Over 1,000 billionaires are moving an estimated $5.2 trillion to their fellow billionaires at an increasing rate, according to UBS’s “Billionaire Ambitions” report. This transfer is expected to continue for the next 20-30 years.
Heirs to Billionaires
The heirs of billionaires are gaining influence and acquiring more wealth through inheritance than entrepreneurship for the first time. These heirs have different views on business, investment, and philanthropy than their predecessors. They are more interested in new business opportunities and addressing environmental and social issues.
Concerns and Opportunities
Billionaires are primarily concerned about geopolitical tensions and inflation. They see AI as the most promising commercial opportunity in the near term.
Philanthropy and Impact Investing
While some billionaires are known for their philanthropic pledges, heirs are less likely to donate to charity. However, they are showing an interest in impact investing, which involves managing businesses in a way that addresses environmental and social issues.
Conclusion
Billionaires and their heirs have a significant role to play in shaping the future. They have the power to drive technological and environmental transformations that benefit society.
