Artificial intelligence (AI) startups have generated numerous new billionaires this year, fueling what is becoming the largest wealth creation spree in recent history. With blockbuster fundraising rounds for companies like Anthropic, Safe Superintelligence, OpenAI, and Anysphere, the combined value of 498 AI “unicorns” now stands at $2.7 trillion, with over 100 founded since 2023.

The surge in AI wealth creation is unprecedented, surpassing the speed and scale of wealth created in the past. New billionaires are emerging rapidly, with Mira Murati founding Thinking Machines Lab and raising $2 billion in the largest seed round in history. Anthropic AI is in talks to raise $5 billion at a valuation of $170 billion, potentially creating multibillionaires among its founders.

The AI boom has led to rapid growth in the Bay Area, where Silicon Valley companies raised over $35 billion in venture funding last year. San Francisco now boasts more billionaires than New York, with the millionaire population doubling over the past decade. Rising home prices and rents in the city are attributed in large part to the AI industry.

With many private AI fortunes poised to become more liquid through IPOs, wealth management firms are eyeing a historic opportunity. Traditional wealth management companies are seeking to attract AI wealthy clients, but the majority of AI wealth remains locked up in private companies, posing a challenge for conversion into wealth management accounts.

As private AI fortunes become more liquid, wealth management firms are expected to cater to the needs of AI wealthy clients. Similar to the dot-com millionaires of the 1990s, AI entrepreneurs are likely to follow patterns of investing in tech companies they know. The evolution of wealth management services to cater to AI founders’ needs is anticipated, with potential for AI to disrupt traditional wealth management functions.

Ultimately, the ultra-wealthy AI founders may seek personalized wealth management services for tax planning, estate planning, philanthropy advice, and portfolio construction. Despite the disruptive potential of AI in the wealth management industry, dedicated wealth management teams are expected to play a crucial role in providing traditional, personalized services to AI founders in the long run.

Read more at CNBC: AI is creating new billionaires at a record pace