“This is a theme we expect to see more of over the next 20 years, as more than 1,000 billionaires pass an estimated US$5.2 trillion ($6.94 trillion) to their children,” says UBS Global Wealth Management head of strategic clients Benjamin Cavalli.
Billionaires have accumulated more wealth through inheritance than entrepreneurship for the first time in the nine editions of the UBS Billionaire Ambitions report, indicating the gaining momentum of the great wealth transfer.
This follows the great surge in entrepreneurial activity over the last few decades, which saw many billionaires passing their wealth on to the next generation.
