Billionaire report that called Kospi 'world's top performer' now flags Korea as bubble risk

Global wealth intelligence firm Altrata has identified South Korea alongside the United States as a market where AI bubble concerns have grown.

In its Billionaire Census 2026, published Thursday (local time), Altrata said South Korea's tech-heavy Kospi recorded the highest gains of any major index in the world. The firm added that the ripple effects of the AI investment boom, improvements in fiscal policy and corporate governance, and diversification by global investors had lifted returns across Asian equity markets.

Altrata said investors are increasingly scrutinizing the scale of big tech's AI spending, warning that "bubble concerns around the concentration risk tied to AI-related stocks have grown — particularly in markets with heavy technology weightings, such as South Korea and the United States."

In Asia, stock markets in Taiwan, Japan and Hong Kong also posted solid gains. China, home to the most billionaires in the region, saw local investor sentiment weighed down by trade disruptions stemming from US tariff policy, while India posted weak returns for a second consecutive year.

The report counted 3,795 billionaires worldwide in 2025, up 8.2 percent from a year earlier — the largest increase in five years, with a net addition of 287 individuals. Their combined wealth rose 12.8 percent to $15.1 trillion, approaching one-quarter of the total market capitalization of S&P 500-listed companies.

Altrata screened 150 listed companies with significant billionaire wealth exposure and found that firms investing $30 million or more in AI saw their market capitalization grow 23 percent faster between 2024 and 2025 than those that did not. Because most billionaire wealth is tied up in equity stakes, rising share prices translated directly into higher personal net worth.

Twenty-nine "super-billionaires" with assets exceeding $50 billion held a combined $4.1 trillion, accounting for 27.2 percent of all billionaire wealth. The average net worth per billionaire stood at $4 billion, with a median of $2 billion.

The report noted that Elon Musk briefly became the world's first trillionaire following SpaceX's listing in mid-2026. Altrata forecast that sharp swings in AI-related technology stocks will continue to define global markets, with personal fortunes fluctuating accordingly.

North America had the fastest-growing billionaire population among all regions, rising 11.6 percent to 1,337 individuals, while their combined wealth climbed 16 percent to $6.8 trillion, representing 45 percent of the global total. Asia added billionaires at a slower pace, up 6.5 percent to 881, with wealth growing 10 percent to $3.1 trillion — both figures below the global average. By country, the United States led with 1,265 billionaires, followed by China with 363 and Germany with 221.

Altrata estimated that 1,673 billionaires will pass on a combined $6.64 trillion over the next decade. Their direct heirs — spouses and adult children — number about 5,000, and the average age of adult children set to inherit is 47.8. Of that group, 23 percent work in family businesses.