A new UBS study shows that Europe remains a core region for inherited wealth, yet succession patterns are changing fast. Families are relying less on next-generation leadership and more on professional investment management.
The UBS Billionaire Ambitions Report 2025 records 287 new billionaires worldwide, the highest number since 2021. The United States added 87 of the 196 new self-made billionaires. In Europe, though, the emphasis is on intergenerational wealth transfer rather than entrepreneurial expansion.
Wealth transfer patterns
Across Western Europe, 48 individuals inherited a combined 149.5 billion dollars, compared with 18 heirs in North America who received 86.5 billion dollars. The region also hosts the largest group of billionaires whose wealth has been managed across multiple generations.
Several national trends stand out. In the Netherlands, the number of billionaires falls from eleven to eight, with combined wealth decreasing from 27.5 billion dollars to 15.5 billion dollars, according to UBS. Germany shows the strongest growth: its billionaire population rises from 117 to 156, while total wealth grows by almost 27 percent. France remains stable at 46 billionaires but, together with Germany, dominates Europe’s expected wealth transfers. UBS estimates that over the next 15 years 347 billion dollars will change hands in France and 227 billion dollars in Germany, compared with 5.6 billion dollars in the Netherlands.
These shifts highlight the growing question of how families structure their wealth when the next generation is less inclined to lead the family business.
Changing expectations
UBS reported that 82 percent of billionaires with children want them to build independent careers rather than rely solely on inherited assets. Fewer than half still hope their children will eventually lead the family business.
Respondents point to globalisation, faster market cycles and the risk that existing business models may not endure in their current form. This creates more space for professional management and allows the next generation to pursue their own paths.
One European respondent notes that family values and long-term continuity now matter more than whether children ultimately take over the business.
Professionalising family offices
As heirs step back from operational roles, professionally managed family offices are becoming more prominent. Many families, UBS writes, are extending their investment horizon. One respondent says wealth often needs to be planned “several decades ahead,” with emphasis on capital preservation and long-term growth.
Families are also looking beyond the family business for diversification. Real assets, such as real estate and infrastructuer, are gaining importance in their portfolios, UBS found. A respondent says that “geographical concentration creates risk,” adding that real assets can help protect wealth in volatile or inflationary environments.
UBS finds that 35 percent of surveyed billionaires plan to increase their exposure to infrastructure. Another 32 percent are looking at gold and precious metals as a means of stabilising long-term wealth.