UBS Report from Switzerland's Largest Bank
Number of New Billionaires Rises by 287
196 Self-Made, 91 Inherited Wealth
This year, a significant number of self-made billionaires emerged, especially in the United States and China, resulting in an increase of nearly 300 billionaires worldwide. In contrast, the number of billionaires in South Korea decreased by seven, marking a decline.
Largest Influx of New Billionaires Since the Pandemic
According to the "Billionaire Ambitions Report 2025" released by UBS, Switzerland's largest bank, on December 4 (local time), as of April this year, there were a total of 2,919 billionaires worldwide with assets of at least $1 billion (approximately 1.5 trillion won), representing an 8.8% increase from a year earlier. Over the same period, their total assets grew by 13% to $15.8 trillion (about 23,000 trillion won).
This year, 287 individuals joined the ranks of billionaires, the highest number since 2021, when asset prices surged due to pandemic-related stimulus measures. Of these, 196 (68.3%) were self-made billionaires, while the remaining 91 (31.7%) inherited their wealth.
Most self-made billionaires, primarily from the United States and China, identified new business opportunities not only in technology, which has been driven by the artificial intelligence (AI) boom, but also across various traditional industries. The report highlighted figures such as Ben Lamm, founder of the American biotechnology company Colossal Biosciences; Michael Dorrell, co-founder of the infrastructure investment firm Stonepeak Partners; Zhang Hongchao and Zhang Hongfu, brothers who founded the Chinese bubble tea and ice cream chain Mixue Bingcheng; and Justin Sun, creator of the cryptocurrency Tron.
Benjamin Cavalli, Head of Strategic Clients and Global Connectivity at UBS Global Wealth Management, stated, "The new billionaires consist of entrepreneurs and heirs who have built their businesses amid heightened uncertainty," adding, "The process of large-scale wealth transfers over multiple years is also accelerating."
South Korea Alone Moves Backward
However, narrowing the focus to South Korea, the number of billionaires stood at 31, down by seven from 38 a year earlier. Their combined assets also decreased by 16%, from $10.5 billion in 2024 to $8.82 billion. Only one person newly joined the billionaire list, while eight were removed.
This trend contrasts sharply with other major countries in the Asia-Pacific (APAC) region. The number of billionaires in China rose by 43 to 470, while India saw an increase of three to reach 188. Taiwan, Japan, and Hong Kong also recorded significant gains. The only countries in the region to see a decline, aside from South Korea, were Indonesia, Thailand, and the Philippines.
The report did not provide specific names or detailed reasons for the changes in numbers. However, aside from individual fluctuations in wealth, the depreciation of the Korean won against the US dollar may have pushed some individuals' dollar-denominated net worth below the $1 billion threshold.
According to the Bank of Korea and the Bank for International Settlements (BIS), South Korea's real effective exchange rate index stood at 89.09 (2020=100) at the end of October, the lowest level since the financial crisis. As the nominal effective exchange rate index fell from 88.63 at the end of October to 86.07 on December 2, the real effective exchange rate index is believed to have declined further.
The proportion of self-made billionaires in South Korea was calculated at 52%, which is lower than the APAC regional average of 79%. The highest proportion was found in China (98%), followed by Indonesia (85%) and Australia (77%). Hong Kong, Japan, Singapore, and Taiwan all recorded ratios in the 60% range.
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