"The super-rich are inheriting record levels of wealth as they pass down billions of dollars to their children, grandchildren and spouses, research by a Swiss bank favoured by billionaires shows. Globally, there are 9,919 billionaires this year, up from 2,682 in 2024, UBS found. Of these, 91 people this year became billionaires through inheritance, collectively receiving $298bn (223bn) in the 12 months to April, the bank said."
"That was up more than a third against last year and the highest since UBS started its research in 2015. Among them are the six grandchildren of the late Asian paint tycoon Goh Cheng Liang, who died in Singapore in August aged 98. Each grandchild inherited stakes in a public company worth more than $1bn, according to reports. Meanwhile, 196 self-made entrepreneurs became billionaires this year, with a collective wealth of $386.5bn, UBS said."
"Most of the inheritance is expected to come from the US, followed by India, France, Germany and Switzerland. However, this could change as footloose billionaires move around the world, motivated by a better quality of life, geopolitical concerns and tax considerations, UBS found. Various European governments have faced calls to introduce a wealth tax on the international elite this year."
Record levels of wealth are passing to heirs, with 91 new inherited billionaires receiving $298bn in the 12 months to April and global billionaire count at 9,919. The highest recorded inherited totals since 2015 reflect an accelerating multi-year transfer; UBS projects at least $5.9tn will be inherited by this group over 15 years, with most inheritances expected from the US, then India, France, Germany and Switzerland. 196 self-made entrepreneurs also joined the billionaire ranks with $386.5bn collectively. Mobility of wealthy individuals for lifestyle, geopolitics and taxes may shift inheritance origins. Several European countries considered wealth taxes; Swiss and French proposals failed.
Read at www.theguardian.com
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