The world’s 2,158 billionaires collectively increased their wealth from $1.4 billion last year to $8.9 billion—the largest absolute increase in billionaire wealth history.
A total of 199 billionaires were created over the year globally, with nearly one-third gaining their wealth through some form of innovation.
“The past 30 years have seen far greater wealth creation than the Gilded Age,” the report by Swiss bank UBS and accountants PwC said.
“That period bred generations of families in the US and Europe who went on to influence business, banking, politics, philanthropy and the arts for more than 100 years.
“With wealth set to pass from entrepreneurs to their heirs in the coming years, the 21st century multigenerational families are being created.”
The next generation stepping up
More than 40 of the 170 new billionaires created last year inherited their wealth, and given the number of billionaires over the age of 70, the report’s researchers expect a further $3.4 trillion to be handed down over the next 20 years.
“A major wealth transition has begun,” the report said.
Read more starting at ‘“Over the past five years, the sum passed by deceased billionaires to beneficiaries has grown’ at
Record billionaire wealth creating new power families