BillionaireCensus2025

Thoughtleadership

BillionaireCensus2025

LTRT

BrianAlster

ChiefExecutiveOfficer

GlennBrian

ChiefRevenueOfficer

ManuelBianchi

GlobalHeadofSales

OliviaLogan

VicePresident,MarketingandCorporateDevelopment

AmandaCifone

VicePresident,Marketing

Leadauthors

MayaImberg

SeniorDirector,HeadofThoughtLeadershipandAnalytics

MaeenShaban

DirectorofResearchandAnalytics

BettinaLengyel

AssociateAnalyst,ThoughtLeadershipandAnalytics

Design

DawnLastre

GraphicDesigner

GaetanoMedulla

JuniorGraphicDesigner

?Altrata.October2025.

Thispublicationisforyourinformationonlyandisnotintendedasanoffer,orasolicitationofanoffer,tobuyorsellanyproductorotherspecificservice.Allinformationandopinionsindicatedaresubjecttochangewithoutnotice.

Contents

01

Executivesummary4

02

Introduction5

03

Thebillionaireclass6

Goodtimesforthesuperrich6

Anoutsizedshareofglobalwealth8

The‘just,billionaire10

Industryperformance12

04

Regional,countryandcityperformance13

Regionaldifferences13

Topbillionairecountries17

Topbillionairecities19

05

Methodology21

06

AboutAltrata22

Altrata|BillionaireCensus2025

Altrata|BillionaireCensus2025|4

01Executivesummary

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Theglobalbillionairepopulationgrewby5.6%in2024toreachanewhighof

3,508individuals.Thiswasthestrongest

expansionsince2020,withweaIthhoIdingsboIsteredbyanotheryearofrobustequityreturns.ThetotaInetworthofthebiIIionairecIasssurgedby10.3%toarecord$13.4tn.

ThisimpIiedathirdconsecutiveyearof

risingaveragebiIIionaireweaIth,aIthough

thegainswereheaviIyconcentratedamonganexcIusivegroupof26rsuperbiIIionaires’withindividuaIfortunesinexcessof$50bn.

The26superbillionairesaccountfor

acombined21%oftotalbillionaire

wealth,upfrom4%adecadeago.Most

biIIionairesresidewithintherIower’weaIthtiers-overhaIfoftheworId’s3,508

richestindividuaIshaveanetworthof

between$1bnand$2bn.AfurtherthirdofbiIIionaireseachhaveanetworthof$2bnto$5bn.Bracketedtogether,thisgroupingof83%ofthegIobaIbiIIionairepopuIationhoIdsacombined38%of

totaIbiIIionaireweaIth.Amere17%of

biIIionaireshavemorethan$5bnbutcommand62%ofaIIbiIIionaireweaIth.

Onaverage,ineachofthepastthreeyears,arounda10thoftheindividualswhowere

worthbetween$1bnand$2bnthepreviousyearfelloutofthebillionaireclub.This

sharedecIinesamongthosewithIarger

fortunes.BiIIionaireswithatIeast$4.2bnhavea99%IikeIihoodofmaintainingtheirmembershipofthebiIIionairecIubthe

foIIowingyear.Thosewithanetworthof

$1bn-$2bn,whoseprimarybusinessfocuswasapubIicIyownedcompany,were

morethantwiceasIikeIytodropoutof

thebiIIionairecIubthanindividuaIswithaprivateIyownedenterprise.ThishighIightstheexposureofportfoIiovaIuationsto

potentiaIIyvoIatiIeshiftsinstockmarketsentimentorsector-specificdownturns.

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>

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Thetop15countriesarehometojustoverthree-quartersoftheglobalbillionaire

population.TheUSisthedominant

countryandhometoathirdoftheworId’sbiIIionairecIass-itspopuIationof1,135

biIIionairesin2024roseby8%.ItsIeading

city,NewYork(aheadofsecond-ranked

HongKong),hasmorebiIIionairesthan

aImosteverycountryintheworIdapart

fromChinaandGermany.Second-rankedChinasawitsbiIIionairenumbersgrowbyamoremeasured5.6%to321.ItwasfoIIowedbyGermany,whichgrewby8.2%toreachatotaIof184individuaIs.

