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" World’s Billionaires Less Interested in Investing in North America
The world gained 287 new billionaires this year, collectively worth $684.2 billion. But they’re less keen on investing in North America than they used to be, citing policy uncertainty, high stock valuations, inflation, and how the U.S. engages the world, UBS’s 11th annual Billionaire Ambitions Report said.

Of billionaires surveyed, 63% said North America offers the greatest opportunity for returns, in the next 12 months, down from 80% who said that a year ago. Billionaires are diversifying to China and Western Europe, said Dan Scansaroli, UBS’s co-head of investment management, Americas.
UBS said 40% of billionaires view Western Europe as offering the greatest opportunity for returns, up from 18% a year ago, while 34% cite Greater China, and 33% cite the rest of Asia-Pacific, up from 11% and 25%, respectively, a year earlier.
Billionaires find China’s accommodative monetary and fiscal policies, coupled with approximately 30% lower valuations, appealing, Scansaroli said. They view China’s centrally managed goal of achieving technical superiority, including through AI innovations like DeepSeek, as a way to capture outsize returns following the rally in U.S. tech stocks.
The report, which draws from a UBS/PwC billionaire database, found that the world’s billionaire ranks rose nearly 9% through April 4, to 2,919. Their combined wealth rose 13% to nearly $15.8 trillion, from just under $14 trillion a year earlier.
What’s Next: The global Great Wealth transfer includes 91 new billionaires who collectively inherited nearly $298 billion, up 36% from inheritances a year ago. UBS estimates another $5.9 trillion will be inherited between now and 2040, said Jennifer Gabrielli, UBS’s global co-head of wealth planning and ultra high net worth advisory.

—Abby Schultz and Janet H. Cho"