The case
In UBS’s annual Billionaire Ambitions Report, the Europeans take the lead for once. In Europe wealth grew faster than anywhere else in the world, with the richest French faring particularly well. Last year, the total number of billionaires rose by 168 to 2544, 92 of which reside in Switzerland.
The commentary
The rich have become richer and richer. The wealth of billionaires rose by 9 % to USD 12 trillion. The new billionaires inherit more than they have earned themselves, which is a first: 53 heirs inherited a total of USD 150.8 billion last year. This amount exceeds the total of the 84 new self-made billionaires, who have assets totalling at USD 140.7 billion. According to the UBS report, this trend is bound to gather momentum over the next 20 years. It is estimated that more than 1,000 billionaires could soon bequeath around USD 5.2 trillion to their children.
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