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The Rest Is Money
16. Billionaire heirs, the money behind football, and the future of the Body Shop
Dec 7, 2023
Robert and Steph discuss the rise of billionaire heirs and their changing views on philanthropy. They also delve into the history, sale, and potential revival of the Body Shop brand. Additionally, they analyze the new Premier League TV rights deal and the controversial sale of the Telegraph newspaper. The financial troubles of Wilco and the value of its brand are also explored.
47:35
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Quick takeaways
- The number of billionaires created through inheritance is surpassing the number of self-made billionaires, leading to concerns about rising inequality and power concentration.
- The Abu Dhabi-backed bid to acquire The Telegraph and The Spectator may face rejection, potentially resulting in financial losses for Redbird and Abu Dhabi.
Deep dives
Increase in Billionaires and Dynastic Wealth
According to a report by UBS, the number of billionaires has increased by 7% to 2,544, with their combined wealth reaching $12 trillion, a 9% increase. The report highlights a shift towards dynastic wealth, with more new billionaires created through inheritance than through self-made success. $151 billion was inherited by 53 heirs, surpassing the $141 billion of wealth created by 84 new self-made billionaires. This trend has led to concerns about rising inequality and the concentration of power in the hands of a few powerful families.
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