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Current Events > All billionaires under 30 have inherited their wealth, research finds

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WingsOfGood
04/04/24 10:30:07 AM
#1:


https://www.theguardian.com/business/2024/apr/03/all-billionaires-under-30-have-inherited-their-wealth-research-finds

All of the worlds billionaires younger than 30 inherited their wealth, the first wave of the great wealth transfer in which more than 1,000 wealthy people are expected to pass on more than $5.2tn (4.1tn) to their heirs over the next two decades.

There are already more billionaires than ever before (2,781), and the number is expected to soar in the coming years as an elderly generation of super-rich people prepare to give their fortunes to their children.

Research by Forbes magazine found there were 15 billionaires aged 30 or under but that none had created their own wealth, instead benefitting from huge inheritances.
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WingsOfGood
04/04/24 10:30:52 AM
#2:


Experts at the Swiss bank UBS said: During the next 20 to 30 years, over 1,000 of todays billionaires are likely to transfer more than $5.2tn to their heirs. How do we calculate this number? Simply by adding up the wealth of the 1,023 billionaires who are aged 70 or more today.

Looking to the longer term, the exceptional wealth resulting from the boom in entrepreneurial activity since the 1990s has established a foundation for future generations of billionaire families.

The richest person on the planet is the majority owner of the luxury goods conglomerate LVMH, Bernard Arnault. He is 75 and has recently promoted his children to key roles in the business. Arnault has an estimated fortune of $233bn, a 10% increase on last year.

Charles Koch, the elder of the US billionaire industrialist brothers, is 88. Phil Knight, the billionaire co-founder of Nike, is 86.

A total of $70tn is expected to be inherited by the next generation over the next 20 years, according to estimates by the consulting firm Cerulli Associates. The transfer is expected to make millennials the richest generation in history, says research by the real estate agent Knight Frank.
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mystic_belmont
04/04/24 10:31:19 AM
#3:


It's easy to make a ton of money via interest if you have a lot starting out with.

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#4
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WingsOfGood
04/04/24 10:33:37 AM
#5:


this is cause of inflation:

There are already more billionaires than ever before (2,781), and the number is expected to soar in the coming years as an elderly generation of super-rich people prepare to give their fortunes to their children.
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emblem-man
04/04/24 10:36:06 AM
#6:


I mean, that's what I would expect.
Hard to make a billion dollars by age 30 without it being given to you

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LeoRavus
04/04/24 10:36:51 AM
#7:


It makes sense since it takes a while to become a self-made billionaire?

Taylor Swift was close.

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andel
04/04/24 10:43:55 AM
#8:


very few people under 30 get lucky enough to become billionaires without inheritance. idk if the notable ones of the past like gates were even under 30. zuckerberg is the only one that comes to mind for me right now and he is obv over 30 now

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