Inheritance > Self-Made among billionaires
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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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