For marketing purposes

Billionaire Ambitions
Report 2022

Innovation and impact

A few words
about our researchThis is the eighth of our reports covering billionaires, focusing on their wealth and ambitions during
an era of historic wealth generation, business innovation and impact philanthropy. For the first time,
we have spoken to UBS’s billionaire clients for this report, canvassing 50 of them for their views on
how to approach global challenges in a two-stage exercise, including both a survey and questions
at a UBS event. UBS Evidence Lab also gathered information about billionaire patent filings relating
to smart agriculture. Separately, we have tracked the wealth of more than 2,500 billionaires from75 markets in the Americas, EMEA and APAC. The results of our research have been analyzed by
UBS subject matter experts, who have unique insights into how wealthy individuals are approachingenvironmental and social challenges through their businesses, investments and new forms ofphilanthropy. (For more information, see our methodology on page 50.)

Foreword

7

Executive summary

8

Section 1: Tackling environmental and	societal problems

10

Driving change through business, investment and philanthropy

Section 2:	Spotlight on smart agriculture24Boosting food production

Section 3:	Towards an “impact economy”? 38
Scaling up capital through collaboration

Wealth tracker

444Foreword
Dear reader,
Now in its eighth edition, this report has charted the evolution of the billionaire landscape over close
to a decade.
Our latest research – which has surveyed a sample of UBS’s billionaire clients for the first time – shows
us that in uncertain times, billionaires matter. Many are successful entrepreneurs, changemakers whoturn ideas and inventions into innovations that others adopt and follow. As such, they’re in a powerful
position to deliver not just capital, but also fresh approaches and better ways of doing what’s needed
to tackle global challenges.
This year’s report highlights how many of the wealthiest in society see it as their responsibility to leadthe way, using their wealth or resources to help tackle unprecedented environmental and societal
challenges.
In the past, philanthropic or impact investment capital would have been channeled towards these issues.
Our research shows that billionaires are now using their business capital to generate return and impact.
The combination of plentiful long-term capital and innovation has the potential to create huge change
and opens up new opportunities for a different approach to investing. We know, for example, thatbillionaires take a longer-term view than public companies. This makes them willing to entertain longer
periods for returns as well as being comfortable investing in companies at varying stages of maturity– unlocking capital for earlier stage companies.
We remain realistic about the ability of private capital on its own to solve the world’s problems. While
we see this convergence as a clear trend, will it be done in sufficient scale to help meet the UN’s
sustainability goals (SDGs) and the race to zero carbon? There are reasons for optimism and those who
can connect billionaires to opportunities globally, such as UBS, play an important role in this trend.

George Athanasopoulos
Head of Global Family and Institutional Wealth
UBS Global Wealth Management

Alice Page
Head Ultra High Net Worth Solutions GroupUBS Global Wealth Management

Foreword

7

Executive summary

Ninety-five percent of surveyed billionaires believethat they should use their wealth or resources to help
tackle global challenges.
In our survey of billionaire clients, just over two thirds state
it’s their responsibility to “lead the way,” while almost a third
believe they should use their wealth or resources to help
tackle these challenges.

They are doing so across their activities,
not just through philanthropy.
With many of today’s billionaires being self-made entrepreneurs, they’re most commonly driving environmental andsocial change through their businesses. However, they also
do so through philanthropy and investing. Almost a fifth of
those surveyed see their capital as a catalyst – helping tocreate solutions that others can adopt at scale.

Turning to legacy, making a positive impact
on society is a priority.
Almost half of our clients surveyed say that they want totackle global challenges for the sake of future generations,with a third stating that they want their resources to have apositive impact on the world.

8

Executive summary

They see the greatest opportunities for impact in smart
agriculture, clean water and poverty alleviation.
More than 40% of the billionaires surveyed see smart agriculture as one of the areas where they can make the greatest
impact, alongside clean water and poverty alleviation. Whilethey also see opportunities in green energy as well as waste
management and recycling, they believe government has agreater potential role in these areas.

Energy and Asia judged best for
financial opportunities.
When it comes to purely commercial business and investment
opportunities, the billionaires surveyed view the energy
sector and Asia-Pacific economies as having the best outlook
over the next five years.

Global collaborations can lead to a new era in finding
solutions to the world’s problems.
At UBS, we believe that billionaires can make the greatest
environmental and societal difference if they connect withothers in global collaborations. By doing so, they can scale
up capital and new ways of doing things to make a material
difference.

Executive summary

9

Tackling
environmental andsocietal problems

Section 1

Billionaires aim to use their wealth or resources to tackle theworld’s environmental and societal problems – from initiatives
that tackle climate change to biodiversity, health, educationand inequality. That’s the main finding from our survey of
UBS’s billionaire clients. They’re acting across a number of
their activities, and a significant minority are prepared to put
their capital at risk to trial new models of philanthropy forinvestors and governments to adopt at scale.
In total, almost all of those surveyed believe they should use
their wealth or resources to help tackle global challenges.
More than two thirds see it as their responsibility to “lead theway” in tackling global challenges in areas such as green
energy, education, poverty alleviation and healthcare.
Additionally, almost a third agree that they should use theirwealth or resources to help resolve environmental andsocietal problems.
A European billionaire interviewed as part of the research
process explained: “It’s really important to have your feet on
the ground and be able to understand the power you haveand how you could use it in a very powerful and positive
way.”

Most billionaires feel responsible for tackling global
challenges
Which one of the below statements comes closest to your views about the responsibilities you andyour peers have in tackling global challenges (e.g. green energy, education, poverty alleviation,
healthcare, etc.)?

67%
It’s our responsibility to lead the way on thisand use our wealth and/or resources
to help tackle global challenges

29%
It’s not our responsibility to lead the way on thisbut we should use our wealth and/or resources
to help tackle global challenges

5%
It’s not our responsibility to lead the way on thisand we shouldn’t have to use our wealth and/or
resources to help tackle global challenges

Source: UBS Billionaire Survey 2022.
Numbers may not total 100% due to rounding

12

Section 1

“It’s really important to have your feet on
the ground and be able to understand thepower you have and how you could use
it in a very powerful and positive way”, aEuropean billionaire explained.

