Billionaires minted in the latest year accumulated more wealth through inheritance than entrepreneurship for the first time since
UBS started tracking the fortunes of the world’s richest almost a decade ago.
And billionaire heirs are more likely than their parents to focus on the major opportunities and challenges facing the global economy, investing in sectors such as clean energy and artificial intelligence, the Swiss lender said in a report Thursday.
“The great wealth transfer is gaining significant momentum as many billionaire entrepreneurs age,” Benjamin Cavalli, who oversees strategic clients in the global wealth management unit at UBS, told reporters.
“This is a theme we expect to see more of over the next 20 years as more than 1,000 billionaires pass an estimated $5.2 trillion to their children.”