# Research: Modern Mobility — Intergenerational Mobility, Wealth Transmission, and Inheritance Flows (2024–2026) ## Summary The 2024–2026 evidence base on intergenerational mobility and wealth transmission has been substantially refreshed. UBS's Global Wealth Report and Billionaire Ambitions Report document a record acceleration of the "great wealth transfer" — $83+ trillion projected to move over 20–25 years, with billionaire inheritance hitting $297.8 billion in 2025 alone. The World Inequality Lab released major new databases covering wealth accumulation from 1800–2025 and new estate-based wealth inequality estimates for South Africa. The OECD published both a flagship report ("To Have and Have Not," Sep 2025) and a new working paper (Mar 2026) finding that over 25% of income disparities stem from circumstances beyond individual control. Knight Frank's 2026 report shows UHNWI population growing by 162,191 in five years. ## Findings ### UBS Global Wealth Report 2026 - **Source:** UBS - **URL:** - **Published:** 2026 (17th edition) - **Validity:** Institutional report - **Summary:** The 17th edition of the UBS Global Wealth Report reports the fastest wealth growth in years, with personal wealth rising over 10% and nearly one million new dollar millionaires added globally. The report covers 56 key markets accounting for over 92% of world wealth. - **Key data points (time-referenced):** - 2026: Personal wealth rose by over 10%, the fastest pace in years - 2026: Nearly one million new USD millionaires added globally — more than 2,600 per day --- ### UBS Global Wealth Report 2025 - **Source:** UBS - **URL:** - **Published:** 2025-06-18 - **Validity:** Institutional report - **Summary:** The 16th edition reports 4.6% global wealth growth in 2024, driven largely by North America. It introduces the "EMILLI" (Everyday Millionaire) segment — 52 million people with $1–5 million in investable assets holding $107 trillion — and provides detailed projections for the great wealth transfer, with $83 trillion expected to move over 20–25 years. - **Key data points (time-referenced):** - 2024: Global wealth grew 4.6%; average wealth per adult in North America was USD 593,347, Oceania USD 496,696, Western Europe USD 287,688 - 2024: Number of USD millionaires rose 1.2%, adding 684,000+ people; the US added over 379,000 new millionaires (more than 1,000/day) - 2024: EMILLIs (Everyday Millionaires, $1–5M investable assets) numbered ~52 million globally, holding ~USD 107 trillion - 2025: Over the next 20–25 years, USD 83+ trillion expected to be transferred — USD 9 trillion horizontally between spouses, USD 74 trillion intergenerationally; largest volumes in the US (over USD 29 trillion), Brazil (nearly USD 9 trillion), mainland China (over USD 5 trillion) --- ### UBS Billionaire Ambitions Report 2025 - **Source:** UBS - **URL:** - **Published:** 2025-12-04 - **Validity:** Institutional report - **Summary:** The 11th edition reports record global billionaire wealth of $15.8 trillion in 2025, with 196 self-made billionaires adding $386.5 billion. The great wealth transfer accelerated: 91 heirs inherited a record $297.8 billion, 36% more than 2024. Multi-generational billionaires now number ~860 with $4.7 trillion in assets, up from 805 with $4.2 trillion in 2024. - **Key data points (time-referenced):** - 2025: Global billionaire wealth reached USD 15.8 trillion (all-time high); number of billionaires rose 8.8% from 2,682 to nearly 3,000 - 2025: 196 self-made billionaires added USD 386.5 billion to global wealth — second-highest annual increase in report history - 2025: 91 heirs inherited a record USD 297.8 billion, up 36% from 2024; ~860 multi-generational billionaires oversaw USD 4.7 trillion (up from USD 4.2 trillion in 2024) - 2025: Second-generation billionaires grew 4.6%, third-generation by 12.3%, fourth-generation and beyond by 10% --- ### UBS Billionaire Ambitions Report 2024 - **Source:** UBS - **URL:** - **Published:** 2024-12-05 - **Validity:** Institutional report - **Summary:** The 10th anniversary edition tracks billionaire wealth from 2015–2024, finding total wealth grew 121% to $14 trillion. In 