The number of billionaires is on the rise — and they are richer than ever thanks to AI (www.businessinsider.com)

A recent report from UBS reveals a record rise in the global billionaire population, now totaling 2,919, with a noteworthy 8.8% increase compared to last year. The surge in net worth—collectively reaching $15.8 trillion, a 13% jump—has been predominantly fueled by a boom in AI-driven tech stocks. Notable tech giants, particularly in the "Magnificent Seven" group including Meta, Oracle, and Nvidia, have seen their share prices soar by an average of 25% in 2023. This financial growth has notably enriched six U.S. tech billionaires by $171 billion, underscoring the profound impact of AI advancements on wealth creation. The emergence of 196 new self-made billionaires highlights AI's expansive influence across various sectors, transcending traditional tech confines. While high-profile figures like Alphabet's Larry Page and Nvidia's Jensen Huang have reaped immense rewards from AI innovation, other new billionaires draw from diverse industries, such as bioscience and food services. Interestingly, a significant 70% of these newcomers are self-made, indicating a dynamic shift in wealth distribution driven by technological opportunities. Looking forward, the report anticipates a further transfer of wealth, with $5.9 trillion set to be inherited by the next generation of billionaires, who face the challenge of achieving success on their own terms.