NorthAmericareinforceditsstatusas

theworld’sleadingbillionaireregion.ThenumberofbiIIionairesroseby7.8%froma

yearearIierto1,198individuaIs,IiftingNorthAmerica’sgIobaIshareto34%.ThenumberofbiIIionairesinEuropepassedthe1,000

threshoIdforthefirsttime-above-averagepopuIationgrowthof6.1%consoIidated

Europe’spositionastheworId’ssecond-

IargestbiIIionaireregion,witha29%

share.AsiaIostgroundtoitspeersfor

athirdconsecutiveyear,registeringa

beIow-average2.6%riseinitsbiIIionaire

popuIationto827individuaIs,withavariedperformanceacrossregionaImarkets.

Thoseinthebillionaireclassof2015whose

wealthwasprimarilytiedtotechnologyor

thehospitalityandentertainmentsector

haveenjoyedbyfarthestrongestgainsinnetworthoverthepastdecade.TechbiIIionairesincreasedtheirweaIthbyaImost200%over

the10-yearperiodto2025,foIIowedbythoseinhospitaIityandentertainment,whose

fortunesgrewbyaImost150%.Thesegains

weresignificantIygreaterthaninaIIother

sectors,underIiningthesignificantvariationsinweaIthgenerationthatcanoccuracross

sectorsbasedonthemegatrendsofaparticuIarperiod.

Altrata|BillionaireCensus2025|5

02Introduction

Altrata’sIatestBillionaireCensus-the12thedition-offersacomprehensiveoverviewandanaIysisoftheworId’sbiIIionairepopuIation.Modestinsize,butwieIdinganincreasingIydisproportionateinfIuenceacrossgIobaImarketsandsociety,thebiIIionairecIasshoIdsanimmenseIeveIofweaIth.

2024wasanotheryearofdynamicgainsinbiIIionaires’coIIectivenetworth,whichisnowvaIuedinexcessof$13tn.

ThisreportexpIoresindetaiIthedistributionofbiIIionaireweaIth,pIacingincontexttherecentsurgeinthefortunesofaneIitegroupoftheworId’srichestindividuaIs.InwhatwasanotherturbuIent

periodforthegIobaIeconomy,shapedbycompIexgeopoIitics,traderestrictions,regionaIconfIicts,andcontinuingenthusiasticinvestmentinartificiaIinteIIigence(AI),weanaIyzetheimpactofthese

deveIopmentsacrossthebiIIionairepopuIationandthechangesincumuIativenetworth.WehighIightthekeydriversandregionaIweaIthtrends,andprovidetheIatestrankingoftheIeadingbiIIionaire

countriesandcities.UtiIizingourextensivedatabaseofthegIobaIweaIthy,wefocusonthefIuctuatingfortunesofthosearoundthe$1bnthreshoIdandgaugethevariationsinweaIthgenerationthatcanoccurovertimeacrosssectors.

AItrata’scomprehensivedatabaseprovidesunrivaIedinsightintothestatusoftheworId’sweaIthiestindividuaIsandtheircharacteristics,makingitanessentiaIreadforanyproviderIookingtoprospectforandengagewithindividuaIsinthishighIyexcIusivedemographic.

Keydefinitions

Ultrahighnetworth(UHNW)individuals

Thosewithanetworthof$30m+(aIsoreferredtoastheruItraweaIthy’).

Veryhighnetworth(VHNW)individuals

Thosewithanetworthof$5mto$30m.

Altrata|BillionaireCensus2025|6

03

Thebillionaireclass

Goodtimesforthesuperrich

Theglobalbillionairepopulationgrewby5.6%in2024toreachanewhighof3,508individuals.Thiswasthestrongestexpansionsince2020,withwealthholdingsofthebillionaireclassbolsteredby

anotheryearofrobustequityreturns.Totalnetworthofthebillionaireclasssurgedby10.3%toa

record$13.4tn.Thisimpliedathirdconsecutiveyearofrisingaveragebillionairewealth,althoughthegainswereheavilyconcentratedamonganexclusivegroupoftheworld’s‘superbillionaires’.

