The number of billionaires globally rose by 13% to a record 3,302 people, with their wealth growing by 25% on average in the year ended in April, compared with a 10.8% rise in average personal wealth worldwide, according to UBS. James Mazeau, an economist at the bank, said billionaires had benefited from the AI boom in the stock market, noting that most billionaire wealth is tied to listed companies. There were 18 people with wealth between $50bn (£37.8bn) and $100bn, and 19 people worth more than $100bn, of whom 15 were based in the US. The global millionaire population reached more than 57.5 million last year, with the US making up almost half of the growth in 2025 as more than 440,000 people became millionaires for the first time; in the UK, more than 43,000 people became millionaires last year. The World Inequality Report found fewer than 60,000 people control three times as much wealth as the bottom half of humanity. Elon Musk is the richest person in the world with a net worth of $1tn, followed by Larry Page and Sergey Brin. There were 156 UK-based billionaires in 2025, down from 165 the year before.