Billionaires are using multiple means to drive change. Throughbusinesses, philanthropy and investments, they’re developing
solutions for today’s challenges. Most commonly, over fourin ten billionaires report acting through their businesses toaddress global challenges. Additionally, just over a third are
doing so through investing. And almost four in ten are taking
action through philanthropy.
Notably, they’re likely to have both commercial and altruistic
motivations. As the drive for decarbonization intensifies,
sectors such as green energy, electric vehicles and solar panels
are growing fast. There are also potential investment rewards
from venture capital investment in areas like smart agriculture
and clean water. What’s more, innovative forms ofphilanthropy such as blended finance are also emerging.
Societal change depends not just on innovation but the ways
in which innovation is practically deployed.
Indeed, the lines between investing and philanthropy areblurring: almost one in five of the surveyed billionaires seethemselves as catalytic capital investors – that is accepting alower return on their investments, or greater risk, in order toestablish more effective ways of solving problems that others
can then adopt. This indicates they are prepared to test fresh
solutions for problems that can make a difference at scale.

Business, investment and philanthropy are all
making an impact
Which, if any, of the following are ways in which you feel you currently get involved in addressing
global challenges (e.g. green energy, education, poverty alleviation, healthcare, etc.)?

4

4

9
43

13

17

%
39

35

39

35
Through my business(es)Through philanthropy / charitable giving
By investing in areas connected to the world’s global challenges
As a catalytic capital investor (i.e. I’ve accepted a lower level of return or a higher level ofrisk in order to change the financial conditions of an investment and encourage others to invest)
Raising awareness of the world’s global challenges
By partnering with charities as an advocate and/or ambassador
Other
Not applicable – I don’t feel I currently get involved in supporting global challenges in any way
Source: UBS Billionaire Survey 2022

Section 1

15

From smart agriculture
to clean water andeducation
While there are many high-profile solutions to global
challenges being developed by billionaires, there are equally
many lesser-known initiatives. It’s not just the engineers ofelectric vehicles, architects of cures for disease in developing
countries or mass-producers of solar panels who are having
a positive impact.
The survey highlights the areas where UBS’s clients see thegreatest opportunity to make a difference. From the options
in our questionnaire, smart agriculture, clean water and sanitation, and the broad area of economic development andpoverty alleviation were identified by clients as the top areas
where they can have the greatest positive impact in the­future. Green energy and green infrastructure are also popular choices, with over a third seeing the opportunity to makea positive impact in each area, while access to education isviewed as an opportunity by just under a third. Educationand talent development were also viewed as an area of opportunity for making positive impact by the billionaires­canvassed at a UBS client event, showing how philanthropy
and business often overlap, as well as illustrating the role ofoutcome-based philanthropy. In the words of one European
billionaire: “... it has to be a lot about doing things with education, because we know that every generation starts withthe education they receive, and they are the ones that could
actually make the world change.”
Yet while billionaires may be the innovators who pioneer
better ways of doing things, often only governments havethe means to use that innovation for widespread change. For
instance, in smart agriculture as well as clean water andsanitation the respondents see a roughly equal opportunity
for private-sector entrepreneurs and government to make adifference. In areas like green energy or waste management
and recycling, however, they believe government has thegreater opportunity. When billionaires at our client event
were asked where governments could make the greatest
positive difference, they highlighted areas associated withregulation, as this often determines whether conditions arefavorable for investment and growth.
Barriers remain in the field of impact investing. More than athird (36%) of respondents don’t think impact investments
are sufficiently well established. Almost a third (32%) believe
it’s hard to measure the investments’ actual impact. And
almost one in five (18%) worry impact investing could carrya cost in terms of lower returns.
To illustrate how billionaires’ capital is having an impact, wehave concentrated on smart agriculture (see Spotlight sectionof this report). Taking what’s often a venture capital typeapproach, billionaires are deploying data, artificial intelligence
and automation to transform one of the world’s oldest
foundational industries.

Section 1

17

In the words of a European billionaire: “... it
has to be a lot about doing things witheducation, because we know that every
generation starts with the education theyreceive, and they are the ones that could
actually make the world change”

Areas of focus for billionaires and governments
Thinking about each of the following areas connected to global challenges ... In which, if any, of the following areas do you think there will be opportunity for you and your peers to make the greatest
positive impact in the future?

0

20

40

Smart agriculture

42%

Economic development / poverty alleviation

42%

Clean water & sanitation

60

42%

Green energy

35%

Green infrastructure

35%

Access to education

31%

Green manufacturing

27%

Waste management & recycling

27%

Advancements in healthcare

23%

Green mobility

19%

Genomics / personalized medicine

19%

Social equality

15%

Alternative food sources

15%

Other

0%

None of these4%

Source: UBS Billionaire Survey 2022

Thinking about each of the following areas connected to global challenges ... In which, if any, of the following areas do you think there will be opportunity for states / government bodies
around the world to make the greatest positive impact in the future?

0

20

40

Smart agriculture60
44%

Economic development / poverty alleviation

48%

Clean water & sanitation

40%

Green energy

56%

Green infrastructure

48%

Access to education

40%

Green manufacturing

24%

Waste management & recycling

56%

Advancements in healthcare

32%

Green mobility

36%

Genomics / personalized medicine

12%

Social equality

36%

Alternative food sources

24%

Other
None of these

Source: UBS Billionaire Survey 2022

18

Section 1

12%0%

Legacy: prioritizing impact and values

Just as billionaires are turning their attention to society’s
greatest challenges, so their attitude to legacy appears to bechanging in similar ways. Many of today’s billionaires appear
most interested in leaving legacies based on positive values
and making the world a better place.
When asked about what they would like their legacies to be,just over three quarters of respondents would like to passdown their values and principles to their family and the next
generations. Giving an insight into what these values are,almost half (48%) say they get involved in addressing global
challenges as it’s important to help future generations, witha third stating that they want to use their resources to have apositive impact on the world. But as businesspeople and investors, over four in ten (43%) think that addressing global
challenges will help them to combine their values with financial returns. Acknowledging that global challenges may now
offer financial opportunities, almost a third (29%) think theseareas will be the source of the best future investment returns.

