number of billionaires rose from 1,757 to 2,682 over the past decade, while the wealthiest people in the world boasted significant gains over just the past year.
Billionaires' wealth jumped by about 17% in 2024, with the accumulation of wealth among the richest people in the U.S. offsetting a decline in China.
U.S. billionaires amassed wealth gains that were 27.6% higher than the previous year, accumulating a total of $5.8 trillion—more than 40% of international billionaire wealth.
The tax cuts pushed through by President-elect Donald Trump and the Republican Party in 2017 are still in effect in the U.S. Tax policy analysts have found that the law was skewed to the rich, with households in the top 1% of incomes expecting to receive an average tax cut of more than $60,000 in 2025 compared to an average tax cut of less than $500 for people in the bottom 60%.
As Common Dreams reported this week, the top 12 U.S. billionaires now control $2 trillion. The wealth of the four richest people in the U.S.—Tesla CEO Elon Musk, Amazon founder Jeff Bezos, Oracle co-founder Larry Ellison, and Meta CEO Mark Zuckerberg—has hit $1 trillion.
"These four men were worth $74 billion 12 short years ago," said Americans for Tax Fairness. "Tax billionaires."
At the G20 Summit last month, world leaders agreed to "engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed."
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