Although the majority of the world’s billionaires have made their wealth in the past 20 years, this period of such extraordinary wealth generation may soon decelerate, notes UBS/PwC.
In their “Billionaires” research note published jointly by UBS and PwC, the analysts note two-thirds of the current generation of billionaires are in the process of wealth transfer.
Wealth generation: World is in a second “Gilded Age”
The UBS/PwC research note starts off with an anecdote on the first “Gilded Age’ which lasted from 1870-1910, wherein a few businessmen built organizations that industrialized innovations, bringing us the car, steel and electricity. However, over the past 35 years, U.S. entrepreneurs have taken advantage of new technologies to create the Internet and its ecosystem. Moreover, they...
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