Record numbers becoming billionaires through inheritance, UBS report finds

The super-rich are inheriting record levels of wealth as they pass down billions of dollars to their children, grandchildren and spouses, research by a Swiss bank favoured by billionaires shows.

Globally, there are 9,919 billionaires this year, up from 2,682 in 2024, UBS found.

Of these, 91 people this year became billionaires through inheritance, collectively receiving $298bn (£223bn) in the 12 months to April, the bank said. That was up more than a third against last year and the highest since UBS started its research in 2015.

Among them are the six grandchildren of the late Asian paint tycoon Goh Cheng Liang, who died in Singapore in August aged 98. Each grandchild inherited stakes in a public company worth more than $1bn, according to reports.

Meanwhile, 196 “self-made” entrepreneurs became billionaires this year, with a collective wealth of $386.5bn, UBS said.

Benjamin Cavalli, an executive at the bank, said the increase in billionaire inheritance was proof of a “multi-year wealth transfer that’s intensifying”, with this group expected to inherit at least $5.9tn in the next 15 years.

Most of the inheritance is expected to come from the US, followed by India, France, Germany and Switzerland.

However, this could change as footloose billionaires move around the world, motivated by a better quality of life, geopolitical concerns and tax considerations, UBS found.

Various European governments have faced calls to introduce a wealth tax on the international elite this year. In Switzerland, where UBS estimates that $206bn will be inherited over the next 15 years, voters on Sunday overwhelmingly rejected a proposed 50% tax on inherited fortunes of £47m or more.

In October, the French parliament voted against a proposed 2% tax on fortunes over €100m. Italy, which has attracted many wealthy residents thanks to its flat-tax regime for foreign income, has set out plans to increase the levy by 50% to €300,000 a year from 2026.

Meanwhile, the UK, which distanced itself from reports of a formal wealth tax over the summer, officially ended non-dom status this year under which UK residents who declared their permanent home as overseas could avoid paying UK tax on foreign income and gains. It also announced plans for a council tax surcharge, labelled a “mansion tax”, on home worth more than £2m in last week’s budget.

Last year, Spain, Brazil, Germany and South Africa signed a motion at the G20 for a minimum 2% tax on the super-rich to reduce inequality and raise public funds. Forecasts on its impact vary, but a study by the leading French economist Gabriel Zucman found it could net up to $250bn in extra revenue.

The four countries have called on other governments to support the campaign, saying a levy on the ultra-wealthy would complement negotiations on the taxation of the digital economy and continuing efforts to bring in a global minimum corporate tax of 15% for multinational businesses.