An astonishing and historic transfer of wealth among the world’s super rich is accelerating, according to a new report.
More than 1,000 billionaires are moving an estimated $5.2 trillion to their brethren at an increasing pace, says Swiss banking giant UBS in its latest “Billionaire Ambitions” report.
The transfer, which is expected to last for the next 20 to 30 years, already has the heirs of billionaires gaining stature, with new billionaires acquiring more wealth through inheritance than entrepreneurship for the first time on record.
“Why does this matter? Because this coming generation has fresh views about business, investment and philanthropy. Many are redirecting the large pools of private wealth they control to new business opportunities arising from the times we live in…
What’s more, they have been and are influenced by the difficult times – pandemic, climate change, a less stable world order and war.”
According to the report, most billionaires are primarily concerned about geopolitical tensions and inflation, while viewing AI as the most promising commercial opportunity in the near term.
When surveyed, UBS says those inheriting their wealth appear relatively reluctant to give money to charity, but the group has a rising interest in backing sustainable and altruistic endeavors.
“While there are several well-publicized cases of billionaire entrepreneurs pledging much of their fortunes to philanthropic causes, it’s less well known that those with inherited wealth seem more reticent. In fact, while more than two thirds (68%) of first-generation billionaires stated that following their philanthropic goals and making an impact on the world was a main objective of their legacy, less than a third (32%) of the inheriting generations did so…
However, there is a trend towards impact investing or managing businesses in ways that address environmental and social issues for both commercial and altruistic ends. This survey finding may reflect a shift among heirs away from classic grant-giving philanthropy and toward delivering sustainable outcomes across all activities.”
The report concludes billionaire heirs have a vital role to play on the world stage, with the power to help push a technological and environmental transformation that’s fair to society.
As of mid-2023, UBS says the total number of billionaires around the world hit 2,544, a year-over year increase of 7%.
A total of 1,023 of those billionaires are at least 70 years-old.
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