"The bank based its report on surveys of its billionaire clients, as well as its billionaire database with PwC. Together, their net worth totals $15.8 trillion, up 13% from last year, largely due to the AI-driven surge in tech stocks, including Meta, Oracle, and Nvidia. The Magnificent Seven - a group of high-performing US tech companies - have seen their share prices increase a combined 25% this year."
"While the billionaires who got the richest this year - big names like the Alphabet founders Larry Page and Sergey Brin, Oracle CEO Larry Ellison, and Nvidia CEO Jensen Huang - capitalized on the AI boom, the world's 287 new billionaires had diverse sources of wealth. About 70% of the new billionaires are self-made. The report highlights bioscience billionaire Ben Lamm, who founded "de-extinction" company Colossal, and brothers Zhang Hongchao and Zhang Hongfu, who founded Chinese fast-food company Mixue Ice Cream & Tea."
"The number of billionaires is on the rise - and they are richer than ever. The AI-driven stock surge this year has benefited some of the wealthiest billionaires. That said, the 196 new self-made billionaires hail from diverse industries. Artificial intelligence is spawning a new breed - and it's not robots, it's AI billionaires. The world is now home to 2,919 billionaires - 8.8% more than last year - and they are richer than ever before, according to a new report bySwiss bank UBS."
There are 2,919 billionaires worldwide, an 8.8% increase from last year, with combined net worth of $15.8 trillion, up 13%. AI-driven gains lifted major tech stocks, including Meta, Oracle and Nvidia, and the Magnificent Seven collectively rose about 25% this year. Six US tech billionaires added $171 billion tied to AI, and Chinese tech billionaires also saw surges. Of 287 new billionaires, about 70% are self-made, spanning industries such as bioscience and fast food; 91 inherited wealth. An estimated $5.9 trillion will transfer to billionaire heirs over the next 15 years.
Read at Business Insider
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