More Billionaires transferring their wealth than ever
Edited By WION Video Desk
Published: Dec 02, 2023, 06:10 IST | Updated: Dec 02, 2023, 06:10 IST
A profound wealth transition is underway as billionaires worldwide embark on 'the great wealth transfer,' endowing their children with unprecedented trillions. For the first time in the report's nine-year history, new billionaires amassed more wealth from inheritance than from building businesses. In the past 12 months alone, 53 heirs inherited a staggering $150.8 billion, surpassing the $140.7 billion earned by 84 self-made billionaires. Over 1,000 billionaires are expected to pass down a jaw-dropping $5.2 trillion to their heirs in the next two to three decades.
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