2018年-普华永道全球_Billionaires_insights_2016_Publications_Financial_services_Industries_PwC_28页_1mb

2016 UBS/PwC Billionaire Report Summary

Core Content

This report analyzes the wealth trends and challenges faced by billionaires globally, focusing on the upcoming large-scale intergenerational wealth transfer, the changing values of the next generation, and the implications for the future of wealth preservation and philanthropy.

Main Points

• Global Wealth Transfer: Over the next 20 years, fewer than 500 billionaires will transfer USD 2.1 trillion to their heirs, equivalent to India's GDP. This will be the first major wealth transfer for most Asian economies, where 85% of billionaires are first-generation.
• Billionaire Population Trends:
  • In 2015, the global billionaire population reached 1,397.
  • The US remains the largest billionaire market, accounting for 47% of global billionaire wealth, but its growth has slowed.
  • Europe leads in multigenerational wealth preservation, with a high number of billionaires who have passed wealth through generations.
  • Asia, particularly China, is creating one billionaire every three days, driven by rapid economic development and growth in sectors like technology, real estate, and consumer & retail.
• Wealth Volatility:
  • Billionaire wealth has become more volatile in recent years, with an average drop of 6% in the US and 3% in Europe.
  • The materials sector saw the biggest drop in wealth (17%), due to falling commodity prices.
  • The average wealth of billionaires fell from USD 4.0bn in 2014 to USD 3.7bn in 2015.
• Intergenerational Shifts:
  • Millennials and younger heirs are showing different values and priorities than their parents, often favoring philanthropy over entrepreneurship.
  • Many are choosing to be owners rather than managers, reflecting a shift in how wealth is managed and passed down.
  • Some families are selling their businesses to avoid burdening heirs with uncertain legacies.
• Wealth Preservation Challenges:
  • Over 90% of billionaire fortunes have fallen below the billion-dollar mark within the first two generations.
  • Poor governance and lack of clear succession planning are major causes of wealth dilution.
  • In Asia, where family businesses are often complex and reliant on personal connections, the transition to heirs is particularly difficult.

Key Insights

• Europe's Model: Europe is the best at preserving wealth, especially in multigenerational contexts. Its billionaires are more resilient, with a smaller drop in wealth compared to other regions.
• Asia's Rapid Growth: Asia, led by China, is the fastest-growing region for new billionaires, but its wealth transfer is still in its early stages.
• Philanthropy's Rise: Millennials are more likely to prioritize social impact through philanthropy, using business discipline to ensure their giving makes a measurable difference.
• Digital Influence: Young billionaires are increasingly involved in digital ventures, often supported by their parents' early encouragement and mentorship.
• Global Economic Context: The slowdown in wealth creation and the rise in volatility highlight the need for better wealth management strategies and succession planning, especially in emerging markets.

Wealth Distribution Overview

Outlook

• The next generation of billionaires will likely focus more on philanthropy and less on direct business involvement.
• The transfer of wealth will have significant implications for the structure of future billionaire families and their approach to managing and preserving assets.
• The report emphasizes the importance of learning from Europe's successful wealth preservation strategies to navigate the challenges of intergenerational transfer in Asia and other regions.
• The global economy is still growing, but the pace of wealth creation has slowed, requiring a shift in strategies for both wealth generation and preservation.

Conclusion

The report underscores the importance of adapting traditional wealth preservation methods to the evolving values and challenges of the next generation. It highlights the need for better succession planning, governance, and a shift towards more strategic philanthropy to ensure that the wealth of the current generation continues to benefit future generations and society at large.