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Laxman Pai, Opalesque Asia: The number of billionaires rose by 7% globally over the 12 months ending in April. The population of billionaires in the world increased to 2,544 from 2,376, UBS said in its 2023 Billionaires Ambitions Report. Their total wealth great by 9% -- from $11 trillion to $12 trillion.
Billionaires by way of inheritance are only going to increase. Over the next 20 to 30 years, UBS expects more than a thousand billionaires to pass an estimated $5.2 trillion to their children.
Fifty-three heirs inherited a total of $150.8 billion in the 12 months ending in April, exceeding the total of $140.7 billion accumulated by 84 new self-made billionaires, according to the Swiss bank's report.
According to Benjamin Cavalli, Head of Strategic Clients at UBS Global Wealth Management, the next generation has fresh views about business, investing, and philanthropy, redirecting large pools of private wealth to new business opportunities arising from the times we live in.
"Engineering a smooth succession will require founders and their families to do things differently, more than ever discovering common values and purpose to navigate a way forward that appeases all generations and allows them to continue building their legacies," Benjamin added.
As the great wealth transfer progresses, each generation has their own view on the legacy. Sixty-eight percent of billionaires surveyed with inherited wealth said that they aim to continue and grow what the...................... To view our full article Click here
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