Wealth And Finance News

The Rise of Inherited Wealth: Billionaire Heirs Surpass Self-Made Ones

Billionaire heirs have surpassed self-made billionaires in wealth accumulation through inheritance for the first time, according to a report by UBS. The report also highlights that billionaire heirs are more likely to invest in sectors such as clean energy and artificial intelligence. UBS predicts that over the next 20 years, more than 1,000 billionaires will pass an estimated $5.2 trillion to their children. The number of billionaires globally has increased by 7% to 2,544, with their combined wealth rising 9% to $12 trillion. Europe led the growth in billionaire wealth, while technology and healthcare billionaires have accumulated the greatest wealth over the past decade. The transfer of wealth to younger generations presents both opportunities and risks for UBS, and the changing of the guard could impact charitable giving.