Type of legacy to leave behind for future generations
Which, if any, of the following best describe the type of legacy you would like to leave behind for future generations?

FamilyGive backEconomic growth

Solve challenges

Pass on my knowledge

None

77%

54%

42%

38%

38%

4%

I would like to pass on my

I would like to give back to

I would like my businesses to

I would like my businesses to

I would like to help advancevalues and principles to mysociety financially and/or

help provide jobs andhelp solve future societal

society and/or pass on myfamily and/or the next

donate to causes that are

stimulate economic growth

challenges

knowledge around agenerations

important to me

Source: UBS Billionaire Survey 2022

20

Section 1

particular topic or area

None of theseCASE STUDYEngineering the UK’s small nuclear power plants
In order to meet its net zero the commitments, the UK isdeveloping a fleet of small modular reactors (SMRs), withfunding from a consortium including the French Perrodo­family.
The industry consortium led by Rolls-Royce, the UK aeroengine maker, is joining the British taxpayer to put GBP
405 mn into developing the SMRs. Rolls-Royce has funding
from US energy company Exelon Generation and the Perrodos through their BNF Resources investment vehicle.
The small, modular design allows the power station parts to
be built in factories ready for quick assembly at chosen locations, making them far cheaper than traditional nuclear
power stations.

CASE STUDYSlashing aviation emissions by 70%
When Breakthrough Energy Ventures (BEV) announced a
USD 50 million grant for Lanzajet Freedom Pines Fuels’sustainable aviation fuel (SAF) plant in October 2022, thiswas the latest of its initiatives in pursuit of the goal of net
zero carbon emissions by 2050.
Backed by investments from more than 30 of the world’s
best-known billionaire entrepreneurs, BEV is accelerating
technological transformation. It’s supporting cutting-edge
research and development, investing in companies that turngreen ideas into clean products and advocating policies thatspeed innovation.
Lanzajet’s plant in Georgia in the United States will be thefirst in the world to produce alcohol-to-jet SAF on acommercial scale. Projected to be operational in 2023, theplant’s SAFs will lower carbon emissions by at least 70%
compared with fossil fuels.

Section 1

21

Energy sector and Asia-Pacific judged best for
medium-term opportunities
When it comes to purely commercial business and investment
opportunities, the billionaires surveyed have clear ideas about
where they see most potential in the next five years (irrespective of global challenges). From a sector perspective, theyfavor energy, possibly due to today’s supply constraints andthe accelerating secular transition to renewables. At the sametime though, they continue to favor technology and healthcare businesses – some of which have fallen from grace interms of public equity market valuations in 2022.
Regionally, they are primarily looking to Asia-Pacific economies such as Southeast Asia and India, where economic
growth remains robust. North America, with its huge domestic market and vibrant entrepreneurial culture, also remains
a popular region. While still ahead of the rest of the world,
mainland China lags these regions somewhat. Meanwhile,surprisingly few are drawn to Western Europe considering its
position as one of the world’s major economic blocs.
Yet billionaires aren’t entirely optimistic. When asked what
concerned them most at a UBS client event, the most common answer was geopolitics, closely followed by inflation.

22

Section 1

Energy viewed as top sector for business/investment returns
In which of the following sectors do you think there will be the greatest opportunity for business and/or investment returns over the next five years?
0

20

40

Energy

60

44%
32%

Pharmaceuticals & biotechnology

32%

Software & services

28%

Healthcare equipment & services
Utilities

20%

Real estate

16%

Technology hardware & equipment

16%
16%

Banks / financial services
Hospitality & food8%

Consumer goods

8%

Telecommunication services

8%

Capital goods (i.e. assets used to produce other goods or services such as buildings, equipment, machinery, etc.)

4%

Automotive & components

4%Construction

4%

Basic materials (chemicals, building materials, paper products)

4%

Manufacturing

4%

Retailing

4%

Media

0%

Commercial & professional services (e.g. law, accountancy, architecture, etc.)

0%Transportation

0%

Other

16%

Source: UBS Billionaire Survey 2022

APAC and North America are best for business/investment returns
In which of the following regions do you think there will be the greatest opportunity for business and/or investment returns over the next five years?

15%
Western Europe
4%
Eastern Europe

50%
North America

42%
Mainland China

19%
Middle East

12%
Africa12%
Latin America

58%
Asia-Pacific(excl. mainland China)

Source: UBS Billionaire Survey 2022

Section 1

23

Spotlight onsmart agriculture

Section 2

Using technology
to boost
food production
As the world’s population approaches record levels, water
shortages and war threaten our food supply. Throughsmart agriculture, billionaires are supporting pioneering
food production that’s kinder to the environment andcloser to home.

With drought in parts of Africa and rainfall declining across
many regions of the globe, feeding the world is afundamental challenge. Today’s global population of 7.6
billion is forecasted by the United Nations to reach 9.8 billion
by 2050, and current intensive farming methods are
considered unsus­tainable. On top of that, the war in Ukraine
is creating food shortages in the Middle East and Africa.
Against this backdrop, just over four in ten of the billionaireclients surveyed see smart agriculture as one of the areas
where they can make the greatest impact. For many
billionaires, finding ways to raise agricultural productivity isa natural problem to address, as they own tracts of farmland.

26

Section 2

Smart agriculture involves the use of technologies like theInternet of Things, sensors, robots and artificial intelligence
to raise the quantity and quality of crops. Analysis of
agricultural technology (AgTech) funding rounds shows thatbillionaires such as Bill Gates, Richard Branson and Jack Ma
have been active investors, according to Crunchbase data.
Similarly, companies associated with billionaires have filed anincreasing number of technology patents globally. (See charton pages 30/31)

CASE STUDY
Making water flow further
Every year more countries are experiencing droughts, putting
a premium on the water we need for drinking and irrigation.
Recognizing the urgency, billionaire investors are investing tomodernize water infrastructure.
Whether through indoor farms waste water treatment technology or simply the construction of more waste water
treatment plants, they are investing to make limited water
resources stretch further.
Take Cambrian Innovations, the US waste water company
where Laurene Powell Jobs, widow of Apple Inc.’s founder,
is reportedly an investor. Using electrically-charged microbes
to digest companies’ refuse, Cambrian is producing cleanwater and energy. And, in Ghana, billionaire Joseph Agyepong is building a series of waste water treatment plants
through his companies.

