Lessons in Legacy, Chapter One: The Legacy landscape - Flipbook - Page 6
Changing attitudes
towards legacy.
BOODLE HATFIELD
T
he creation of significant new wealth globally
has accelerated in recent years. The 2022
Forbes billionaires list stands at over 2,650
entries. This is some 600 higher than in 2020. More
than 1,000 people on the list are richer than they
were a year ago.
The ranks of Ultra High Net Worth (UHNW) individuals
have been swollen by the entry of technology and fintech
entrepreneurs. The year to 31 March 2021 showed a 22%
increase in new company incorporation, underlining the
strength of entrepreneurship as a driving force in the
global economy.
The demography of UHNW individuals is also changing.
Forbes’ 2021 list included 300 women billionaires,
an increase of a third on the previous year. In the US,
investors with $25m or more are, with an average age of
47, 11 years younger than in 2014.
There is a knock-on effect for philanthropy, which is also
growing. The 2021 Sunday Times ‘giving list’ showed the
UK’s top-200 philanthropists gave more than £4 billion in
donations – up by more than a third on the previous year.
Internationally, 72% of global philanthropic foundations
were established in the last 25 years.
UHNWs are also talking to each
other about philanthropy, which
has a significant knock-on effect
on attitudes to succession.