A massive wealth transfer is on the horizon, with trillions of dollars set to move from one generation to the next.
Here are two surprising facts about it:
Some of this wealth transfer will come from the ultra-rich. For instance, Frank Lowy, a 93-year-old retail mogul worth $9 billion according to the 2023 AFR Rich List, has three children who stand to inherit his fortune.
According to the Australian Financial Review, 45 people on the rich list are over 80, collectively controlling over $136 billion. This group has 150 children who will inherit this wealth. Not sure if any of these heirs have Crikey subscriptions, but they will certainly be able to afford them! Hello, if you’re reading.
The first surprising fact is that inheritances can actually be good for equality. It may not seem intuitive, but if you examine the ratios, it’s true.
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