The spouses and children of high-net-worth individuals (HNWIs) inherited more wealth in 2025 than in any previous year since reporting began in 2015, said the latest UBS Billionaire Ambitions Report. In the 12 months to April, 91 people became billionaires through inheritance, collectively receiving USD 298 billion, up more than a third from 2024. Globally, the count will be 2,919 in 2025, up from 2,682 in 2024.
Among them are the six grandchildren of the late business tycoon Goh Cheng Liang, founder of Wuthelam Holdings, which manufactures paint and coatings. Liang died in Singapore in August, aged 98. Each grandchild inherited stakes in a public company worth more than USD 1 billion. On the other hand, 196 “self-made” business leaders became billionaires this year, with a collective wealth of USD 386.5 billion, UBS said.
“These heirs are proof of a multi-year wealth transfer that’s intensifying,” UBS executive Benjamin Cavalli told Reuters.
The study was conducted on the basis of UBS’ tally of super-rich clients and a database that tracks the wealth of billionaires across 47 markets across the world.
As per the bank’s calculations, at least USD 5.9 trillion will be inherited by billionaire children over the next 15 years. Most of this inheritance growth will take place in the United States, with India, France, Germany, and Switzerland next on the list.
“However, billionaires are highly mobile, especially younger ones, which could change that picture. The search for a better quality of life, geopolitical concerns, and tax considerations are driving decisions to relocate,” the UBS study added.
In Switzerland, where USD 206 billion will be inherited over the next 15 years according to the bank, voters recently overwhelmingly rejected a proposed 50% tax on inherited fortunes of USD 62 million or more, with critics predicting that the move could trigger an exodus of wealthy people. Not only Switzerland, but Europe in general is facing calls to introduce a wealth tax on the international elite. However, voices against such policy moves are making their points loud and clear as well.
“Switzerland, the UAE, the United States, and Singapore are among the billionaires’ preferred destinations,” UBS’s Cavalli noted.
In October 2025, the French parliament voted against a proposed 2% tax on fortunes over 100 million euros. Italy, which has attracted many wealthy residents thanks to its flat-tax regime for foreign income, has set out plans to increase the levy by 50% to 300,000 euros a year from 2026.
The United Kingdom, which distanced itself from reports of implementing a formal wealth tax, officially ended non-domicile status in 2025. Under the previous arrangement, British residents who declared their permanent home as overseas could avoid paying tax on foreign income and gains. The Keir Starmer government has also announced plans for a council tax surcharge, labelled a “mansion tax,” on homes worth more than 2 million, as Chancellor Rachel Reeves introduced her second budget in November.
In 2024, Spain, Brazil, Germany, and South Africa signed a motion at the G20 for a minimum 2% tax on the super-rich to reduce inequality and raise public funds. As per a study by the leading French economist Gabriel Zucman, the move could net up to USD 250 billion in extra revenue.