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Billionaire heirs have a how-to-spend-it problem
A UBS survey reveals contrasting attitudes between self-made tycoons and their successors on philanthropy.
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What’s striking are the findings of a related UBS survey showing contrasting attitudes between the self-made and their successors.
PHOTO: AFP
Chris Hughes
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“Let me tell you about the very rich. They are different from you and me.” F. Scott Fitzgerald could have added that they are also generationally different from each other.
For the first time in the history of UBS Group’s annual study of billionaires, new billionaires accumulated more wealth through inheritance than entrepreneurship: Some US$151 billion (S$201 billion) was inherited by 53 heirs in the year to April 6, versus the US$141 billion in fortunes of 84 new self-made billionaires.
