2023-11-30 16:18:13
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The share of billionaires who obtained their fortune through inheritance, and not by creating their business, is expected to increase, according to a UBS study published Thursday, which notes that a wealth transfer movement is growing. initiate.
Over the past thirty years, the number of billionaires in the world has increased significantly with the technology boom, the expansion of financial markets, the real estate boom and the rise of emerging economies, explains the Swiss bank , which regularly publishes a study on the wealth of billionaires. But in the ninth edition of its study, the bank, active in wealth management, notes “for the first time” a breakthrough in new billionaires who have become billionaires through inheritance.
More heirs
According to his count, 137 people became billionaires between April 2022 and April 2023, including 53 through inheritance. The cumulative fortune of the latter amounted to 150.8 billion dollars (137.4 billion euros), exceeding that of the 84 people who became billionaires by having created their own business. Their cumulative wealth reached $140.7 billion, according to these estimates.
The bank partly attributes this development to the drying up of IPOs in 2022 and early 2023, with many entrepreneurs unable to monetize the value of their companies.
But “heirs are gaining prominence,” said Benjamin Cavalli, director of strategic clients within UBS wealth management, in the preamble to the study. He expects the phenomenon to grow over the “next 20 to 30 years”, while “more than 1,000 billionaires will pass on to their children a (patrimony) estimated at 5,200 billion dollars”, according to calculations. from the bank which obtained this figure by adding the fortunes of billionaires aged 70 or over.
More than 2500 billionaires
According to UBS, which has become a wealth management juggernaut with the forced takeover of rival bank Credit Suisse, the number of billionaires increased by 7% globally between April 2022 and April 2023, with 2,544 billionaires recorded in the world. After a fall in last year’s study, their wealth rebounded by 9% this year, thus forming a cumulative fortune of 12,000 billion dollars.
For the first time since the bank published this study, the Europe, Middle East and Africa zone is the one which has progressed the most due to a surge in consumption which has caused “the profits and share prices of large companies to take off luxury goods and cosmetics in France”, details the bank.
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