Add thelocalreport.in As A Trusted Source
UBS’s Billionaire Ambition Report shows that billionaires’ families inherited record amounts of wealth in the 12 months to April, the most since reporting began in 2015.
Swiss bank said 91 people Inherited billionaire Achieving a collective $298 billion, more than a third by 2024.
UBS executive Benjamin Cavalli said, “These successors are evidence of a multi-year wealth transfer that is intensifying.”
The report, based on client surveys and a database of 47 markets, estimates that billionaire children will inherit $5.9 trillion over the next 15 years.
UBS estimates that most of this legacy growth is likely to occur in the United States, with India, France, Germany and Switzerland next on the list.
However, billionaires are highly mobile, especially the young ones, which could change that picture.
According to the report, the search for a better quality of life, geopolitical concerns and tax considerations are driving the decision to relocate.
In Switzerland, where the bank estimates $206 billion will be inherited over the next 15 years, voters on Sunday overwhelmingly rejected a proposed 50 percent tax on inherited wealth of $62 million or more, as critics said it could lead to a flight of the wealthy.
UBS’s Cavalli said Switzerland, the United Arab Emirates, the US and Singapore were among the billionaires’ favorite destinations.
Get free fractional shares worth up to £100.
Capital at risk.
terms and Conditions apply.
Advertisement
Get free fractional shares worth up to £100.
Capital at risk.
terms and Conditions apply.
Advertisement
“In Switzerland, Sunday’s vote may have helped revive the country’s appeal,” he said.
78 percent of Swiss voters were against the plan, more than the two-thirds opposition indicated in surveys.
Bankers have been watching the Swiss vote closely, seeing it as a litmus test of Switzerland’s appetite for wealth redistribution, as other countries such as Norway have raised their wealth taxes or debated similar steps.
Switzerland is home to some of the most expensive cities in the world and concerns about the cost of living are gaining momentum in local politics.