The latest UBS Billionaires Ambitions Report for 2023 reveals a significant increase in the number of billionaires worldwide, alongside a notable rise in their collective wealth. The report, which presents a comprehensive analysis of billionaire wealth, indicates a 7% surge in the billionaire count, bringing the total to 2,544 individuals. Correspondingly, their combined fortunes have grown by 9%, amounting to an estimated $12 trillion.
In contrast to the global trend, India experienced a decline in billionaire wealth, with a reduction of approximately 11% to $637.1 billion, down from the previous year's $715 billion. This decrease comes despite the country welcoming 19 new billionaires, which brings India's total billionaire count to 153.
A key finding from the report is the shift in wealth acquisition among new billionaires. For the first time since 2015, more wealth has been inherited rather than self-made, with inheritors accumulating $150.8 billion compared to $140.7 billion by self-made billionaires. This trend signals a broader pattern of wealth transition, which is expected to continue over the coming decades.
Benjamin Cavalli of UBS Global Wealth Management underscored the importance of this shift, pointing to the substantial generational wealth transfer projected in the near future. Over the next 20 to 30 years, it is anticipated that over a thousand billionaires will bequeath around $5.2 trillion to their heirs. With UBS managing assets worth $5.5 trillion, Cavalli emphasized the need to capitalize on opportunities and navigate the potential risks associated with this impending wealth transition.
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