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UBS Billionaire Ambitions Report 2023: The great wealth transfer [1]

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Date: 2023-11-30

However, heirs are conscious that they may need to reshape and reposition their wealth to continue the family legacy. As they inherit their parents’ businesses, investments, and foundations, heirs look to focus more on today’s major economic opportunities and challenges, such as innovative technologies, the clean-energy transformation and impact investing. First-generation billionaires are aware of this, with 58% claiming their greatest challenge will be instilling the necessary values, education, and experience in their heirs to take over.

Heirs also have their own views on risks to the business and how they should be positioned for the future. For example, 66% of first-generation billionaires rank a potential US recession as their primary concern, closely followed by geopolitical tensions (62%). In contrast, heirs are concerned about inflationary pressures (57%) and the availability and price of raw materials (52%). However, all agree on the opportunities and risks of generative artificial intelligence (“AI”), with 65% viewing AI as offering one of the greatest commercial opportunities to their operating business over the next 12 months. As technology gains prominence, 58% viewed a cyber threat or hacking as the biggest risk.

When it comes to investing, 43% of first-generation billionaires intend to increase their allocation to private debt over the next 12 months and 38% plan to increase developed market bond holdings. Heirs favor private equity, with 59% looking to raise direct private equity investments and 55% looking to invest more in private equity funds.

Among billionaire heirs, there is a strong entrepreneurial theme, and many see alternative opportunities to joining the C-suite of the family business. More than half of the 53 heirs surveyed are choosing to step away, opting for careers more suited to their own ambitions, skills, and circumstances. There is also a rise in heirs becoming philanthropists and driving sustainable innovation, creating new business ventures, or building on existing ones with a focus on sustainability and philanthropy.



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[1] Url: https://www.ubs.com/global/en/media/display-page-ndp/en-20231130-the-great-wealth-transfer.html

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