Billionaires amass more through inheritance than wealth creation, says UBS
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Re: Billionaires amass more through inheritance than wealth creation, says UBS
#2Since this is paywalled, here's the start of the article:
New members of the global super-rich gained more of their assets through inheritance than through wealth creation this year — the first time that this has been recorded by Swiss bank UBS in its nine years of surveying global billionaires.
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#3Since this is paywalled, here's the start of the article: New members of the global super-rich gained more of their assets through inheritance than through wealth creation this year — the first time that this has been recorded by Swiss bank UBS in its nine years of surveying global billionaires.
Old billionaires are dying faster than new billionaires are being created (by things other than inheritance). Or more precisely, the total wealth of the billionaires who have died is bigger than the total wealth of billionaires who became billionaires by something other than inheritance.
But this wasn't true a decade ago. So wealth creation (at billionaire scale) is slowing down?
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#4Re: Billionaires amass more through inheritance than wealth creation, says UBS
#5Here's a direct link to the UBS report: https://www.ubs.com/global/en/media/display-page-ndp/en-2023...
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#6There are more secret billionaires, who don't appear on the billionaires list. I know of two such billionaires. One is super, super secretive, who passes off as a multi millionaire.
There are special trusts that billionaires make use of. Treat a trust like a corporation, with its own independent existence. Such trusts can be set up for multiple generations: these trusts (corporations) are run by professionals, while the offspring gets monthly paychecks (that's why they are called trust fund babies).
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#7There are more secret billionaires, who don't appear on the billionaires list. I know of two such billionaires. One is super, super secretive, who passes off as a multi millionaire. There are special trusts that billionaires make use of. Treat a trust like a corporation, with its own independent existence. Such trusts can be set up for multiple generations: these trusts (corporations) are run by professionals, while…
Assuming we're not talking "I have a retirement plan and a house so my net-worth is over a million" type of millionaire, isn't passing oneself off as a multi-millionaire instead of a billionaire a distinction without a difference? I guess I don't run in those circles, but it's still fabulous wealth either way.
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#8There are more secret billionaires, who don't appear on the billionaires list. I know of two such billionaires. One is super, super secretive, who passes off as a multi millionaire. There are special trusts that billionaires make use of. Treat a trust like a corporation, with its own independent existence. Such trusts can be set up for multiple generations: these trusts (corporations) are run by professionals, while…
The wealthiest and most secretive are probably the members of the Rothschild family.
Today, the family's total net worth is estimated at an eye-watering $400 billion, with some estimates ranging to an astonishing $1 trillion.
Archive: https://archive.is/pMypx
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Anders Aslund, a Swedish economist and author, estimated this year that Putin has somewhere between $100 billion and $130 billion in assets—a calculation based on the wealth of Putin’s oligarch confidants, which could be between $500 million and $2 billion each.
Ref: https://time.com/6151695/vladimir-putin-wealth-assets-freeze...
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#9There are more secret billionaires, who don't appear on the billionaires list. I know of two such billionaires. One is super, super secretive, who passes off as a multi millionaire. There are special trusts that billionaires make use of. Treat a trust like a corporation, with its own independent existence. Such trusts can be set up for multiple generations: these trusts (corporations) are run by professionals, while…
For more on this, which I really don't recommend, google "South Dakota Dynasty Trust."
Re: Billionaires amass more through inheritance than wealth creation, says UBS
#10Since this is paywalled, here's the start of the article: New members of the global super-rich gained more of their assets through inheritance than through wealth creation this year — the first time that this has been recorded by Swiss bank UBS in its nine years of surveying global billionaires.
Old billionaires are dying faster than new billionaires are being created (by things other than inheritance). Or more precisely, the total wealth of the billionaires who have died is bigger than the total wealth of billionaires who became billionaires by something other than inheritance. But this wasn't true a decade ago. So wealth creation (at billionaire scale) is slowing down?
I suspect that wealth creation peaked generations ago, and now the richest generation is dying.
Also could be that tax "avoidance" is at an all-time high is a contributing factor.