Billionaires Accumulate More Wealth through Inheritance Than Entrepreneurship for First Time

For the first time in the nine-year history of UBS' Billionaire Ambitions report, more than half of the world's billionaires are passing their wealth on to the next generationand for the first time in the report's history, the next generation accumulated more wealth through inheritance than entrepreneurship, Bloomberg reports.

According to the report, 84 new billionaires were born to the world's billionaires in the last year, but 53 billionaires were inherited from their parents, leaving them with 150.8 billion more than the 84 new self-made billionaires.

"The next generation has fresh views about business, investing, and philanthropy, redirecting large pools of private wealth to new business opportunities arising from the times we live in," Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management, says in a press release.

Cavalli predicts that over the next 20 years, more than 1,000 billionaires will pass an estimated 5.2 trillion dollars to their children.

According to the report, 66% of first-generation billionaires rank a potential US recession as their primary concern, followed by geopolitical tensions (62%).

First-generation billionaires also rank the availability and price of raw materials (52%), a cyber threat or hacking (51%), and artificial intelligence (35%) as their biggest risk.

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