Newly minted billionaires have collected more of their wealth from the deaths of relatives than through their own work and entrepreneurship.

Of the 137 people who became billionaires in the 12 months to this April, 53 inherited a combined $150.8bn (£119bn) from their family, the report by UBS found. 

This exceeds the combined $140.7bn created by “84 new self-made” billionaires over the same period. The bank said it was the first time in the nine-year history of its annual report on the fortunes of the richest 0.00004% of society that “the next generation of billionaires accumulated more wealth through inheritance than entrepreneurship”. 

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