UBS – Billionaire Ambitions Report, 2023

The UBS Billionaire Ambitions Report for 2023 reveals that global billionaire wealth has partially recovered from the fall experienced during the pandemic. The number of billionaires worldwide increased by 7% over the study period, reaching 2,544 by April 6, 2023. Wealth also recovered by 9% in nominal terms, rising from $11.0 trillion to $12.0 trillion, primarily driven by billionaires in Europe. Interestingly, for the first time in the report's nine editions, new billionaires acquired a greater portion of their wealth through inheritance rather than entrepreneurship. Inherited wealth amounted to $150.8 billion, surpassing the $140.7 billion obtained by 84 self-made billionaires. This shift can be attributed to business founders aging and passing their wealth to the next generation. As these heirs take over their parents' businesses, investments, and foundations, they are likely to focus on current economic opportunities and challenges. These include embracing new technologies and the clean-energy transformation. However, preparing heirs poses a challenge for billionaires. Over half of the surveyed billionaires identified fostering values, education, and experience in their heirs as one of their greatest challenges. To engineer smooth successions, founders and their families need to involve younger generations in developing succession plans and find common ground through shared values and purpose. Overall, the report highlights the recovery of billionaire wealth, the emerging prominence of multigenerational families, and the need for effective succession planning and governance in billionaire households.