UBS's Billionaire Ambitions Report 2023 discloses a significant shift as 53 heirs inherit $150.8 billion, surpassing $140.7 billion earned by 84 self-made billionaires.
Predicting a growing trend, UBS foresees over 1,000 billionaires passing $5.2 trillion to their children in the next 20 years. Asia-Pacific, particularly Mainland China and Hong Kong, leads with 85 new billionaires. In contrast, India sees a 10.9% wealth dip to $637.1 billion.
As the wealth transfer unfolds, heirs focus on continuing family legacies, embracing technology, clean energy, and impact investing. The report emphasizes the evolving landscape, urging founders and families to navigate succession with shared values.