28

Section 2

Rising trend in billionairesmart-agriculture patents

Cumulative number of patents from billionaire-related companies, identified by selected keywords*

6000

5000

4000

3000

2000

1372
1122
1000

850
627
377
182

0
2010

30

Section 2

2011

2012

2013

2014

2015

5565

4804

3917

3204

2589
2122
1713

2016

2017

2018

*See methodology on p. 50. Data until end of September 2022

2019

2020

2021

2022

Where billionaires are investingin agricultural technology

Elo

nM

us
k

The AgTech sectors that the top 200 invest in

a
kM
o
Jac
ali
yD
Ra

M
as

Agriculture
marketplace

ay

os
hi
S
Zu
cke on
Mic
rb e
hae
r
l Bl
oom g
Muk
ber
es h
g
Amb
ani
Bill Ga
tes
Ma
rk

Alternative
proteins

sk
Mu
n
Elo
zos
Be
ﬀ
Je
es
Gat
l
l
i
B
in
ey Br
Serg
i
Amban
Mukeshrg
Michael BloombeMark Zuckerberg
Li Ka-shi
ng
Masa
yoshi
Son
Ray
Dali
o
Jac
La
ksh
kM
a
mi
Mi
tta
l

Carbonneutralization& measurement

Bill Gates

Fertilizers &crop protection

Jack MaJeﬀ Bezos
Zucke
rberg
M as
Mi c
ayos
hi S
hae
on
l Bl
Mu
oom
kes
ber
hA
g
mb
Ra
an
i
yD
ali
o
Mark

Source: agfundernews.com
Data until end of October 2022

32

Section 2

lton
Wa
ell
Rob
el D n
cha
l to
Mi
Wa

Bil

ice
Al

Jeﬀ

Be

-s
Ka
Li

zo
s
lG
ate
s

g
hin

Industrial
genetic
engineering
s
ate
G
t
l
Bil hmidc
Sc
Eri

Supplychain
management
Da
vid
Th
om
Eric
p
Sch
mid son &
t
Ma s
fam
ayos
ily
hi So
n
Jeﬀ Bezos
Bill Gates

Smart crop
monitoring& management

Verticalfarming
lton
Wa
ell
Rob
el D n
l to
Wa
Mi

es
Gat
Bill
dt
chmi
Eric Sni
g AmbaMuskheinshai Khael Bloomberg
MLic

cha

Bil

ice
Al

Jeﬀ

Be
zo
s
lG
ate
s

Smart machinery& equipment

Mark Zuckerberg

Industrial
genetic
engineering
Supplychain
management

Li Ka-shi
ng
Masa
yoshi
Son
Ray
Dali s
o ate
Jac
G
Gin
t
l
k
l
MaBi hmid
aR
c
ine
S
ha Eric
rt

Da
vid
Th
Source: agfundernews.com
om
Eric
Smart
Data untilcrop
end of October 2022
pso
Sch
n&
mid
monitoring
t
Ma s
fam
& management
ayos
ily
h
i
S
Agriculture marketplace
Fertilizers & crop protection
Industrial genetic engineeringonJeﬀ Bezos
B2B e-commerce
New fertilizer technologies and methods of crop protection.
Developing gene-edited crops which are more resilient to droughtBill Gatesmarketplaces for farmers (with products ranging
Verticalfrom seeds to equipment).

and produces higher yields.

farming

Alternative proteins

Supply chain management

Plant-based and food-technology alternatives to animal protein.

The planning and management of all activities involved in

Similar in taste and texture to real meat, they generate fewer

Smartmachinerysourcing and procurement, as well as
related logistics.
& equipment

greenhouse gas emissions.

es
Gat
Bill
dt
chmi
Smart crop monitoring
Eric S& management esh Ambani
Mukrg
Michael Bloombe

Smart sensing technology monitors the state of crops, allowingMark control
farmers to optimize watering,pest
and harvestingin orderZuckerberg
to improve productivity.

Carbon neutralization& measurement

Vertical farming
Vertical or indoor farms grow produce in vertically staked layers.

Reducing carbon emissions by using energy sources and efficientThis method of farming increases crop yields, and reduces theprocesses that emit fewer greenhouse gases.

amount of farmland needed with consequent environmental
benefits.

Li Ka-shi
ng
Masa
y
o
shi SoSmart machinery & equipment
n
Ray
Dali
Hi-tech agricultural machinery – includingorobots, satellites andJac
Gin emissions
kand
drones – can reduce CO
2a
Mause of ammonia fertilizers,Riwhile boosting crop yields. nehartSection 2

33

Agricultural technology’s major
private investment rounds since 2010

1

2

3

2014

2015

20 B

15 B

10 B

5B

0B
2010

34

Section 2

2011

2012

2013

The biggest private market investment rounds into AgTech companies as tracked by Crunchbase since 2010

4

2016

1 April 22, 2013

2 July 29, 2014

3 June 30, 2015

4 December 13, 2016

Fertilizers & crop protection

Smart crop monitoring & management

Smart crop monitoring & management

Fertilizers & crop protection

Venture Round

Series A

Series B

Series B

13’000’000

25’000’000

40’000’000

33’000’000

Grosvenor Food & AgTech

Promus Ventures

Promus Ventures

Upfront Ventures

5 July 19, 2017

6 December 13, 2018

7 February 20, 2019

8 September 16, 2020

Vertical farming

Smart crop monitoring & management

Alternative proteins

Vertical farming

Series B

Series B

Series C

Series C

200’000’000

90’000’000

148’000’000

170’000’000

Finistere Ventures

Almanac Insights

VisVires New Protein

Astanor Ventures

9 May 26, 2021

10 February 3, 2022

Fertilizers & crop protection

Fertilizers & crop protection

Series D

Post IPO Equity

250’000’000

125’500’000

Upfront Ventures

Fall Line Capital

5

2017

Source: data.crunchbase.com
Data until end of October 2022

6

2018

7

8

2019

2020

9

10

2021

2022

Transforming productivity
from farm to table

Our research shows that billionaires are most active at the
beginning of the farm-to-table value chain, where they see
great potential for AgTech to transform productivity andreduce environmental damage. For instance, companies
associated with billionaires are trialing ways to decrease
cows’ methane emissions, cutting herbicide use throughtargeted spraying and developing smart rice farming
technology. Further, they’re building indoor or vertical farms,
using less water and land (although energy use is high).

