Six heirs to Asian paint tycoon join growing class of inherited billionaires
Swiss bank reports that inheritances have made 91 individuals billionaires, while the overall number surged from 2,682 in 2024 to 9,919 this year.
Record numbers becoming billionaires through inheritance, UBS report finds
Swiss bank reports that inheritances have made 91 individuals billionaires, while the overall number surged from 2,682 in 2024 to 9,919 this year.
The super-rich are inheriting record levels of wealth as they transfer billions of dollars to their children, grandchildren, and spouses, according to research by a Swiss bank popular among billionaires.
Globally, there are 9,919 billionaires this year, up from 2,682 in 2024, UBS found.
Among them, 91 individuals became billionaires through inheritance this year, collectively receiving $298 billion (£223 billion) in the 12 months leading to April, the bank stated. This represents an increase of more than a third from last year and is the highest figure since UBS began its research in 2015.
Among them are the six grandchildren of the late Asian paint magnate Goh Cheng Liang, who passed away in Singapore in August at 98. Reports indicate each grandchild inherited stakes in a public company worth over $1 billion.
Meanwhile, 196 "self-made" entrepreneurs also became billionaires this year, with a combined wealth of $386.5 billion, UBS reported.
Benjamin Cavalli, a bank executive, indicated the rise in billionaire inheritance was indicative of a "multi-year wealth transfer that’s intensifying," predicting this group will inherit at least $5.9 trillion over the next 15 years.
The majority of these inheritances are expected to originate from the US, followed by India, France, Germany, and Switzerland. The UK ranks seventh, with $164 billion in wealth anticipated to be passed down over the next 15 years.
However, this scenario could change as mobile billionaires relocate globally, driven by better quality of life, geopolitical concerns, and tax considerations, UBS found.
This year, various European governments have faced calls to impose a wealth tax on the international elite. In Switzerland, where UBS estimates $206 billion will be inherited over the next 15 years, voters recently strongly rejected a proposed 50% tax on inherited fortunes of £47 million or more.
In October, the French parliament voted against a proposed 2% tax on fortunes exceeding €100 million. Meanwhile, Italy, which has drawn many wealthy residents due to its flat-tax policy on foreign income, is planning to increase the levy by 50% to €300,000 annually from 2026.
Meanwhile, the UK, which moved away from reports of a formal wealth tax over the summer, officially ended non-dom status this year, which previously allowed UK residents declaring their permanent home as overseas to avoid UK tax on foreign income and gains. It also announced plans for a council tax surcharge, termed a "mansion tax," on homes valued over £2 million in the latest budget.
Last year, Spain, Brazil, Germany, and South Africa supported a G20 motion for a minimum 2% tax on the super-rich to reduce inequality and increase public revenue. The estimated impact of this measure varies, but a study by renowned French economist Gabriel Zucman suggested it could generate up to $250 billion in additional revenue.
The four countries have urged other governments to back the campaign, arguing that a tax on the ultra-wealthy would complement negotiations on taxing the digital economy and ongoing efforts to implement a global minimum corporate tax of 15% on multinational companies.
Deputy Editor
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