The UBS Billionaire Ambitions Report for 2024 reveals a significant increase in global billionaire wealth, with a rise of approximately 17% over the past year.

The total number of billionaires worldwide has grown to 2,682, up from 2,544, and their combined wealth has reached $14 trillion, a notable increase from $12 trillion.

This surge is primarily driven by substantial gains among U.S. billionaires, which more than compensated for declines in China.

In the United States, the number of billionaires has jumped from 751 to 835, with total wealth climbing from $4.6 trillion to $5.8 trillion, largely fueled by industry and technology leaders.

On the other hand, mainland China has seen a decrease in its billionaire population, dropping from 520 to 427, and their wealth has contracted from $1.8 trillion to $1.4 trillion.

The report highlights that most new billionaires are self-made and expresses concerns over geopolitical conflicts and inflation.

It also identifies North America as the region expected to yield the best investment returns in the coming year.