Plant breeding​

Smart machineryand equipment​

Agriculture inputs andagriculture marketplace​Fertilizers& crop protection
Carbon neutralization

Nurseries​

Vertical farming
and greenhouses​

36

Section 2

Smart crop
monitoringand management​Many of these AgTechs are only now being developed. Oncewidely adopted and scaled up, they have the potential to help
solve the problem of feeding a growing population fromfarmland that’s under pressure.

Supply chain
management

Online grocery​
Food waste management​
Personalized healthand nutrition​

Alternative proteins​

Novel ingredients andindustrial genetic engineering​

Cloud kitchen​

Section 2

37

Towards an“impact economy”?

Section 3

The research conducted for this report suggests that we may
be at the beginning of a new era as billionaires turn to solving the great problems of our age. They’re in a unique position to do so, as they’re often master business innovators,
with sufficient wealth to invest for the long term and to takea higher risk of loss.
To illustrate the potential, long-term capital has been used
to incubate future for-profit solutions such as MRNA vaccines
in business, or to introduce payments-for-results mechanisms
in fields such as education that leverage traditional philanthropy with investment capital.

40

Section 3

Tomorrow

41

But even the wealth of today’s billionaires, standing at close
to record levels (see wealth tracker on following pages), is
insufficient to meet today’s needs. Reaching the UN’s 17
sustainable development goals (SDGs) will require an estimated USD 3.7 trillion to fill the annual SDG funding gap.¹
The SDGs span improving health and education, reducing
inequality and spurring economic growth – all while tacklingclimate change and preserving biodiversity. On top of that,an estimated USD 4 – 6 trillion is required annually for thetransition to a low-carbon economy.²
Capital alone is not enough, which is why the long-standing
tendency of billionaire entrepreneurs to innovate, collaborate
and take long-term risks is vital. The history of business innovation is well documented – the entrepreneurs responsible
for some of the greatest innovations such as electricity or the
first aircraft have commercialized the inventions of others at
scale.
So, are we moving towards an era when billionaires and­others apply their capital and ingenuity at scale to solve theworld’s problems? While this remains to be seen, the surveyof UBS’s clients in this report is among the encouraging signs
that they’re doing so – whether through business collaborations, venture capital type funds or new models of philanthropy / blended finance (including those developed by UBS
Optimus Foundation).³
We believe that we may be at the beginning of just such anera: a transition to an “impact economy.” There’s an opportunity for billionaires and others to use their capital as acatalyst for better ways of solving today’s problems, which
can then be scaled up with further entrepreneurial and institutional capital, as well as government backing.

¹ Organisation for Economic Development and Cooperation 2021.
² UN Environment Programme’s Emissions Gap Report 2022.
³ UBS Optimus Foundation focuses on social impact in a variety of ways,
from traditional charitable giving to social finance (ubs.com/optimus).

Section 3

43

WEALTH TRACKER

Exceptional
wealth volatility:
yet rise of innovators
continues

It’s a time of shifting fortunes. Rapidly rising interest rates,
stop-start pandemic re-openings and war in Europe are feeding market uncertainty and volatility, with wealth created anderoded in almost equal measure. Yet amidst the instability
some themes persist – especially the broad concept of smart
innovators rising to the top.
While the flux in billionaire wealth is exceptional, the total
wealth and number of billionaires was only slightly lower at
the March 2022 cut-off date for our data than 12 months
earlier. There were 2,668 billionaires worth USD 12.7 trillion
in March 2022, down somewhat on a year earlier when
2,755 individuals accounted for USD 13.1 trillion in 2021.
(Notably, however, the total wealth and number of billionaires is likely to have fallen further since March 2022 due todeclines in asset prices.)
There is a considerable underlying turnover in billionaires behind the data. A fifth (20.4%) of their population changed
from 2021 to 2022, as 360 (11.6% of the cohort) saw theirwealth dip below a billion dollars, while 273 (8.8%) reachedthat level.
For context, turnover was higher in 2021, but this was dueto the number of new billionaires, as super-loose monetary
policy intended to ease pandemic stresses lifted asset prices.
In that year, 29.2% of the cohort changed. There were 744
new billionaires and only 84 dropouts.