2024, 268 people became billionaires for the first time, 60% of them self-made entrepreneurs — reversing the prior year's pattern where most new billionaires were inheritors. Over the 10-year study, multigenerational billionaires inherited a total of $1.3 trillion. - **Key data points (time-referenced):** - 2024: Total billionaire wealth reached USD 14.0 trillion (up 121% from USD 6.3 trillion in 2015); number of billionaires was 2,682 (up from 1,757 in 2015) - 2024: 268 new billionaires, 60% self-made entrepreneurs; US billionaire wealth rose 27.6% to USD 5.8 trillion (40%+ of global billionaire wealth) - 2024: Baby boomer billionaires' heirs and philanthropic causes set to inherit estimated USD 6.3 trillion over the next 15 years (up from USD 5.2 trillion estimate in 2023 report) - 2015–2024: Multigenerational billionaires inherited a cumulative USD 1.3 trillion over the 10-year study period --- ### World Inequality Database (WID.world) 2025 Update - **Source:** World Inequality Lab - **URL:** - **Published:** 2026-01-14 - **Validity:** Institutional report - **Summary:** The 2025 WID update covers 216 countries with data going back to 1820 for some series. It revises income inequality rankings (Latin America re-emerges as most unequal region, overtaking MENA, due to newly accessed administrative data for Brazil and Chile showing top 1% shares were previously underestimated). The update extends wealth distribution series worldwide from 1980 and back to 1820 for a limited set of countries, and publishes the DINA Guidelines 2025 (third edition). - **Key data points (time-referenced):** - 2025: WID covers 216 countries; wealth distribution series extended from 1980 worldwide and back to 1820 for limited countries - 2025: Latin America re-emerges as most unequal region (overtaking MENA) based on revised top 1% income share estimates for Brazil and Chile; Europe remains least unequal - 2025: DINA Guidelines 2025 (third edition) published — revised macroeconomic aggregates, updated income and wealth definitions, enhanced data-quality flags --- ### WID.world: New Estimates of Wealth Inequality from Estate Distribution (incl. South Africa) - **Source:** World Inequality Lab (Alvaredo, Berman, Morelli) - **URL:** - **Published:** 2025-02-03 - **Validity:** Peer-reviewed study - **Summary:** This working paper (WP 2025/02) establishes a simplified estate multiplier method to estimate top wealth shares using only minimal estate and mortality data. The method is applied to produce new long-run top wealth share series for Belgium, Japan, and South Africa — countries where estate data had been previously underutilized. This is particularly significant for South Africa, where wealth inequality estimates from estates had not been systematically constructed before. - **Key data points (time-referenced):** - 2025: New long-run top wealth share series produced for Belgium, Japan, and South Africa using estate distribution data - 2025: Simplified estate multiplier method validated and applied — particularly relevant for expanding wealth concentration estimates in countries where standard methods are inapplicable --- ### WID.world: Global Wealth Accumulation and Ownership Patterns, 1800–2025 - **Source:** World Inequality Lab (Bauluz, Brassac, Dietrich, Martínez-Toledano, Nievas, Odersky, Piketty, Sodano, Somanchi) - **URL:** - **Published:** 2025-09-11 - **Validity:** Peer-reviewed study - **Summary:** This working paper (WP 2025/22) constructs the first global database of wealth accumulation covering 1800–2025, drawing on national balance sheets and reconstructed historical series. It finds that global wealth-income ratios have risen dramatically from ~390% of world net domestic product in 1980 to over 625% in 2025, driven by higher savings and capital gains. Average returns to capital declined from 7.5% to 5.6% but remained above income growth rates. - **Key data points (time-referenced):** - 2025: Global wealth-income ratio exceeded 625% of world net domestic product (up from ~390% in 1980) - 2025: Average returns to capital declined from 7.5% (1980) to 5.6% (2025), yet remained above income growth rates - 2025: Public wealth turned negative in North America, fell near zero in Europe; East Asia stabilized with 25–30% of national wealth in public hands --- ### OECD: To Have and Have Not — How to Bridge the Gap in Opportunities - **Source:** OECD - **URL:** - **Published:** 2025-09 - **Validity:** Official statistics - **Summary:** This is the OECD Observatory on Social Mobility and Equal Opportunity's flagship report, extending the analysis from "A Broken Social Elevator?" (2018). It develops a new measure of inequality of opportunity and finds that over a quarter of total disparities in market income can be attributed to circumstances beyond individual control (sex, place of birth, parental background). The report observes a slight average decrease in equality of opportunity, with top performers declining and lower-performing countries improving. - **Key data points (time-referenced):** - 2025: Over 25% of total disparities in market income across OECD countries attributable to circumstances beyond individual control (sex, place of birth, parental socio-economic background) - 2025: Slight decrease in equality of opportunity on average across OECD; top performers declining while lower-performing countries improving - 2025: Over the past 15 years, policies have been more effective at reducing disparities in outcomes than at addressing long-term barriers to equality of opportunity --- ### OECD Economics Department Working Paper No. 1858: Intergenerational Social Mobility Across OECD Countries - **Source:** OECD (Causa, Nguyen, Tanaka) - **URL:** - **Published:** 2026-03-06 - **Validity:** Official statistics - **Summary:** This working paper exploits the 2023 OECD Survey of Adult Skills (PIAAC) to deliver fresh cross-country estimates of intergenerational social mobility for 29 OECD countries. It finds that individuals with high-educated parents earn almost 30% more on average than those with low-educated parents. In many countries, equalizing education is not sufficient — parental background continues to influence economic outcomes even among individuals with similar education levels. - **Key data points (time-referenced):** - 2026: Individuals with high-educated parents earn ~30% more on average than those with low-educated parents across OECD countries (based on 2023 PIAAC data) - 2026: New cross-country intergenerational social mobility estimates for 29 OECD countries covering earnings, women's labour market participation, and educational attainment - 2026: In several countries, parental background continues to significantly influence offspring's economic outcomes even after controlling for own education and skills --- ### Knight Frank Wealth Report 2026 - **Source:** Knight Frank - **URL:** - **Published:** 2026-04-23 - **Validity:** Institutional report - **Summary:** The 20th edition of Knight Frank's Wealth Report reveals dramatic acceleration in global wealth creation. Between 2021 and 2026, the global UHNWI population (those worth $30M+) rose from 551,435 to 713,626 — 162,191 new UHNWIs, or 89 people crossing the $30M threshold every day. The world's 3,110 billionaires are more geographically dispersed than the broader UHNW population. - **Key data points (time-referenced):** - 2026: Global UHNWI population ($30M+) reached 713,626, up from 551,435 in 2021 — 162,191 new UHNWIs over five years (89 per day) - 2026: World's 3,110 billionaires are more geographically dispersed than broader UHNW population; North America leads with 37% of UHNW wealth, Asia-Pacific ~31%, Europe ~25% - 2026: India's UHNW population surged 63% between 2021 and 2026, from ~12,000 to nearly 20,000 --- ### Allianz Global Wealth Report 2025 - **Source:** Allianz Research - **URL:** - **Published:** 2025-09-25 - **Validity:** Institutional report - **Summary:** The 16th edition of the Allianz Global Wealth Report finds global household financial assets reached a record €269 trillion ($312.6 trillion) in 2024, growing 8.7%. North America was responsible for 53.6% of global asset growth. Within most countries, the richest 10% still hold about 60% of total wealth — unchanged in 20 years. The report warns that the