The world is witnessing an unprecedented transfer of wealth to the next generation, with a record number of individuals becoming billionaires through inheritance this year. This surge in dynastic wealth comes as several European governments, including France and Switzerland, have recently voted against proposals to impose new taxes on the fortunes of the ultra-wealthy.
The Great Wealth Handover Accelerates
According to the latest UBS Billionaire Ambitions Report, a staggering 91 people globally attained billionaire status through inheritance in the 12 months to April. This group collectively received $298 billion (£223bn), marking an increase of more than a third on the previous year and the highest figure since the bank began its research in 2015.
The overall billionaire population has exploded, reaching 9,919 this year, up from 2,682 in 2024. Benjamin Cavalli, an executive at UBS, described the inheritance spike as evidence of a "multi-year wealth transfer that’s intensifying." The bank estimates that over the next 15 years, heirs are expected to receive at least $5.9 trillion.
Prominent examples include the six grandchildren of the late Asian paint magnate Goh Cheng Liang, who each inherited stakes in a public company valued at over $1 billion.
Governments Reject New Taxes on the Mega-Rich
This accelerating concentration of wealth is unfolding against a backdrop of political debate on how to tax it. In recent months, several European nations have seen proposals for new levies on the super-rich voted down.
In October, the French parliament rejected a proposed 2% tax on fortunes exceeding €100 million. Just days ago, Swiss voters overwhelmingly rejected a proposed 50% tax on inherited fortunes of £47 million or more. UBS estimates that $206 billion will be inherited in Switzerland alone over the next 15 years.
Other nations are adjusting their policies. Italy, which has attracted wealthy residents with a favourable flat-tax on foreign income, plans to increase that levy by 50% to €300,000 annually from 2026. Meanwhile, the UK has officially abolished the non-dom tax status and announced a council tax surcharge on homes worth over £2 million.
A Global Movement and a Mobile Elite
The report notes that footloose billionaires are increasingly mobile, relocating for a better quality of life, geopolitical stability, and tax considerations. This mobility could shift where the great wealth transfer physically occurs.
Most of the anticipated $5.9 trillion inheritance is expected to originate in the United States, followed by India, France, Germany, and Switzerland.
Internationally, a coalition including Spain, Brazil, Germany, and South Africa signed a G20 motion last year calling for a minimum 2% tax on the super-rich to combat inequality and raise public funds. Research by French economist Gabriel Zucman suggests such a tax could generate up to $250 billion in additional revenue globally.
These four countries are urging others to join the campaign, arguing that a levy on the ultra-wealthy should complement existing efforts to tax the digital economy and enforce a global minimum corporate tax.