Marketconditionsremainedvolatilethroughout2024againstabackdropoftensegeopolitics,

sluggisheconomicgrowth,wideningtraderestrictions,andongoingconflictsinEuropeandthe

MiddleEast.However,sentimentinmostmajorwealthcentersturnedmorepositiveastheyear

progressed,buoyedbyagradualreductioninglobalinterestratesandinflation,risingcorporate

earnings,stabilizingreal-estatemarkets,arallyindigitalassets,andstill-ferventinvestor

enthusiasmforallthingsAI.Mega-captechnologystockswereagaintheprincipaldriverofglobalequityreturns,stronglyoutperformingallothersectors.Globalbondmarketsandcorporate

transactionsremainedsubdued,withstickypricepressuresaconstrainingfactoronthepaceandscopeofcentralbankpolicyeasing.

Theglobalbillionairepopulationreachedanewhighof3,508individualsin2024,and

recordeditsstrongestexpansionsince2020.

Altrata|BillionaireCensus2025|7

Thebillionaireclass

Billionairesacrosstheglobe

Globalbillionairepopulationin2024

3,508

Totalnumberofbillionaires

5.6%

Changeinpopulationfrom2023

Europe

Asia

28.6%

MiddleEast

7.8%

242

7.6%6.9%

LatinAmericaandtheCaribbean

146

↓1.4%4.2%

只47●

9.3%1.3%

Africa

46●

0.0%1.3%

oftheworld'sbillionaires

827

1,198

1,0026.1%

NorthAmerica

Pacific

34.2%

2.6%

23.6%

%

Globalbillionairewealthin2024

$

$13.4tn

Totalwealth

10.3%

Changeinwealthfrom2023

%

oftheworld's

billionairewealth

Europe

NorthAmerica

$$5.9tn

16.8%

44.0%

$$3.3tn

5.6%

24.4%

$

MiddleEast$0.7tn●

7.2%5.1%

Asia

$$2.8tn

7.9%

20.8%

LatinAmericaandtheCaribbean

$$0.5tn

4.1%

↓6.2%

Africa

$$0.1tn

0.8%

↓0.8%

Pacific

$$0.1tn

11.9%0.8%

Note:Dataonthetotalorpercentageoftheworld’sbillionairepopulationandwealthmaynotaddupexactlyortotal100%owingtorounding.

Source:Wealth-X,anAltratacompany,2025

Thebillionaireclass

Altrata|BillionaireCensus2025|8

Anoutsizedshareofglobalwealth

Theunevendistributionofglobalwealthisevidentacrossalllevelsofsocietyandwealthtiers,andis

alsoevidentwhenexaminingtheworld’ssuperrich.In2024,thebillionaireclassrepresentedjust0.07%oftheapproximately5millionindividualsgloballywithfortunesinexcessof$5m;however,theyheld

around13%ofthisgroup’stotalstockofwealth.

Narrowingthefocustojusttheverywealthyultrahighnetworth(UHNW)segment–numbering

about487,000individualsin2024,eachwithafortuneofmorethan$30m–thebillionairepopulationcomprisedonlya0.7%share,yettheircollectivenetworthof$13.4tnaccountedforanoutsized24%oftotalUHNWwealth.

Theglobalwealthybytier

Populationandglobalwealthbymajorwealthtierin2024

PopulationWealth

3,508billionaires$13.4tn

483,500UHNWindividualsexcluding

billionaires($30m-$1bn)$42.8tn

4.5million

$45.1tn

VHNWindividuals($5m-$30m)

Note:Thesizeofthepyramidsegmentspe比ainstowealth,notpopulation.

Source:Wealth-X,anAltratacompany,2025

Billionairescompriselessthan1%oftheglobalUHNW

populationbutholdalmost25%ofthisgroup’stotalwealth.

Thebillionaireclass

Altrata|BillionaireCensus2025|9

Top-heavydistributionofwealthwithinthebillionaireclass

Intermsofdistributionbywealthtierwithinthebillionaireclassitself,justoverhalfoftheworld’s3,508richestindividualsareinthe‘lowest’billionairewealthbracket,eachwithanetworthof

between$1bnand$2bn.Afurtherthirdofbillionaireseachhaveanetworthof$2bnto$5bn.