44

Wealth tracker

46

Wealth Tracker

Number of new and dropped-out billionaires by sector in 2022					Dropped-out

NewBillionaire population

Organization

No. of billionaires% of Total

No. of billionaires% of Total

Final worth USD bn No. of billionaires

Automotive

8

10.3%

8

10.3%

518.5

68

Construction & engineering

3

5.9%

5

9.8%

123.9

46

Diversified

21

9.9%

14

6.6%

946.3

181

Energy

9

8.2%

6

5.5%

471.3

97

Fashion & retail

45

14.9%

21

6.9%

1’616

249

Finance & investments

30

7.0%

50

11.6%

1’741

392

Food & beverage

31

13.0%

15

6.3%

935.35203

Gambling & casinos

4

14.3%

2

7.1%

107.6

23

Healthcare

29

11.7%

24

9.7%

709.1

216

Logistics

4

9.5%

4

9.5%

196.2

35

Manufacturing

37

9.7%

44

11.6%

1’096

338

Media & entertainment

10

9.2%

10

9.2%

443.1

95

Metals & mining

13

15.7%

6

7.2%

379.6

67

Real estate

35

14.7%

12

5.0%

686.7

192

Service

24

29.6%

3

3.7%

190.3

54

Sports

0

0%

3

11.1%

98.6

27

Technology

57

13.8%

41

9.9%

2’239

348

Telecom

0

0%

5

13.5%

207.1

37

Grand Total

360

11.6%

273

8.8%

12,706

2,668

Wealth tracker

47

From fintech to techand electric vehicles

Analyzing the results by sector gives insights into new economic themes, as well as the rise of disruptors, some of themin “green” industries.
Notably, finance and investments had the highest number ofbillionaires (392 in aggregate) as well as one of the greatest
turnovers. Taken together, their wealth totaled USD 1.7 trillion. Fifty new billionaires were created during the year, while
30 dropped from the list. Among the new billionaires were
fintech disruptors, as well as private equity and hedge fundpartners.
Technology, the second most populous sector, also ex­perienced
a considerable flux. There were 41 new tech billionaires while
57 disappeared, leaving a total of 348 worth USD 2.2 trillion.
This instability reflects the dynamism of a sector where barriers
to entry are low and innovation is perpetual.
Finally, manufacturers flourished amid extraordinary demandfor durable goods, as well as the emergence of new electricvehicle and battery entrepreneurs. There were 338 manufacturing billionaires in 2022 worth a total USD 1.1 trillion, with44 new joiners and 37 dropouts.

Number of billionaires and their wealth by selected countries
2021

Country

Final worth

2022

YoY % difference No. of billionaires YoY % difference Final worth

USD bnYoY % difference No. of billionaires YoY % difference

USD bnBrazil

211.7

66.6%

65

44.4%

186.7

− 11.8%62− 4.6%

Canada

231.1

61.8%

64

45.5%

242.9

5.1%

63

− 1.6%

France

512.3

68.4%

42

7.7%

550

7.4%

43

2.4%

Germany

625.5

40.3%

136

28.3%

608

− 2.8%

134− 1.5%

Hong Kong

448.2

44.6%

71

7.6%

383.4

− 14.5%67− 5.6%

India

596.4

90.8%

140

37.3%

749.8

25.7%

166

18.6%

Japan

225.4

104.9%

49

88.5%

154.5

− 31.5%40− 18.4%Mainland China

2’532

114.7%

626

61.3%

2’027

− 19.9%540− 13.7%

Russia

578.1

51.8%

117

20.6%

326.9

− 43.5%83− 29.1%

Singapore

156.9

73.0%

27

0.0%

106.7

− 32.0%26− 3.7%

Switzerland

145.5

50.9%

40

14.3%

181.9

25.0%

41

2.5%

United Kingdom

213.9

38.9%

56

21.7%

199.1

− 6.9%

49− 12.5%

US

4’398

49.1%

724

17.5%

4’701

6.9%

735

1.5%

Grand Total

10’875

64.7%

2’157

31.8%

10’418− 4.2%

2’049− 5.0%

48

Wealth tracker

Shifting regional
fortunes

Location influenced fortunes to an exceptional degree. India’s
billionaires prospered as the country overtook the UK to­become the fifth largest economy in 2022. Powered by ayouthful labor force, it is the fastest-growing of the world’s
major economies. One hundred and sixty-six billionaires,up from 140 the previous year, increased their total wealthby a quarter (25.7%) to USD 749.8 billion.
While wealth was flat across Western Europe at a total of
USD 2.3 trillion, with the number of billionaires falling from
474 to 467 year on year, Swiss billionaires fared better.
­Although the total number of billionaires living there only
increased by one to 41, their combined wealth rose by aquarter (25.0%) to USD 181.9 billion, reflecting the country’s
position as a hub for finance, as well as pharmaceuticals andcommodities trading.

Mainland China’s zero-COVID policy slowed the growth after
many years as the world’s fastest-growing large economy.
There were 540 billionaires, down from 626 a year before.
After a decade of significantly increasing, total wealth fell by
a fifth (19.9%) to USD 2.0 trillion.
Turning to Eastern Europe, the war in Ukraine severely­affected billionaires’ wealth. The number of billionaires in theregion fell by 27 from 154 to 127, while their total wealthdropped by more than a third (34.7%) to USD 455 billion.

The United States, home to about a third of billionaires globally, was resilient with 735 up from 724 in 2021. Total wealthrose by 6.9% to USD 4.7 trillion.
In the Middle East and Africa, overall wealth rose by 7.5% to
USD 279.4 billion, although the number of billionaires fell
from 91 in 2021 to 89 in 2022.
By contrast, wealth dipped in countries slow to emerge fromthe pandemic. Japan suffered from the twin effects of latereopening and a currency that fell significantly during the­period, eroding the value of wealth in US dollars. There were
40 Japanese billionaires, worth a total USD 154.5 billion – afall of almost a third (31.5%) on the previous year.

