Billionaires increased in numbers and overall wealth last year, Swiss bank UBS said on Thursday, with the fortunes inherited by the newly minted super-rich exceeding cash generated by self-made billionaires for the first time in years. The number of billionaires rose by 7% to 2,544 people globally, UBS said in its 2023 Billionaires Ambitions Report, with their total worth rising by 9% to an estimated $12 trillion (CHF10.5 trillion). For the first time since the study started in 2015, billionaires accumulated more wealth via inheritance than through their own business activities. Among the 137 new billionaires, 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, the bank said. + Are most Swiss residents rich? The generational wealth transfer is gaining momentum as more money passes through the generations, said UBS, which oversees $5.5 trillion in invested assets and is one of the world’s...