Bracketedtogether,thisgroupingof83%oftheglobalbillionairepopulationholdsacombined38%oftotalbillionairewealth.

Billionairewealthtiers

Billionairepopulationandwealthbywealthtierin2024

26

Wealthtier

209

$50bn+

376

$2.8tn

$10bn-$50bn

$5bn-$10bn

$2bn-$5bn

$3.3tn

$1bn-$2bn

1,135

$2.2tn

$3.0tn

$2.1tn

1,762

NumberofbillionairesWealth

Source:Wealth-X,anAltratacompany,2025

Amongtheupperwealthtiers,thosewithanetworthof$5bnto$10bncompriseanother11%oftheglobalbillionairepopulation.Risingfurther,ahighlyprivileged235billionaires(upfrom171in2022)eachholdafortuneofmorethan$10bn.

Ofthisgroup,anexclusive26individualsresideinthehighesttierofbillionairewealth,eachwitha

fortuneinexcessof$50bn.This‘super-billionaire’classhasexperiencedthemostdynamicwealthgenerationbyfaroverthepastdecade,underliningthehyperconcentrationofglobalwealthattheverytop.In2014,thoseintheuppermostwealthtierwithanetworthof$50bn+held4%ofglobal

billionairewealth.Asof2024,thissharehadrisenmorethanfivefoldto21%(withasharpjump

recordedinthepastyearalone,from16%in2023).Thetechnologysectorfeaturesprominently

amongtheworld’swealthiestbillionaires,withtheAIboomdrivingrecentstronggainsinthe

portfoliovaluationsofUS-basedindividualssuchasElonMusk,LarryEllison,MarkZuckerberg,JeffBezos,andLarryPage.

Just26billionairesholdindividualfortunesinexcessof$50bnandaccountforacombined21%

oftotalbillionairewealth,upfrom4%adecadeago.

Thebillionaireclass

Altrata|BillionaireCensus2025|10

The‘just’billionaire

TheinherentvoIatiIityofgIobaIassetmarkets,particuIarIygiventhedisruptiveinfIuenceofnew

technoIogiesandtoday’srapidIyshiftinggeopoIiticaIandgeoeconomicforces,meansthatthoseindividuaIsnearingthe$1bnthreshoIdareoftensubjecttosignificantfIuctuationsthatcanpushtheminto,orexcIudethemfrom,thebiIIionaireIistonareguIarbasis.ThosewithIargerfortunes

areIesssusceptibIe-butnotimmune-toextrememarketcorrectionsorarbIackswan’eventthatcouIdremovetheirbiIIionairestatus.

Ineachofthepastthreeyears,onaveragearoundatenthofbiIIionaireswhowereworthbetween$1bnand$2bnfeIIoutofthebiIIionairecIubfromthepreviousyear.Some8%ofbiIIionaireswho

wereworthbetween$1bnand$2bnin2023IosttheirbiIIionairestatusin2024,highIightingthesometimesfIeetingnatureofextremeweaIthandthechaIIengesofweaIthpreservation.Amongthosewithfortunesinexcessof$2bn,thesharetofaIIoutofthebiIIionairecIubwas3%.

Fallingoutofthebillionaireclub

Shareofbillionaireswholosttheirbillionairestatusfromthepreviousyearbywealthtier

Wealthtier

$1bn-$2bn$2bn+

Over2022

-5.4%

-16.2%

Over2023

-3.7%

-13.6%

Over2024

-3.4%

-8.1%

Note:Referstobilionaireswhosefo比unesshrunktobelow$1bnsincethepreviousyear.

Source:Wealth-X,anAltratacompany,2025

Theshareof2023biIIionaireswhodroppedoutofthebiIIionairecIubin2024wasIowerthanin

theprecedingtwoyears,whichtaIIieswiththestrongerperformanceoveraIIintermsofgIobaI

biIIionairepopuIationgrowth(+5.6%in2024).Duringthecourseof2022,forexampIe,whentherewasacontractionintotaIbiIIionairenumbers(of-3.5%),morethan16%ofthosewithanetworthof$1bn-$2bnin2021IosttheirbiIIionairestatus.

