The Billionaire Ambitions Report by Swiss bank UBS considered cash reserves, securities, real estate, and business investments.
The United States tops the ranking, with 924 individuals holding nine-digit fortunes.
China ranks second with 470 billionaires. UBS, however, has not provided specific figures for Luxembourg.
Record inheritances
As reported by Reuters, the analysis also reveals that billionaires are passing on record amounts of wealth, with the spouses and children of billionaires inheriting more in 2025 than in any year since records began in 2015.
In the 12 months to April 2025, 91 individuals became billionaires through inheritance, receiving a combined $298 billion. According to the Swiss bank, this is more than a third higher than the total recorded the previous year.
