A study shows that the number of inherited billionaires is growing worldwide. And for the first time since the survey began, the new billionaires have acquired more wealth through inheritance than through entrepreneurship.
According to a study, the number of billionaires who owe their fortune to inheritance is increasing worldwide. After the sharp increase in entrepreneurial activity in recent decades, more and more founders are now getting older and passing their money on to the next generation, according to a study by the major Swiss bank UBS.
According to the study, 137 people worldwide became billionaires between April 2022 and April 2023. 53 of them inherited their wealth. According to UBS, the hereditary billionaires also have larger total assets for the first time – around $151 billion. The 84 self-made billionaires collected almost $141 billion. This is also due to the comparatively poor conditions for IPOs last year, the major bank explained.
Twelve trillion dollars in assets
In the coming years, the relevance of inherited wealth is likely to continue to grow: “We expect this issue to become more widespread over the next 20 years, with more than 1,000 billionaires expected to pass on $5.2 trillion to their children,” Benjamin said Cavalli from UBS Global Wealth Management. That’s how much money billionaires who are now over 70 years old have.
Overall, the super-rich around the world have recently been able to expand their huge fortunes again. According to the study, in the twelve months up to April 2023, the number of billionaires worldwide climbed by seven percent to 2,544. Their total assets increased by nine percent to twelve trillion dollars.