Thebillionaireclass

Differencesinexposure

Ouranalysissuggeststhatbillionaireswithafortuneofatleast$4.2bnhavea99%likelihoodof

maintainingtheirmembershipofthebillionaireclubthefollowingyear.Adeclineinanindividual’snetworthwilltendtostemfromafallinthevalueoftheirbusinessand/orinvestmentholdings

(lowerstockpricesofpubliclyheldcompaniesand/orlowervaluationmultiplesofprivatelyheld

assets);theadverseimpactofforeign-exchangemovementsontheirUSdollar-denominated

wealth;unexpectedpolicyandregulatorychanges;andthedilutionoftheirportfolioholdingsasaresultofintergenerationaltransfers,divorce,orphilanthropicactivity.

$4.2bn

Individualswithafortuneofthissizehavea99%likelihoodofmaintainingtheirbillionairestatus.

Source:Wealth-X,anAltratacompany,2025

Overthe2022-24period,menweremarginallymorelikelytolosetheirbillionairestatusthantheirfemalecounterparts,withtherelativeprobabilityslightlyhigheramongthosewithfortunesof

$2m+.Amongallbillionaires,thosewithanetworthof$1bn-$2bnwhoseprimarybusinessfocuswasapubliclyownedcompanyweremorethantwiceaslikelytodropoutofthebillionaireclubthanindividualswithaprivatelyownedprimaryenterprise,highlightingtheexposureofportfoliovaluationstopotentiallyvolatileshiftsinstockmarketsentimentorsector-specificdownturns.

Billionairefalloutprobabilities

Ratioofbillionaireslikelytolosetheirbillionairestatusovertheperiod2022-24bywealthtier

Malestofemales

to

Thosewithapubliclyownedprimarybusiness

Thosewithaprivately

ownedprimarybusiness

Wealthtier

$1bn-$2bn

$2bn+

1.2:1

1.3:1

2.2:1

1.1:1

Source:Wealth-X,anAltratacompany,2025

Altrata|BillionaireCensus2025|11

Thebillionaireclass

Altrata|BillionaireCensus2025|12

Industryperformance

Overtime,billionairewealthgrowthisshapedbyawiderangeoffactors,fromfamilystatusand

personalambitiontobusinessacumen,riskexposureandgoodold-fashionedluck.Wealth

performancecanalsobestronglyinfluencedbytheindustryfocusofanindividual’sprimary

commercialinterests.Ouranalysisofchangesinwealthholdingsoverthepastdecadeofthe

billionaireclassof2015showsthatthoseindividualswhosewealthwasconcentratedinthe

technologysectorexperiencedbyfarthestrongestcumulativenetworthgainsofallthemajor

industries–almost200%overthe10-yearperiodto2025.Thiswasapproximatelythreetofourtimes’greaterthanforallothersectors,withtheexceptionofsecond-rankedhospitalityandentertainment.

Thisanalysisfocusesonindividualswhowerebillionairesin2015,soitisimportanttoviewitwithin

thiscontext.Itneverthelessunderlinesthesignificantvariationsinwealthgenerationthatcanoccur

acrosssectors,basedonthemegatrendsofaparticularperiod.Italsohighlightsthedominantrolethatadvancesintechnologyanddigitaladoptionhaveplayedinshapingglobalbillionairewealthoverthe

pastdecade–somethingthatshowsnosignofabatinginthecurrentAIboom.

Billionairewealthgrowthbyindustry

Performanceofbillionairewealthbyprimaryindustryover2015-25

Totalchangeinwealthamongthosewhowerebillionairesin2015comparedwiththeirwealthin2025

Technology

197.8%

Hospitalityandentertainment

146.0%

Healthcare

75.2%

Bankingandfinance

74.1%

Materials

65.7%

Businessandconsumerservices

58.7%

Industrialconglomerates

54.9%

Manufacturing

49.3%

Foodandbeverages

46.6%

Realestate

37.0%

Thoseinthebillionaireclassof2015whosewealthwas

tiedtothetechnologyor

hospitalityandentertainment sectorshaveexperiencedby farthestrongestgainsintheir networthinthepastdecade.

