Pity the poor billionaires. An authoritative report by UBS and PricewaterhouseCoopers on the world’s richest people notes that wealth held by this group — less than 1,400 people — fell by $300 billion in 2015. No need to lose sleep, however: They still control $5.1 trillion, or more money than the entire Japanese economy.

Significantly, 460 of those billionaires will hand over $2.1 trillion — a sum equal to the gross domestic product of India — to heirs over the next two decades, the largest transfer of wealth in human history. That shift will have profound implications for those families and their societies, as a new generation of the ultra-rich has very different ideas about how to use its wealth.

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