The post UBS commits to expanding in the United States appeared on BitcoinEthereumNews.com.

Swiss banking powerhouse UBS is setting its sights on significant expansion in the United States. This strategic move is part of their ambitious goal to accumulate $150 billion in new funds annually. Iqbal Khan, the chief of UBS’s asset management division, shared this vision in a recent interview, revealing plans to invest heavily in the U.S. market over the next three years. UBS, already the fourth-largest asset manager in the United States, is gearing up to deepen its roots and broaden its influence in this key financial landscape. A Shift in Wealth Dynamics The landscape of wealth and asset accumulation is undergoing a notable shift. UBS’s research highlights a striking trend: for the first time in nine years, more of the global super-rich have acquired their wealth through inheritance rather than self-made endeavors. In 2023, self-made billionaires globally added $141 billion to their coffers, while heirs to existing fortunes inherited a staggering $151 billion. This trend, as pointed out by Benjamin Cavalli, head of UBS’s global wealth management strategic clients, signals a significant change in the source of billionaire wealth. This shift is part of a broader pattern known as the ‘great wealth transfer.’ This phenomenon, particularly pronounced in regions like Europe, is seeing a considerable transfer of assets from older generations to younger heirs. The transfer is not just in monetary terms but also in the type of assets preferred by different generations. Older billionaires are showing a tendency towards income-generating assets like fixed income and private credit, whereas the younger generation leans more towards public and private equity, driven by long-term risks and innovation prospects. Navigating a Complex Wealth Landscape The changing wealth landscape brings its own set of challenges and opportunities. UBS’s study reveals that 62% of billionaires consider geopolitics their primary business concern, overshadowing fears of…

---

Filed under: News - @ December 4, 2023 1:36 am