But beneficiaries of the intergenerational wealth transfer have different priorities. Hall cites UBS’s Billionaire Ambitions Report 2022, where 95% of surveyed billionaires said they should use their wealth or resources to help tackle global challenges.
Entrepreneurs have created “exceptional” amounts of wealth over the past 25 years, and this has ushered in an “unprecedented, exponential increase” in philanthropy today, says Tom Hall, global head of social impact and philanthropy at UBS.
Citing Forbes, Hall says total capital in foundations and donor-advised funds is set to grow from some US$2 trillion ($2.7 trillion) to US$10 trillion by the mid-2030s.
