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Young Billionaires Have Different Plans for Inheritance

Young billionairesThe unprecedented wealth creation that has occurred in the past 20 years is going to be followed by an unprecedented period of wealth transfer. 460 billionaires will likely transfer more than $2 trillion of assets to their heirs during the next 20 years.

This information was gathered from 1,400 billionaires across the 14 largest billionaire markets and demonstrates the potential impact this gigantic wealth transfer may have on both the recipients and society at large.

As great wealth trickles down the generations, the goals of those transferring that wealth will change. In fact, we’re already seeing the early stages of what we expect to be an upsurge in philanthropy.  Younger beneficiaries of billionaire wealth are driven by three key goals that make them different from their elders: they typically put business first, place greater emphasis on values instead of valuables, and look to find identity through philanthropy. Young multigenerational billionaires are apt to be entrepreneurial and feel that growing their businesses is a way to benefit society. They also believe in philanthropy, but have a different approach than their parents and grandparents.

As far as these last two factors, the report says, “Their business goals must deliver not only returns to the family, but also tangible benefits to a wide group of stakeholders, including employees, customers and society at large. More than previous generations, they bring business discipline and strategy to philanthropy. They want their giving to make an impact–and they want to be able to measure it.”

Reference: Investopedia (October 31, 2016) “Billionaires to Transfer $2T in Wealth to Heirs”

 

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