long-run narrowing between rich and poor nations has "more or less come to a standstill" since 2017. - **Key data points (time-referenced):** - 2024: Global household financial assets reached €269 trillion (USD 312.6 trillion), growing 8.7% (up from 8.0% in 2023) - 2024: Richest 10% hold ~60% of total wealth within most countries — unchanged in 20 years - 2024: North America responsible for 53.6% of global asset growth; US holds ~half of all global financial assets - 2024: Net financial assets jumped 10.3% to €210 trillion (USD 244.3 trillion); global household debt grew only 3.1%, averaging 62.6% of GDP (down 8pp from 20 years ago) --- ## Sources - **Kept: UBS Global Wealth Report 2026** () — Newest edition (17th); fastest wealth growth in years, ~1M new millionaires - **Kept: UBS Global Wealth Report 2025** () — 16th edition press release; verified wealth per adult, millionaire counts, $83T transfer projection, EMILLI data - **Kept: UBS Billionaire Ambitions Report 2025** (...) — 11th edition press release; record $15.8T billionaire wealth, $297.8B inherited, 860 multigenerational billionaires - **Kept: UBS Billionaire Ambitions Report 2024** (...) — 10th edition press release; $14T wealth, $6.3T transfer forecast, $1.3T cumulative inheritance 2015–2024 - **Kept: WID.world 2025 Update** () — Annual database update; 216 countries, revised income rankings, DINA Guidelines 2025 - **Kept: WID.world "Evidence from the Dead"** () — WP 2025/02; new estate-based wealth inequality estimates for South Africa, Belgium, Japan - **Kept: WID.world "Global Wealth Accumulation 1800–2025"** () — WP 2025/22; first global wealth accumulation database, wealth-income ratio 625% in 2025 - **Kept: OECD "To Have and Have Not"** (...) — 2025 flagship report; >25% of income disparities from circumstances beyond control - **Kept: OECD Working Paper No. 1858** (...) — March 2026; 29-country IGE estimates, 30% earnings premium from parental education - **Kept: Knight Frank Wealth Report 2026** () — 20th edition; UHNWI 551K→713K, 89 new UHNWIs/day, 3,110 billionaires - **Kept: Allianz Global Wealth Report 2025** () — 16th edition; €269T financial assets, richest 10% hold ~60% unchanged in 20 years - **Dropped: UBS Global Wealth Report 2024** — Superseded by 2025 and 2026 editions with newer data; key findings (4.2% growth, $83T transfer) confirmed and extended by 2025 report - **Dropped: Allianz Global Wealth Report 2024** — Superseded by 2025 edition; €239T (2023) figure now updated to €269T (2024) - **Dropped: Knight Frank Wealth Report 2025** — Superseded by 2026 edition with more comprehensive UHNWI data - **Dropped: BusinessWire Allianz 2024 media release** — 404 error on fetch; data available via PDF and 2025 edition ## Gaps - **UBS Global Wealth Report 2026 full PDF** — Only the landing page was accessible; the full report PDF was not yet downloadable at time of research. Specific wealth Gini by country, South Africa wealth per adult, and inherited-vs-self-made wealth share breakdowns for 2026 could not be verified. - **UBS/Credit Suisse Global Wealth Databook 2024/2025** — The detailed databook with country-level wealth Gini coefficients (including South Africa) was not directly accessible. The main report provides aggregate data but not the granular country-level Gini tables. - **WID.world South Africa-specific wealth figures** — The "Evidence from the Dead" paper confirms new South Africa top wealth share series were produced, but specific numerical values (e.g., top 1% or top 10% wealth share) were not available from the article page; the full working paper PDF would need to be consulted. - **World Bank GDIM refresh beyond Munoz & van der Weide (2025, WP 11166)** — The GDIM page references the 2025 WP 11166 database (already covered), but no separate newer 2026 GDIM update was found. - **Peer-reviewed IGE / rank-rank / wealth-elasticity estimates (2024–2026)** — Beyond the OECD PIAAC-based working paper, no major new cross-country IGE estimates were identified in the search window. The OECD Working Paper 1858 and the "To Have and Have Not" report are the most significant new official-statistics contributions.