A joint report by UBS and PWC showed that world’s billionaires’ wealth enjoyed its greatest-ever increase last year, hitting $8.9 trillion shared among 2,158 individuals.
“The past 30 years have seen far greater wealth creation than the Gilded Age” the report said. “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.”
More than 40 of the 179 new billionaires created last year inherited their wealth, the report said. “A major wealth transition has begun. Over the past five years, the sum passed by deceased billionaires to beneficiaries has grown by an average of 17 percent each year, to reach $117 billion in 2017. In that year alone, 44 heirs inherited more than a billion dollars each.”
This has to stop or nobody but them will have any money left.
Such greedy and selfish people. They couldn’t spend all that money in many lifetimes. They don’t need to have so much when so much of the world is in poverty and average workers can barely support themselves.