Billionaire heirs have a how-to-spend-it problem

More than half the billionaires surveyed regard one of their greatest challenges as instilling in their heirs the values, education and experience to take over. (Image: Andrew H. Walker/via Getty, Bloomberg)

Bloomberg

Mon, 01 Jan 2024

By Chris Hughes“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 the annual study of billionaires by the multinational investment bank UBS, new billionaires accumulated more wealth through inheritance than entrepreneurship. Some US$151 billion (NZ$246.7b) was inherited by 53 heirs in the year to April 6, versus the US$141b in fortunes of 84 new self-made billionaires.As th...

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