(IBT) - The world population of billionaires grew 7% in the 12 months through April to 2,544 people, according to UBS. And for the first time since the Swiss bank started publishing the survey in 2015, most people became billionaires because of inheritance.
A total of $150.8 billion was inherited by 53 people, while the 84 self-made billionaires accumulated a wealth of $140.7 billion, UBS said.
The total fortune of billionaires is estimated at $12 trillion, or 9% more than a year earlier, but still below the peak of $13.4 billion in 2021.
The online survey was conducted among UBS clients between June and September.
The main concern for billionaires are geopolitical tensions, followed by the outlook for inflation. The study shows that, for first-generation wealth creators, the risk of a recession in the U.S. is the main worry. Inflation tops the list for successors.
Almost two-thirds of the group, or 65%, see artificial intelligence as the main generator of business opportunities in the next 12 months. Cyber attacks or hacks are seen as the biggest risk.
UBS estimates that billionaires are likely to transfer more than $5.2 trillion of wealth to their heirs in the next 20 to 30 years.
By Helder Marinho
November 30, 2023