Note:Onlythosewhowerebillionairesin2015wereincluded;thosewhobecamebillionairesafterthatdatearenotpartofthisillustration.Otherprimaryindustriessawdifferentratesofgrowthbutarenotinthetop10amongbillionairesandthereforearenotshownhere.

Source:Wealth-X,anAltratacompany,2025

Altrata|BillionaireCensus2025|13

04Regional,country

andcityperformance

Regionaldifferences

NorthAmerica

OutperformanceofUStechstockspoweredbillionairegrowthandrobustwealthgains

NorthAmericareinforceditsstatusastheworId’sIeadingbiIIionaireregion,recordingabove-

averagepopuIationgrowthanddynamicweaIthgains.ThenumberofbiIIionairesroseby7.8%

fromayearearIierto1,198individuaIs,IiftingitsgIobaIshareto34%.TheUSwasthedrivingforce,

withdeveIopmentsinCanadamoresubdued.SupportforweaIthportfoIioscamepredominantIy

fromrisingstockmarkets,withtheS&P500cIosingtheyearup25%andthetech-heavyNASDAQ

Compositeindexup29%.Asin2023,investors’fascinationwithAIfocusedequityreturnsacross

thermagnificentseven’mega-captechstocks(Amazon,AppIe,AIphabet,Meta,Microsoft,Nvidia

andTesIa),promptingsomefearsoverconcentrationrisk.ThecombinedweaIthofthebiIIionaire

cIassinNorthAmericasurgedby16.8%toaImost$6tn-upfrom$4.3tnin2022-buoyedbyanotheryearofsteIIarportfoIiogainsfortheworId’srichestUStechtycoons.Thisraisedtheregion’sgIobaIshareofbiIIionaireweaIthtoadominant44%.MostotherregionaIassetmarketswerepassive,

givenaIackIustergIobaIeconomyandstiII-restrictivefinancingconditions,butweaIthhoIdings

receivedsomesupportfromastrongerUSdoIIar,graduaIpoIicyeasingbytheFederaIReserve(theUScentraIbank),andDonaIdTrump’sIate-yeareIectionvictory,whichIiftedmarketsentimentonexpectationsoftaxcutsandacceIeratedbusinessdereguIation.

Performancebyregion

Annualchangeinbillionairepopulationbyregionin2024

Pacific

9.3%

NorthAmerica

7.8%

MiddleEast

7.6%

Europe

6.1%

Asia

2.6%

Africa

0.0%

-1.4%

LatinAmericaandtheCaribbean

Source:Wealth-X,anAltratacompany,2025

NorthAmericawashometo

1,198billionairesin2024,holding44%ofglobal

billionairewealth.

Regional,countryandcityperformance

Whatdrivesgrowthinbillionairewealth?

Abillionaire’swealthisheldinvariousassettypes–oftenin

theirbusiness(es)andinvestments(inpubliclylistedorprivate

companies),theircashholdingsandtheirluxuryassets,such

asrealestate,yachts,privatejets,jewelry,artandmore.How

thevalueoftheseassetschangesyearonyearisshapedbya

largenumberoffactors.Theserangefromglobalanddomesticdevelopmentsinfluencingeconomicgrowth,consumerdemand,capitalmarketsandcurrencymovements,tomoreindividual

elements,suchasabillionaire’sbusinessandinvestment

strategies,theirapproachtowealthplanning,financialleverageandtaxoptimization,aswellastheirphilanthropicgivingand

theissueofinheritance.Whilebillionairesinthesamecountry

willbeexposedtosimilareconomic,politicalandregulatory

developments(amongothers),everybillionaire’sassetstructure,capitalconcentrationandmarketexposureisuniquesothe

impactontheirwealthwillbedifferentforeachindividual.

