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The New Coffee Room

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  3. Inheritance > Self-Made among billionaires

Inheritance > Self-Made among billionaires

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  • AxtremusA Offline
    AxtremusA Offline
    Axtremus
    wrote on last edited by
    #1

    https://www.thestreet.com/finance/welcome-to-the-era-of-nepo-baby-billionaires

    Looks like we've tipped over to having more billionaires by inheritance than self-made.

    Of the 137 people who became billionaires in the 12 months prior to April 2023, 53 of them inherited a combined $150.8 billion, a new report from Swiss global wealth manager UBS states. That number exceeded the combined $140.7 billion in wealth created by the 84 "new self-made billionaires" during the same period.

    And on average the billionaires by inheritance are wealthier than the billionaires who are self-made.

    In the U.S., new billionaires who inherited their fortunes were worth an average of $2.2 billion vs. new entrepreneurs who averaged wealth of $1.5 billion.

    And this trend is expected to continue.

    “This is a theme we expect to see more of over the next 20 years, as more than 1,000 billionaires pass an estimated $5.2tn to their children," Benjamin Cavalli, head of strategic clients at UBS, said.

    After the great reset that was World War II, we are swinging back to a world where inherited wealth > earned wealth.

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    • CopperC Offline
      CopperC Offline
      Copper
      wrote on last edited by
      #2

      Let's take the money away, from both groups, and give it to illegal immigrants.

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