New billionaires getting rich via inheritance rather than entrepreneurship in 'great wealth transfer'
Publishing timestamp: 2023-11-30 10:28:29
Summary
The "great wealth transfer" is gaining momentum as billionaires age, with more wealth being acquired through inheritance than entrepreneurship. In the next 20 to 30 years, around $5.2 trillion is expected to be passed from one generation to another. However, there are generational differences in opinion regarding wealth and legacy, with younger generations having their own ideas and ambitions. Technological changes, global crises, and the need for common values and purpose are factors that impact the transfer of wealth. Generational differences are also seen in investment preferences and philanthropy. Many heirs are stepping away from family businesses and forging their own paths.
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Keywords: business news, ubs group ag, family issues, inheritances, entrepreneurship, entrepreneurs, wealth,