196 self-made entrepreneurs join the billionaire ranks in biggest year since 2021, report finds

Dubai: A fresh wave of self-made entrepreneurs pushed the number of new billionaires to its highest point since 2021, driven by widespread business creation across a diverse set of industries, according to the new UBS Billionaire Ambitions Report 2025.

In a year marked by significant business dynamism, 196 self-made individuals crossed the billion-dollar threshold in 2025, amassing a collective wealth of $386.5 billion. These innovators emerged from fields spanning marketing software, genetics, infrastructure, and liquefied natural gas (LNG), signalling an era of innovation at scale.

While the number of new self-made billionaires in 2025 did not match the exceptional 360 recorded in 2021, the underlying forces of wealth generation were fundamentally different.

The 2021 surge was largely attributed to asset price appreciation during a period of abundant financial liquidity following the pandemic. By contrast, the 2025 result is "down to widespread business creation," notes the report, extending a multi-year rising trend from 161 new self-made billionaires in 2024 and 84 in 2023.

The Americas region, largely propelled by the US, dominated the self-made list, accounting for 92 new billionaires with a total wealth of $179.9 billion.

The new class of American billionaires includes names like Ben Lamm, co-founder of the genetics and bioscience firm Colossal, and Michael Dorrell, co-founder and CEO of the infrastructure investment firm Stonepeak. Also notable were Bob Pender and Mike Sabel, who co-founded the LNG exporter Venture Global, which saw a New York Stock Exchange listing in January.

Asia-Pacific also had a strong showing, with 61 new billionaires amassing $124.4 billion. China’s Zhang brothers, founders of the fast-food chain Mixue Ice Cream & Tea, saw their wealth crystallise following a March IPO in Hong Kong. Crypto entrepreneur Justin Sun of the TRON blockchain also benefited from rising digital asset values, alongside Hao Tang, whose pre-IPO investment in marketing software company AppLovin appreciated significantly.

However, the EMEA region lagged the global trend, adding just 43 new self-made billionaires totalling $82.2 billion, raising concerns about the region’s pace of innovation relative to its peers.

On a separate but equally significant note, the report highlighted a record-breaking year for inherited wealth. In 2025, 91 heirs inherited a total of $297.8 billion, a figure 36% higher than 2024, despite a fewer number of individuals inheriting.

Western Europe was a focal point, with 48 individuals inheriting $149.5 billion. This total was substantially boosted by 15 members of two German pharmaceutical families, who range in age from 19 to 94. This figure dwarfed the inheritance totals in North America and Southeast Asia.

This surge in inheritance has contributed to a rise in multi-generational billionaires, now numbering 860 globally with total assets of $4.7 trillion. The report indicates a growing trend of wealth extending down the generations, with the number of third-generation billionaires growing by 12.3% and fourth-generation and beyond by 10%.

Inheritance proved to be the single most common path for women joining the billionaire ranks in 2025. Of the 43 women who became new billionaires, 27 were heirs, compared to 16 who were self-made.

The list of notable female heirs includes Marilyn Simons, widow of US hedge fund manager Jim Simons, and Rekha Jhunjhunwala, widow of Indian asset manager Rakesh Jhunjhunwala.

While male multi-generational billionaires collectively hold far greater assets at $3.1 trillion, the report found that the average wealth of female multi-generational billionaires is now greater. Their average wealth increased by 9.2% to $6.0 billion, compared to their male counterparts’ average of $5.2 billion.