Inheritance surpasses own wealth creation among billionaires

The number of billionaires increased and their global wealth increased last year, revealed the report "Billionaire Ambitions 2023" by Swiss bank UBS (UBSG.S). For the first time in years, the fortunes inherited by the newly wealthy surpassed the money generated by self-made billionaires.

According to the report, the number of billionaires rose 7% worldwide, reaching 2,544 people, while their total wealth increased 9%, reaching approximately $12 trillion.

This is the first time since the study began in 2015 that billionaires accumulate more wealth through inheritances than through their own business activities.

Among the 137 new billionaires, a total of $150.8 billion was inherited to 53 heirs over the past year, surpassing the $140.7 billion generated by the 84 new self-made billionaires, the bank said.

Where is the story of liberal meritocracy?

The Unlocked News Telegram channel asks