With many billionaires over 70, significant dilution of billionaire fortunes lies ahead. We will see a huge handover of wealth to their heirs, many of whom will be millennials whose primary interests may lie outside the family business. There will also be continued volatility of wealth for business reasons. Without careful planning, many of today’s fortunes will suffer substantial erosion. In the years to come, the whole of society will benefit from this age of great wealth creation. All over the world, this generation of billionaires, and their idealistic heirs, are committing wealth to philanthropy on a greater scale than ever.
In 2015, UBS and PwC launched the Billionaires report, "Billionaires: Master architects of great wealth and lasting legacies," revealing that entrepreneurship is a strong driver of wealth creation globally and that [most] billionaires are looking to philanthropy to establish their legacy. The survey of 1,300 billionaires analyses data from the last 19 years across the 14 largest billionaire markets, accounting for 75% of global billionaire wealth. The report examined the differences between billionaires’ wealth creation, preservation and philanthropic practices across the U.S., Europe and Asia.
Deep diving into the findings of the original Billionaires report, which analysed wealth creation, preservation and philanthropy, this second report, Billionaires: The changing faces of billionaires, takes a closer look at today’s billionaire population. Over the last two decades, global GDP has almost tripled from $30 trillion to over $77 trillion. But the wealth of billionaires in our study has increased almost eightfold, from $0.7 trillion in 1995 to $5.4 trillion in 2014. Over this time period, female billionaires have outpaced their male peers, with their ranks and wealth growing at faster rates.
US Asset & Wealth Management Leader, PwC United States
Tel: +1 (410) 215 0627
Dr. Marcel Widrig
Global Private Wealth Leader, PwC Switzerland
Tel: +41 58 792 44 50
Lara De Vido
Financial Services Marketing, Senior Manager, PwC United States