Record numbers becoming billionaires through inheritance, UBS report finds | The super-rich

The super-rich are inheriting file ranges of wealth as they go down billions of {dollars} to their youngsters, grandchildren and spouses, analysis by a Swiss financial institution favoured by billionaires exhibits.Globally, there are 9,919 billionaires this yr, up from 2,682 in 2024, UBS discovered.Of those, 91 individuals this yr turned billionaires by inheritance, collectively receiving $298bn (£223bn) within the 12 months to April, the financial institution mentioned. That was up greater than a 3rd towards final yr and the best since UBS began its analysis in 2015.Amongst them are the six grandchildren of the late Asian paint tycoon Goh Cheng Liang, who died in Singapore in August aged 98. Every grandchild inherited stakes in a public firm value greater than $1bn, in response to stories.In the meantime, 196 “self-made” entrepreneurs turned billionaires this yr, with a collective wealth of $386.5bn, UBS mentioned.Benjamin Cavalli, an govt on the financial institution, mentioned the rise in billionaire inheritance was proof of a “multi-year wealth switch that’s intensifying”, with this group anticipated to inherit no less than $5.9tn within the subsequent 15 years.A lot of the inheritance is anticipated to come back from the US, adopted by India, France, Germany and Switzerland. The UK ranked seventh, with $164bn in wealth anticipated to be handed down over the subsequent 15 years.Nevertheless, this might change as footloose billionaires transfer world wide, motivated by a greater high quality of life, geopolitical issues and tax issues, UBS discovered.Varied European governments have confronted calls to introduce a wealth tax on the worldwide elite this yr. In Switzerland, the place UBS estimates that $206bn can be inherited over the subsequent 15 years, voters on Sunday overwhelmingly rejected a proposed 50% tax on inherited fortunes of £47m or extra.In October, the French parliament voted towards a proposed 2% tax on fortunes over €100m. Italy, which has attracted many rich residents because of its flat-tax regime for overseas revenue, has set out plans to extend the levy by 50% to €300,000 a yr from 2026.In the meantime, the UK, which distanced itself from stories of a proper wealth tax over the summer time, formally ended non-dom standing this yr beneath which UK residents who declared their everlasting house as abroad might keep away from paying UK tax on overseas revenue and positive aspects. It additionally introduced plans for a council tax surcharge, labelled a “mansion tax”, on houses value greater than £2m in final week’s price range.Final yr, Spain, Brazil, Germany and South Africa signed a movement on the G20 for a minimal 2% tax on the super-rich to scale back inequality and lift public funds. Forecasts on its influence differ, however a examine by the main French economist Gabriel Zucman discovered it might internet as much as $250bn in further income.The 4 nations have referred to as on different governments to assist the marketing campaign, saying a levy on the ultra-wealthy would complement negotiations on the taxation of the digital economic system and persevering with efforts to herald a world minimal company tax of 15% for multinational companies.