Self-Made Billionaires Surge in U.S. and China... Only South Korea Sees a Drop of 7

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, particularly 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, an 8.8% increase from a year earlier. During the same period, their total combined assets rose by 13% to $15.8 trillion.

This year, 287 individuals newly joined the ranks of billionaires, the highest number since 2021 when asset prices soared due to pandemic-era stimulus measures. Of these, 196 (68.3%) were self-made billionaires, while the remaining 91 (31.7%) inherited their wealth.

The report noted that most of the self-made billionaires, primarily from the United States and China, discovered new business opportunities not only in the technology sector, despite the market's enthusiasm for artificial intelligence (AI), but also across various traditional industries. Examples include Ben Lamm, founder of the U.S. biotechnology company Colossal Biosciences; Michael Dorrell, co-founder of infrastructure investment firm Stonepeak Partners; brothers Zhang Hongchao and Zhang Hongfu, founders of the Chinese bubble tea and ice cream chain Mixue Bingcheng; and Justin Sun, creator of the virtual asset Tron.

Benjamin Cavalli, Head of Strategic Clients and Global Family and Institutional Wealth at UBS Global Wealth Management, stated, "The new billionaires consist of entrepreneurs and heirs who have built their fortunes amid heightened uncertainty," adding, "The process of large-scale wealth transfers over several years is also accelerating."

South Korea Alone Sees a Decline

Narrowing the focus to South Korea, the number of billionaires stood at 31, a decrease of seven from 38 a year earlier. Their total assets also fell by 16%, from $10.5 billion in 2024 to $8.82 billion. Only one new billionaire was added, while eight individuals were removed from the list.

This trend is in stark contrast to other major countries in the Asia-Pacific (APAC) region. In China, the number of billionaires increased by 43 to 470. India also saw an increase of three, reaching 188. Taiwan, Japan, and Hong Kong all recorded significant rises as well. Aside from South Korea, only Indonesia, Thailand, and the Philippines saw declines in their billionaire counts.

The report did not provide specific names or reasons for the changes in numbers. However, it suggested that, aside from individual wealth fluctuations, the depreciation of the Korean won against the U.S. 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 was 89.09 at the end of October (with 2020 as the base year at 100), the lowest level since the financial crisis. As the nominal effective exchange rate index for the won 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%, 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 also recorded proportions in the 60% range.