Billionaire fortunes are growing primarily through inheritance, a trend highlighted by a UBS report that tracks wealth transfers among the ultra-wealthy. The latest data show a record influx of inherited wealth being passed to the next generation and beyond, including spouses and grandchildren, as families amass and shield multi-billion-dollar fortunes across generations.
Globally, the number of billionaires rose to 9,919 this year, up from 2,682 in 2024, according to UBS. Of these, 91 individuals entered the billionaire ranks this year through inheritance, collectively receiving about $298 billion (roughly £223 billion) in the 12 months ending in April. That figure marks a rise of over a third from the previous year and stands as the highest share of inherited wealth UBS has recorded since it began its research in 2015.
Among the inheritors are six grandchildren of the late Asian paint magnate Goh Cheng Liang, who died in Singapore at 98. Each grandchild reportedly inherited stakes in a public company valued at more than $1 billion.
In contrast, 196 self-made entrepreneurs joined the billionaire cohort this year, bringing in a combined wealth of about $386.5 billion, according to UBS.
Benjamin Cavalli, an executive at UBS, stated that the growing share of billionaire wealth flowing through inheritance evidences a sustained and intensified multi-year wealth transfer. UBS projects that this demographic will inherit at least $5.9 trillion over the next 15 years.
The United States is expected to be the leading source of future inheritances, followed by India, France, Germany, and Switzerland. Yet UBS notes that this outlook could shift as high-net-worth individuals relocate for lifestyle, geopolitical, and tax reasons.
Tax policy debates have intensified across Europe, with calls for wealth taxes on the ultra-rich gaining traction in several countries this year. In Switzerland, where UBS estimates about $206 billion will be inherited over the next 15 years, a proposed 50% tax on fortunes over a threshold of £47 million was recently rejected by voters.
France’s Parliament, meanwhile, rejected a proposed 2% tax on fortunes exceeding €100 million. Italy is considering a 50% increase in the flat wealth levy for foreign income, rising to €300,000 annually from 2026. The United Kingdom, after distancing itself from the idea of a formal wealth tax, ended non-domiciled status for residents who declare their permanent home abroad, a move intended to simplify tax obligations; London also introduced a potential mansion tax on properties valued above £2 million in the latest budget.
In a broader international context, last year a G20 motion called for a baseline 2% tax on ultra-wealthy individuals as a measure to curb inequality and bolster public revenues. The potential impact of such a levy remains debated, with some analyses suggesting it could generate substantial gains for public finances. Proponents argue that a targeted wealth tax would complement ongoing efforts to tax the digital economy and to advance a global minimum corporate tax of 15% for multinational firms.
