INSUBCONTINENT EXCLUSIVE:
and the richest people on Earth increased their wealth by a fifth to $8.9 trillion, according to a report by Swiss bank UBS
"The past 30 years have seen far greater wealth creation than the Gilded Age" the UBS Billionaires 2018 report said on Friday
"That period bred generations of families in the US and Europe who went on to influence business, banking, politics, philanthropy and the
arts for more than 100 years
With wealth set to pass from entrepreneurs to their heirs in the coming years, the 21st century multi-generational families are being
created."According to the report, the world's 2,158 billionaires grew their combined wealth by $1.4 trillion last year, more than the GDP of
Spain or Australia, as booming stock markets helped the already very wealthy to achieve the "greatest absolute growth ever", the Guardian
reported.More than 40 of the 179 new billionaires created last year inherited their wealth, and given the number of billionaires over 70 the
report's authors expect a further $3.4 trillion to be handed down over the next 20 years."A major wealth transition has begun," the report
In that year alone, 44 heirs inherited more than a billion dollars each."There are 701 billionaires over the age of 70, whose wealth will
septuagenarians or older have a combined net worth of more than $1 trillion.The world's richest person is Amazon founder Jeff Bezos, who has
an estimated net worth of $146 billion, more than any one person in history.
