Billionaires: A Study
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We ask what Asia can learn from Europe about multigenerational wealth preservation. We also investigate how rising billionaire philanthropy could be boosted by repeating the same formula that underpinned their success to start with, i. Billionaires matter. They create and hold immense wealth. Shifts in the structure of that wealth matters to the wealthy and their families. But they also impact the global economy and society as a whole. After more than 20 years of great wealth creation, the Second Gilded Age has hesitated. The transfer of assets within families, commodity price deflation and an appreciating US dollar have emerged as significant headwinds.
In , fortunes broke through the billion-dollar wealth ceiling, increasing the billionaire population in the markets we cover the 14 largest billionaire markets to 1, Yet their total wealth fell from USD 5. It is too early to tell if signals a pause in the Gilded Age or something more. Great wealth creation continues in the US, but it is slowing.
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Europe stands out as the home of multigenerational billionaires. While it may not be the best at creating great wealth, Europe has proved the best at keeping it. Europe has the greatest number of multigenerational billionaires, and ranks a close second to the US for total multigenerational billionaire wealth.
Led by China, Asia is creating one billionaire every three days. We estimate that fewer than people of the billionaires in the markets we cover will hand over USD 2. One hundred and thirteen Many billionaire heirs have broader values and greater choices. They may choose philanthropy over entrepreneurialism, personal careers over working in the family business.
This is likely to influence the structure and type of legacies established. Many billionaires may cash out. Those opting to keep their businesses have heirs who are increasingly likely to become owners not managers. Billionaire wealth is often shortlived due to business risk and dilution. Rising billionaire philanthropy could have significant benefits for society and the environment. Yet there appears to be a strategy gap that could limit the effectiveness of giving.
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Over this time period, female billionaires outpaced their male peers, with their ranks and wealth growing at faster rates. In Asia, where this growth is most impressive, over half of the female billionaire population is self-made, well ahead of their US and European counterparts. Reflecting what we call the Athena Factor, the number of female billionaires is growing, as is their influence as wealth creators and champions of philanthropy.
The number of female billionaires grew by a factor 6. While most female billionaires come from the US and Europe, Asia has the greatest growth in number of self-made female billionaires.
Women are wielding greater influence, driving family wealth creation, promoting firm and family governance, and championing philanthropy. If they are to survive, legacies must have the strength and flexibility to respond to regulatory and taxation changes, to maintain robust engines of wealth and to manage family transition issues. With the increased complexity of regulations and taxes, building lasting legacies will become even more difficult in the future.
We expect multi-generational families in Asia to help themselves through creation of family offices, while US and European family offices will become even more sophisticated to help sustain legacies. Shared identities and common sets of values among large families will become more important.
Greater complexity means that greater pragmatism is needed in order to preserve legacies. The past 35 years have been a period of extraordinary wealth creation by billionaires. Then fortunes were created from industrial innovation, in sectors such as steel, cars and electricity. Now they are being made from the consumer industry, technology and financial innovation in the US and Europe, as well as consumer products, globalization, industrialization and infrastructure booms in Asia and other emerging markets.
They have also set up some of the hedge and private equity funds that have revolutionized finance. From a demographic point of view, the current generation of billionaires is ageing.
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Two thirds of them are in the corridor of wealth transfer, with many of them still facing the decision of what their legacies will be. US entrepreneurs have created most wealth, leading a wave of innovation in technology and finance.
Rising real estate and capital markets have played a strong role in the creation of new billionaires. Just as economies grow in cycles, so the opportunities that led to this most recent exceptional period of wealth generation are likely to come to an end.
Tax, social equality initiatives, asset price deflation and geopolitical tensions — there are approximately 40 civil wars and armed conflicts raging — will likely have significant consequences for great wealth creation. Self-made billionaires tend to launch their first ventures at a young age, although few attain billionaire status before their 40th birthdays. Interestingly, almost half worked in a large company before making their breakthrough.
Distinct personality traits allow creators of great wealth to thrive, according to our research.
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Billionaires typically have three characteristics in common: an appetite for clever risk taking, business focus and determination. But while some highly visible entrepreneurs excel in risk taking and starting up businesses, they are often less good at running and scaling a business which explains why they often team up with strong partners.
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Others are able to both build and sell as they observe a niche that is not covered and fill it. As this generation of selfmade billionaires ages, they have to decide what their legacies will be. Almost two thirds of billionaires are over 60 years old and have to choose how to preserve their achievements and to transfer their wealth effectively either to future family generations, to philanthropic causes or some combination of the two.
Without a clear and sensible governance and strategy, wealth can swiftly dilute over generations, through death, divorce and taxes.
We Study Billionaires - The Investor's Podcast Network
Planning and structuring for the long term are critical, and some billionaires are setting up sophisticated structures i. Increasingly, large billionaire families are held together through meticulously drafted charters dealing with critical governance issues. We expect an unprecedented wave of philanthropy in its many forms — foundations, endowments, socially-focused investing, the arts and education.
However, we also expect philanthropy to grow in other countries, where its particular form is and will be adapted to the regional and cultural context. PwC strengthens its disruptive digital technology credibility. Over 1.
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