“We believe this is the largest wealth transfer from billionaires to the rising generations and philanthropic causes that they care most passionately about,” said Spalthoff, head of family and philanthropy advisory services. “Whether it be private museums or there are great philanthropic causes — we are seeing a great wealth transfer to these causes that people are really passionate about.”
The giant cascade of billionaire wealth, however, will also be complicated. The report notes that many of today’s rich families have members spread around the world, leading to complex trust-planning issues for different tax and legal jurisdictions.
“The result is a Rubik’s cube of geographies, cultures and generations that needs to be solved,” the report said. “Family members have different tax residencies and nationalities, making succession planning more complex and sophisticated. How does the French family with houses in Singapore and London plan? What should a Saudi family do when it has daughters educated in the US who want to take over the business?”
Nice problems to have, to be sure.