Altrata|BillionaireCensus2025|14

Regional,countryandcityperformance

Altrata|BillionaireCensus2025|15

Europe

Solidgrowthinbillionairenumbersandwealth,butstructuralconstraintsareanissue

ThenumberofbillionairesinEuropepassedthe1,000thresholdforthefirsttimein2024.Above-

averagepopulationgrowthof6.1%consolidatedEurope’spositionastheworld’ssecond-largest

billionaireregion,witha29%share.Collectivenetworthincreasedby5.6%(to$3.3tn),arespectableperformancebyhistoricalstandardsbutlaggingfarbehindgrowthinNorthAmerica,whilealso

trailingAsiaandtheMiddleEast.Economicperformanceintheregion’slargestbillionairemarketsofGermany,theUK,SwitzerlandandFranceremainedlacklusteramidcost-of-livingpressures,

structuralconstraints,softexternaldemand,risingpoliticalfragmentationandtheongoingeffectsoftheUkraine-Russiaconflict.Pocketsofsupportcamefromaregion-widerampingupofdefensespendingandalate-yeareasingofmonetarypolicy,withfirmergrowthtrendsmoreevidentin

southernandcentralEuropeonthebackofbuoyanttourismsectorsandexpandedEUgrants.

Equitymarketdevelopmentsweremixed;majorstockmarketswereresilientinlocal-currency

terms,bolsteredbyfinancials,butunderperformedtheirNorthAmericanandmostAsianpeers.

RelativecurrencydepreciationagainsttheUSdollar,mutedreal-estatemarkets,andthemodestweightingoftechstocksintheregion’smainindicesconstrainedoverallportfoliogains.

ThenumberofbillionairesinEuropepassedthe1,000thresholdforthefirsttime.

Asia

Avariedperformanceacrossregionalmarketsdrovebelow-averagegrowthinbillionairenumbers

Thethird-largestbillionaireregionlostgroundtoitspeersforathirdconsecutiveyear,registering

abelow-average2.6%riseinitsbillionairepopulationto827individuals.Performanceacrossmajor

wealthmarketswasmixedandfairlyvolatileovertheyear,againstanuncertainglobalbackdropand

tradetensions,althoughsomebroadsupportcamefrommonetaryeasingandAI-relatedequity

gains.WealthholdingsrosefirmlyinHongKongandSingapore,contrastingwithaweakertrendin

India(afterbuoyantgrowthinrecentyears).ThestructuralslowdownoftheChineseeconomy,deep-seatedissuesinthecountry’sreal-estatesector,andconcernsoveraUS-Chinatradewarconstrainedwealthgenerationintheregion’slargestbillionairemarket,althoughtheseweretemperedbynew

domesticstimulusmeasures.UnderlyingeconomicprospectsinJapanwerebolsteredbyamorehawkishstancefromthecountry’scentralbankandongoinggovernancereforms,althoughyenvolatilityandheadwindstotradedampenedoverallmarketreturns.Thecumulativewealthoftheregion’sbillionaireclassroseby7.9%to$2.8tn,equivalenttoa21%globalshare.

Regional,countryandcityperformance

Altrata|BillionaireCensus2025|16

MiddleEast

Resilientgrowthofthebillionaireclassandwealthholdingsdespiteoil-pricedipandregionalinstability

TheMiddleEastrecordedasolidexpansionofitsbillionairepopulationin2024,risingby7.6%to

242individuals.WealthportfoliosinthelargestwealthmarketsofSaudiArabiaandtheUAEwere

bolsteredbyongoingnon-oilinvestmentanddiversificationactivity,includingenhancedtradetieswithAsia.TheboomingcommerceandretailhubofDubairegisteredstrongreturnsfromrealestateandtourism.Asubduedglobaleconomyandeasingworldwidecommoditypriceswereaconstraintonrevenuetrendsinhydrocarbon-exportingcountries,buttherewassupportforwealthholdings

fromtheUSdollarcurrencypeginmostGulfArabnations.UnstableMiddleEasterngeopolitics,civilconflictsandsocialunrestremainedanimpedimenttoregionalgrowthandbroaderassetmarket

returns,amidescalatingactionbyIsraelandrelatedconflictsinvolvingLebanon,Iran,Gaza,andSyria.Cumulativebillionairewealthintheregionexpandedby7.2%to$0.7tn.

LatinAmericaandtheCaribbean

Theonlyregiontorecordafallinbillionairenumbersandwealth

Thebillio