Number of billionaires and their wealth by region / subregion

2021

RegionSubregion

Final worth

2022

YoY % difference No. of billionaires YoY % difference Final worth

USD bnYoY % difference No. of billionaires YoY % difference

USD bnAmericas

Latin America

312.1

72.1%

92

43.8%

284.5

− 8.8%

88− 4.4%

AmericasNorth America

4’766

49.1%

801

19.2%

5’105

7.1%

813

1.5%

Americas

Total

5’078

50.3%

893

21.3%

5’389

6.1%

901

0.9%

APAC

North Asia

2’994

108.9%

765

60.4%

2’442

− 18.4%672− 12.2%APAC

South Asia

597.8

90.4%

141

36.9%

751.3

25.7%

167

18.4%

APAC

Southeast Asia & Oceania

1’122

56.4%

237

22.8%

1’053

− 6.1%

245

3.4%

APAC

Total

4’714

91.3%

1’143

47.9%

4’247

− 9.9%

1’084− 5.2%

EMEA

Eastern Europe

696.9

52.5%

154

21.3%

455

− 34.7%127− 17.5%

EMEA

Middle East & Africa

260

33.8%

91

19.7%

279.4

7.5%

89

− 2.2%

EMEA

Western Europe

2’336

51.3%

474

23.8%

2’336

0.0%

467

− 1.5%

EMEA

Total

3’293

50.0%

719

22.7%

3’070

− 6.8%

683− 5.0%

Grand Total

Total

13’084

62.8%

2’755

31.5%

12’706− 2.9%

2’668− 3.2%

Wealth tracker

49

Methodology

UBS conducted an online survey of its billionaire clients thatare booked in Switzerland, Europe (excl. Switzerland), Singapore, Hong Kong, and the US between 29 June to
5 September 2022. The total sample size achieved in thesurvey was 28 respondents.
In addition, UBS gathered the views of its billionaire clientsthat are booked in Switzerland, Europe (excl. Switzerland),Singapore, Hong Kong and the US attending an event on
27 and 28 October 2022. The event attendees were asked aseries of open-ended questions which captured their spontaneous thoughts. The total sample size achieved was 22
respondents.
Patents research methodology
UBS Evidence Lab mines over 125 million patents across over
90 countries to track patent application volume trends overtime. To define a patent set for analysis, UBS Evidence Lab
will either identify a set of international patent classification(IPC) codes that encompass the technology of interest or
develop a lexicon of search terms (i.e. keywords) pertaining
to the topic of interest. IPC codes are used by the World Intellectual Property Organization to categorize patents by type.
For the purpose of this report we ran the patents analysis on
the following selected keywords: plant biotechnology, water
management, food waste, food security, weather forecasting, precision agriculture, plant factory, water efficiency,
plant-based protein, smart agriculture, vertical farming,­water-saving technology, smart farming, indoor farming,­agricultural drones, livestock monitoring. The analysis includes only companies with at least 10 patents filled since2010. The list of companies that came up from our patent
analysis was cross-referenced with a list of all companies on
our database (publicly listed and private) related to billionaires. Among the total of 441 companies included in thispatent analysis, ­27 are either owned by billionaires or havebillionaire investors. The chart illustrates total number of­patents filed in each year (cumulatively). Note: data for 2022
is up until September.

50

UBS EVIDENCE LABUBS Evidence Lab is a team of alternative data experts who
work across 55+ specialized areas creating insight-ready data
sets. The experts turn data into evidence by applying a
combination of tools and techniques to harvest, cleanse, andconnect billions of data items each month. The library ofassets, covering over 5,000 companies of all sizes, across all
sectors and regions, is designed to help answer the questions
that matter to your decisions.
FOR MEDIA ENQUIRIES PLEASE CONTACT:
Serge Steiner, UBS Media Relations,+41 (0)44 234 18 24,
serge.steiner@ubs.com
Aisling Jamieson-Ewers, Headland,+44 (0)20 3805 4884,
AJamieson-Ewers@headlandconsultancy.com
ACKNOWLEDGEMENTS
Project team UBS
Matthew Carter
Alicia Curry
Maximilian Kunkel
Michele Lim
Jeff Scott
Anthi Spiliakopoulou
Michael Viana
Research team
Stephanie Perryfrost, UBS Evidence Lab
Gabriele Schmidt, UBS Global Wealth Management
Data analysis
Jason DeRise, UBS Evidence Lab
Gaurao-Ajay Ghodke, UBS Evidence Lab
Klaudia Radziejewska, UBS Evidence Lab
Tomasz Sztokfisz, UBS Evidence Lab
Maciej Wojewodzic, UBS Evidence Lab
Farner Consulting AG
Toby Felder
Daniel Jörg
Philipp Skrabal
Nadine Sperb
HeadlandIman Barb
Aisling Jamieson-Ewers
Del Jones
Editor
Rupert Bruce, Clerkenwell Consultancy
DESIGN
Farner Consulting AG
Fabian Bertschinger
Laura Dröfke
Fabian Sigg

