460 billionaires are set to transfer $2.1 trillion — roughly the equivalent of India’s GDP or about the amount wiped out from panicked world markets after the U.K.’s Brexit vote — to heirs within the next 20 years.
According to UBS/PwC Billionaires Report the impending exchange is “the greatest transfer of wealth in history” and points to the fact that it will be the first time this much wealth is handed down to second generations around the world at once.
Asia according to the report will be the first large transfer of billionaire wealth for most young Asian economies, where it estimates 85% of billionaires are self-made.
UBS and PwC estimate that 40% of the billionaires they track are over 70 and will likely pass on their wealth by 2040. That breaks down to 48% of the U.S. billionaires (representing $1.1 trillion), 50% of Europeans ($600 billion) and 20% of Asian fortunes ($300 billion).