SINGAPORE: More wealth has been inherited by spouses and children of billionaires this year compared to a decade ago, pushing 91 more people onto the billionaire list through inheritance in the 12 months to April, Reuters reported, citing UBS’s Billionaire Ambitions Report published on Thursday (Dec 4).
With Singapore among the destinations favoured by billionaires, according to UBS executive Benjamin Cavalli, will this drive more billionaires to Singapore?
The Swiss bank said these new billionaires will collectively inherit US$298 billion (S$386 billion), more than a third higher than in 2024. According to the bank’s calculations, billionaire children are set to inherit at least US$5.9 trillion over the next 15 years, roughly 20 times more.
UBS said most of the inheritance growth is expected in the United States, followed by India, France, Germany, and Switzerland, though this could change as billionaires, especially younger ones, are highly mobile.
The report attributed their decisions to relocate to a search for a better quality of life, as well as geopolitical concerns and tax considerations.
Other destinations preferred by billionaires include Switzerland, the UAE, and the US.
The report is based on a survey of the bank’s ultra-wealthy clients and a database tracking billionaires across 47 markets worldwide. /TISG
Read also: 1 in 3 of Singapore’s wealthiest billionaires are not originally from Singapore
Featured image by Depositphotos (for illustration purposes only)
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