Global (commonwealth) _ The first wave of “the great wealth transfer” saw all billionaires under the age of 30 inherit their riches. Over 1,000 affluent individuals are anticipated to pass on more than $5.2 trillion (£4.1 trillion) to their heirs over the next 20 years.
The number of billionaires has increased to 2,781 and is anticipated to increase further as an older generation prepares to pass on their wealth to their offspring. According to Forbes magazine, there are 15 billionaires under the age of 30, yet none have produced their own fortune, instead benefiting from large inheritances.
Among them are Ireland’s Firoz Mistry, 27, and his brother Zahan, 25, who have an estimated $4.9 billion in holdings in Tata Sons, the parent firm of the Indian conglomerate Tate Group, which owns automobile brands such as Jaguar Land Rover. They inherited their 4.6% interest in the firm in 2022, following the death of their father, Cyrus Mistry, little than three months after their grandpa Pallonji.
Leonardo Del Vecchio, the creator of the premium eyeglasses brand Luxottica, died in 2022, and his three children became millionaires. Leonardo Maria, 28, Luca, 22, and Clemente Del Vecchio, 19, each received a 12.5% share in the family’s Luxembourg-based holding firm Delfin, which controls roughly a third of EssilorLuxottica, the parent company of Ray-Ban and Oakley. . They have a fortune believed to be approximately $4.7 billion each.
Livia Voigt, 19, is the world’s youngest billionaire, with a $1.1 billion fortune from a 3.1% interest in WEG Industries, a Brazilian electrical equipment manufacturer co-founded by her grandpa Werner Ricardo. He passed away in 2016. Dora Voigt de Assis, her older sister, is also on the list, at 26.
UBS experts predict that over 1,000 billionaires will transmit over $5.2 trillion to their heirs during the next 20-30 years. What is the method for calculating this number? Simply sum up the fortune of the 1,023 billionaires who are 70 or older today.
Looking ahead, the extraordinary riches created by the surge in entrepreneurial activity during the 1990s has laid the groundwork for future generations of billionaire families. Bernard Arnault, the main owner of luxury company LVMH, is the world’s richest person. The 75-year-old has lately promoted his children to crucial jobs in the firm. Arnault’s fortune is valued at $233 billion, a 10% rise over previous year.
Charles Koch, the older of the US wealthy industrialist brothers, has turned 88. According to Knight Frank, millennials will become the “richest generation in history” as a result of the move. Ben Francis, 31, the British creator of athleisure business Gymshark, is one of the youngest billionaires who built their wealth rather than inheriting it. He is worth an estimated $1.3 billion.
A billionaire is someone whose fortune is valued at least one billion units of a certain currency, typically a significant currency like the US dollar or the Euro. In 2022, North America had the biggest concentration of billionaires. China has the world’s largest billionaire population, with Beijing having the most number of billionaires in a single year.
In all, there were 3,194 billionaires. Cerulli Associates, a consulting firm, forecasts that the next generation will inherit $70 trillion over the next 20 years. In 2022, there were 3,194 billionaires worldwide. However, a significant portion of the global population owned less than $10,000 USD. The richest 1% hold roughly half of the world’s wealth, emphasizing worldwide disparity. Luxembourg and Norway have the world’s greatest GDP per capita, whereas Switzerland and the US have the highest average wealth per adult.
The majority of billionaires created their own fortunes. There is a considerable gender gap among billionaires. Whereas the bulk of the former were self-made, over half of the latter had inherited their wealth. In 2022, 88 percent of the world’s billionaires were men. Only 10% of the world’s billionaires were under 50 years old. In April 2023, Clemente Del Vecchio, 18, was the world’s youngest billionaire.
Forbes’ annual World’s Billionaires list ranks persons who are billionaires, defined as having a net worth of $1 billion or more. The list originally appeared in March 1987. The entire net worth of each individual on the list is assessed and expressed in US dollars, taking into account their verified assets as well as debt and other considerations. These rankings do not include royalty or dictators whose income originates from their positions. This ranking is an index of the wealthiest recorded persons, and it excludes any rating of those whose wealth cannot be fully determined.
In 2018, Amazon founder Jeff Bezos was rated #1 and became the first billionaire to be included in the ranking, surpassing Microsoft founder Bill Gates, who had led the list for 18 of the previous 24 years. Elon Musk succeeded Bezos in 2022, following four years at the top of the list. Musk was eventually eclipsed by French businessman Bernard Arnault in 2023, after only a year at the top. Arnault was the first French individual to top the list.
