wealth-inequality3.135 min read The Billionaire Offspring's Gilded Age: $5.2 Trillion Wealth Transfer Speeds Up
A report by UBS reveals that a significant transfer of wealth from billionaire entrepreneurs to their heirs is accelerating, with trillions of dollars in assets moving from those who earned their fortunes through entrepreneurship to family members who inherited vast riches. In the past year, newly created billionaires acquired more wealth through inheritance than entrepreneurship for the first time since 2015. The report estimates that over 1,000 billionaires over the age of 70 are set to pass down $5.2 trillion to their heirs, perpetuating inequality and creating a new aristocracy. The lack of robust wealth and inheritance taxes allows dynastic oligarchies to grow, with the ultra-rich using philanthropy to avoid taxes.
2 years ago•Source: Common Dreams
