The Bulletin with UBS The UBS Billionaire Ambitions Report 2025
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Dec 8, 2025 Maximilian Kunkel, Chief Investment Officer at UBS Global Wealth Management, shares insights from the UBS Billionaire Ambitions Report. He discusses the three forces shaping billionaires today: new self-made talent, inheritance dynamics, and global mobility. Kunkel highlights how the next generation prioritizes impact, particularly in technology and healthcare. He emphasizes a shift towards strategic, lower-risk investment behaviors among inheritors, particularly women, and notes the growing focus on North America for investment opportunities.
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New Generation Driving Billionaire Growth
- Nearly 200 entrepreneurs became self-made billionaires last year, the second-highest since UBS began tracking the data.
- Wealth growth now combines fresh entrepreneurship, rising inheritance and increased geographic mobility among billionaires.
Mobility And Autonomy Shape Family Strategies
- Billionaires value international connectivity for quality of life, rule of law and fiscal stability when choosing where to live or invest.
- Over 80% want the next generation to run their businesses but pursue their own visions rather than merely preserve status quo.
Spousal Inheritance Alters Investment Style
- Inherited wealth often first goes to spouses, and women tend to invest more conservatively and disciplinely.
- That shifts portfolio focus toward strategic asset allocation and long-term steadiness rather than frequent trading.