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New billionaires got more wealth via inheritance than work: UBS
short by Mansi Agarwal / on Sunday, 3 December, 2023
A UBS report, which surveyed its billionaire clients, found that the majority of new-generation billionaires accumulated more wealth through inheritance than entrepreneurship. "A total of $150.8 billion was inherited by 53 heirs over the last year, exceeding the 84 new self-made billionaires' total of $140.7 billion," UBS said. The trend is expected to grow more over the next 20 years.
read more at Financial Express