UBS Has Found Those Huge Clients You're Dreaming Of
UBS says the total count of U.S. billionaires reached 563 in 2016, according to the report, which was based on data of more than 1,500 billionaires. China and India have minted many more new billionaires than the U.S., and Asia as a whole has surpassed the U.S. in total number of billionaires. But American billionaires still control the most wealth, at $2.8 trillion. However, UBS believes that Asia may surpass the U.S. in total wealth of its billionaires in four years, the Journal writes.
In an effort to keep their wealth safe, investor networks are playing a bigger role, the report asserts. Wealthy families are increasingly banding together on new ventures, using personal contacts to orchestrate deals, says the report.
“It’s not enough anymore to just preserve and grow wealth,” Marcel Widrig, PwC’s private wealth leader, said in a press release announcing the report.
“Today’s billionaires also feel a responsibility to drive social and economic impact — whether that means creating a private museum to promote the arts or buying a professional sports team to promote a passion,” said Widrig.
Another reason for these investments in art and sports is to create “alternative legacies” for their children through their “cultural pursuits,” says the report.
Over the next twenty years an estimated $2.4 trillion of billionaire wealth is set to be transferred to the next generation, says the report.