The number of billionaires is on the rise — and they are richer than ever thanks to AI

The rise of artificial intelligence is creating a new wave of wealth, leading to the emergence of AI billionaires. According to a recent report from Swiss bank UBS, the total number of billionaires worldwide has reached an impressive 2,919, marking an 8.8% increase from the previous year. These individuals are experiencing unprecedented financial growth, with their combined net worth soaring to $15.8 trillion — a 13% rise fueled by the AI-driven surge in technology stocks. The report, which draws on surveys of billionaire clients and data compiled with PwC, highlights the remarkable performance of the so-called Magnificent Seven, a group of leading U.S. tech firms. These companies have collectively seen their share prices rise by 25% this year, significantly contributing to the wealth accumulation of tech billionaires. Notably, just six U.S. tech moguls witnessed a staggering $171 billion increase in their fortunes, largely thanks to advancements in AI. In China, tech billionaires associated with the AI sector have also seen substantial gains. Among the wealthiest this year are tech icons such as Larry Page and Sergey Brin of Alphabet, Oracle's Larry Ellison, and Nvidia's Jensen Huang, all of whom have capitalized on the booming AI market. Meanwhile, the report reveals that 287 new billionaires entered the ranks this year, with a diverse range of wealth sources. Approximately 70% of these newly minted billionaires are self-made, including bioscience entrepreneur Ben Lamm, who established the de-extinction company Colossal, and the Zhang brothers, founders of the Chinese fast-food chain Mixue Ice Cream & Tea. However, not all new billionaires are self-made; 91 others have inherited their wealth, including 15 from two prominent German pharmaceutical families. Looking ahead, the report forecasts that the next 15 years will see $5.9 trillion passed down to the heirs of billionaires. While this promises a comfortable future for the next generation, it comes with significant expectations. A striking 82% of billionaires surveyed by UBS expressed a desire for their children to achieve success on their own merits, rather than relying solely on inherited wealth.