Don’t hold your breath for an onslaught of billionaire heirs suddenly giving their inheritances away for the betterment of society. One insight from the UBS report is that heirs tend to be much less interested in philanthropy than first-gen billionaires. A theory as to why, according to Collins, is that “the first generation has some confidence in their ability to create wealth,” while the second generation doesn’t. “We know that the second generation, third generation are more concerned about protecting wealth than creating it,” he continues. “They invest a lot in wealth defense; they invest a lot in lobbying.” That means opposing any wealth tax or income tax hikes on the rich, or fighting regulations that would close loopholes that have long allowed billionaires to minimize what they owe to the government. It’s a sign that “the tax system on wealth has become more optional,” says Collins.
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