{"id":61448,"date":"2023-12-01T16:09:33","date_gmt":"2023-12-01T16:09:33","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/?p=61448"},"modified":"2023-12-01T15:42:28","modified_gmt":"2023-12-01T15:42:28","slug":"billionaires-increasingly-swelling-fortunes-through-inheritance-study","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/billionaires-increasingly-swelling-fortunes-through-inheritance-study","title":{"rendered":"Billionaires increasingly swelling fortunes through inheritance – study"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>A massive transfer of wealth is gaining speed, as billionaires are increasingly padding their vast fortunes with inheritance rather than entrepreneurship, a study by Swiss banking giant UBS showed Thursday.<\/b><\/p>\n

Over recent decades, the number of billionaires has ballooned, with surging entrepreneurial activity within tech and other areas ushering fresh members into the super-wealthy club.<\/p>\n

But in its ninth annual report on the world’s billionaires, UBS noted a significant shift in the way such fortunes are being made and expanded.<\/p>\n

“The heirs to billionaires are gaining prominence,” Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management, said in the foreword to the report.<\/p>\n

“This year’s report found that the majority of billionaires that accumulated wealth in the last year, did so through inheritance as opposed to entrepreneurship,” he added in a statement.<\/p>\n

“This is a theme we expect to see more of over the next 20 years, as more than 1,000 billionaires pass an estimated $5.2 trillion to their children.”<\/p>\n

That forecast, UBS said, was based on the estimated accumulated wealth of today’s billionaires who are over the age of 70.<\/p>\n

“After the surge in entrepreneurial activity witnessed over the past few decades, many business founders are now ageing and passing their wealth to the next generation,” the study said.<\/p>\n

The study indicated that there were 2,544 billionaires in the world by April this year, with their ranks swelling by seven percent in the preceding year.<\/p>\n

After seeing their combined fortunes shrink the previous year, billionaire wealth grew by nine percent between April 2022 and April 2023 to $12 trillion, the study found.<\/p>\n

The new billionaires included 53 heirs, whose accumulated inheritance amounted to $150.8 billion, exceeding the $140.7 billion joint fortunes of the 84 new self-made billionaires on the list, it said.<\/p>\n

UBS attributed this shift in part to a subdued market for initial public offerings through 2022 and into 2023, limiting the opportunities for entrepreneurs to monetise the values of their businesses.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. A massive transfer of wealth is gaining speed, as billionaires are increasingly padding their vast fortunes with inheritance rather than entrepreneurship, a study by Swiss banking giant UBS showed Thursday. Over recent decades, the number of billionaires has ballooned, with surging entrepreneurial activity within tech and other areas ushering fresh members into […]<\/p>\n","protected":false},"author":84,"featured_media":61447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,240,234],"class_list":["post-61448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nBillionaires increasingly swelling fortunes through inheritance - study - Uganda<\/title>\n<meta name=\"description\" content=\"A massive transfer of wealth is gaining speed, as billionaires are increasingly padding their vast fortunes with inhe ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/billionaires-increasingly-swelling-fortunes-through-inheritance-study\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Billionaires increasingly swelling fortunes through inheritance - 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