52

This document has been prepared by UBS AG, its subsidiary or affiliate (“UBS”).
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Market Law, due to the relation with a Foreign Bank. UBS Asesores was incorporated under the Securities Market Law. UBS Asesores is a regulated entity and it is subject to thesupervision of the Mexican Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, “CNBV”) which exclusively regulates UBS Asesores regarding therendering of portfolio management services when investment decisions are taken on behalf of the client, as well as on securities investment advisory services, analysis and issuanceof individual investment recommendations, so that the CNBV has no surveillance facilities nor may have over any other service provided by UBS Asesores. UBS Asesores is registered
before the CNBV under Registry number 30060. Such registry will not assure the accuracy or veracity of the information provided to its clients. UBS Asesores is not part of any
Mexican financial group, is not a bank and does not receive deposits or hold securities. UBS Asesores does not offer guaranteed returns. UBS Asesores has revealed any conflictof interest that could have before. UBS Asesores does advertise any banking services and can only charge the commissions expressly agreed with their clients for the investment
services actually rendered. UBS Asesores receive commissions from issuers or local or foreign financial intermediaries that provide services to its clients. You are being provided
with this UBS publication or material because you have indicated to UBS Asesores that you are a Sophisticated Qualified Investor located in Mexico.
Monaco: This document is not intended to constitute a public offering or a comparable solicitation under the Principality of Monaco laws, but might be made available for
information purposes to clients of UBS (Monaco) SA, a regulated bank which has is registered office 2 avenue de Grande Bretagne 98000 Monaco under the supervision of the“Autorité de Contrôle Prudentiel et de Résolution” (ACPR) for banking activities and under the supervision of “Commission de Contrôle des Activités Financières for financial
activities”. The latter has not approved this publication.
Nigeria: UBS Switzerland AG and its affiliates (UBS) are not licensed, supervised or regulated in Nigeria by the Central Bank of Nigeria or the Nigerian Securities and Exchange
Commission and do not undertake banking or investment business activities in Nigeria.
Poland: UBS is a premier global financial services firm offering wealth management services to individual, corporate and institutional investors. UBS is established in Switzerlandand operates under Swiss law and in over 50 countries and from all major financial centres. UBS [insert Legal Entity] is not licensed as a bank or as an investment firm under Polishlegislation and is not allowed to provide banking and financial services in Poland.
Portugal: UBS Switzerland AG is not licensed to conduct banking and financial activities in Portugal nor is UBS Switzerland AG supervised by the portuguese regulators (Bankof Portugal “Banco de Portugal” and Portuguese Securities Exchange Commission “Comissão do Mercado de Valores Mobiliários”).
Russia: UBS Switzerland AG is not licensed to provide regulated banking and/or financial services in Russia. Information contained in this document refers to products and services
exclusively available through and provided by UBS Switzerland AG in Switzerland or another UBS entity domiciled outside Russia. UBS employees travelling to Russia are neither
authorized to conclude contracts nor to negotiate terms thereof while in Russia. Contracts only become binding on UBS once confirmed in Switzerland or in the location where
the UBS entity is domiciled. The Wealth Management Advisory Office within OOO UBS Bank does not provide services for which banking license is required in Russia.
Certain financial instruments can be offered in Russia only to the qualified investors.
Any attachments and documents with reference to the specific financial instruments do not constitute a personal investment recommendation under Russian law.
Singapore: This publication is distributed by UBS AG Singapore Branch. Clients of UBS AG Singapore branch are asked to please contact UBS AG Singapore branch, an exempt
financial adviser under the Singapore Financial Advisers Act (Cap. 110) and a wholesale bank licensed under the Singapore Banking Act (Cap. 19) regulated by the Monetary
Authority of Singapore, in respect of any matters arising from, or in connection with, the analysis or report.
Spain: This publication is not intended to constitute a public offer under Spanish law. It is distributed only for information purposes by UBS Europe SE, Sucursal en España, withplace of business at Calle María de Molina 4, C.P. 28006, Madrid. UBS Europe SE, Sucursal en España is subject to the joint supervision of the European Central Bank (“ECB”),
the German Central bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), as well as of
the Spanish supervisory authority (Banco de España), to which this publication has not been submitted for approval. Additionally it is authorized to provide investment services
on securities and financial instruments, regarding which it is supervised by the Comisión Nacional del Mercado de Valores as well. UBS Europe SE, Sucursal en España is a branchof UBS Europe SE, a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by the ECB.
Sweden: This publication is not intended to constitute a public offer under Swedish law. It is distributed only for information purposes by UBS Europe SE, Sweden Bankfilial, withplace of business at Regeringsgatan 38, 11153 Stockholm, Sweden, registered with the Swedish Companies Registration Office under Reg. No 516406-1011. UBS Europe SE,
Sweden Bankfilial is a branch of UBS Europe SE, a credit institution constituted under German law in the form of a Societas Europaea which is authorized by the German Federal
Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin), and is subject to the joint supervision of the European Central Bank, the German Central
bank (Deutsche Bundesbank) and the BaFin. UBS Europe SE, Sweden Bankfilial is furthermore supervised by the Swedish supervisory authority (Finansinspektionen), to which
this publication has not been submitted for approval.
Taiwan: This material is provided by UBS AG, Taipei Branch in accordance with laws of Taiwan, in agreement with or at the request of clients/prospects.
UK: This document is issued by UBS Wealth Management, a division of UBS AG which is authorised and regulated by the Financial Market Supervisory Authority in Switzerland.
In the United Kingdom, UBS AG is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and limited regulation by
the Prudential Regulation Authority. Details about the extent of regulation by the Prudential Regulation Authority are available from us on request.
UAE/DIFC: UBS is not licensed in the UAE by the Central Bank of UAE or by the Securities & Commodities Authority. The UBS AG Dubai Branch is licensed in the DIFC by theDubai Financial Services Authority as an authorised firm.
Ukraine: UBS is a premier global financial services firm offering wealth management services to individual, corporate and institutional investors. UBS is established in Switzerlandand operates under Swiss law and in over 50 countries and from all major financial centers. UBS is not registered and licensed as a bank/financial institution under Ukrainian
legislation and does not provide banking and other financial services in Ukraine.
© UBS 2022. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.

UBS Switzerland AG
P.O. Box 8098 Zurich84590IS2206530 Expiration: 11/30/2023
その他の留意事項
当社およびUBS銀行東京支店は、本資料の使用または配布により生じた第三者からの賠償請求または訴訟に関して一切責任を負いません。または、税務、法務等の助言は行いません。税金の取扱いはお客様の状況によって異なります。また税制や法律は将来変更される場合があります。必要に応じて専門家にご相談ください。
©UBS 2022 すべての権利を留保します。事前の許可なく、本資料を転載・複製することはできません。キーシンボルおよびUBSは、UBSの登録商標
および未登録商標です。
商号等 ：UBS SuMi TRUSTウェルス・マネジメント株式会社 金融商品取引業者 関東財務局長（金商）第3233号
加入協会 ：日本証券業協会、一般社団法人日本投資顧問業協会、一般社団法人金融先物取引業協会
商号等 ：ユービーエス・エイ・ジー（銀行）東京支店 登録金融機関 関東財務局長（登金）第605号
加入協会 ：日本証券業協会、一般社団法人金融先物取引業協会

ubs.com/billionaires© UBS 2022. The key symbol and UBS are among the registered and unregistered trademarks of UBS.
All rights reserved.

本資料に関するご留意事項
本資料はUBS AGまたはその関連会社（以下、「UBS」）が作成した資料を、UBS SuMi TRUSTウェルス・マネジメント株式会社（以下、「当社」）ある
いはユービーエス・エイ・ジー（銀行）東京支店（以下、「UBS銀行東京支店」）が配布するものです。本資料は情報提供のみを目的としたものであり、特定の金融商品等の売買または売買に関する勧誘を意図したものではなく、金融商品取引法に基づいた開示資料ではありません。また、お客様に特有の投資目的、財務状況等を考慮したものではありません。銘柄の選定はお客様ご自身で行って頂くようお願い致します。本資料は信頼できると判断した情報に基づき作成していますが、情報の正確性、完全性を保証するものではありません。記載内容は過去の実績であり、将来の成果を示唆・保証するものではありません。本資料の記載内容等は作成時点のものであり、今後変更されることがあります。本資料中のイラスト・写真はイメージです。実際とは異なります。手数料およびリスク等は商品毎に異なりますので、詳細は当該商品等の契約締結前交付書面等をお読みください。