B’naire heirs inherited more wealth in 2025 than in any previous year, with USD 298 bn passed on to spouses and children in the year to April, the highest figure since records began, according to UBS’ B’naire Ambitions Report 2025 (pdf). The wealth transfer also marks a 36% y-o-y increase as 91 individuals became b’naires through inheritance.

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UBS expects this trend to accelerate, with USD 5.9 tn set to exchange hands over the next 15 years. The US will account for almost half of the expected flow of capital, with Western Europe, India, and Greater China also set for strong contributions. Meanwhile, some USD 152.7 bn is expected to exchange hands in the Middle East and Africa by 2040, largely to heirs in the UAE, Saudi Arabia, Israel, and South Africa, the report estimates.

This year, the Americas saw the biggest growth in b’naire wealth, up 15.5% to USD 7.5 tn, while Asia-Pacific saw an 11.1% increase; EMEA lagged slightly on the back of stunted growth in Europe, though it still saw b’naire wealth rise 10.4% to USD 4.1 tn.

B’naires — especially younger ones — are increasingly mobile, with an exodus expected from traditional wealth hubs like Switzerland, which harbors an estimated USD 206 bn set for transfer, on the back of a possible 50% levy on inheritances above USD 62 mn. The UK has also been seeing a significant number of high-net-worth individuals leave their home country for more tax-friendly alternatives.

The UAE, Singapore, and the US are now among the preferred destinations for wealthy individuals, 36% of whom have recently relocated, with quality of life, taxation, and geopolitical climate cited as key decision factors, the report said.

Self-made wealth is also on the rise, with some 196 new self-made b’naires emerging this year — the highest since 2021 — with growth led by US tech, China consumer sectors, and Asian crypto and software.

Total b'naire net worth reached USD 15.8 tn, up around 13% y-o-y, with new b’naires adding USD 137.2 bn, outpacing existing b’naires.

While tech b’naire wealth rose 23.8% to USD 3 tn, industrials grew faster, up 27.1% to USD 1.7 tn, supported by SpaceX valuation gains and EV supply chains. Consumer and retail wealth showed 5.3% growth, as the European market cooled and Chinese brands captured market share.

Where are b’naires investing their money next year? Some 42% of b’naires plan to increase allocations to EM equities, 35% are looking toward infrastructure, 49% are eyeing direct private equity, and 32% are set to invest more in gold or precious metals. North America remains the top return market (63%), but half of those surveyed see Asia-Pacific and Greater China as becoming the most attractive destinations.

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THE CLOSING BELL: TADAWUL-

The TASI rose 0.5% on Thursday on turnover of SAR 4.5 bn. The index is down 11.7% YTD.

In the green: Cherry (+10.0%), Abo Moati (+7.7%), and Maharah (+6.3%).

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THE CLOSING BELL: NOMU-

The NomuC rose 0.4% on Thursday on turnover of SAR 14.9 mn. The index is down 24.0% YTD.

In the green: Altwijri (+14.4%), Alrasheed (+12.7%), and Sign World (+10.0%).

In the red: Alfakhera (-6.8%), Naba Alsaha (-5.4%), and Taqat (-4.3%)

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