EU – Register of beneficial owners

Under the 4th anti-money laundering directive of the European Union, all European countries are obliged to introduce legislation that will create a register of the ultimate beneficial owners (UBOs) of structures. Who qualifies as a UBO? What information will be collected? Who will have access to the data?

The 4th Anti-Money Laundering directive entered into force on 26 June 2017. Each member state should by now have transposed the directive into their national law. What follows is a discussion of the provisions of the directive itself at EU level.

To read more about the discussion, please click below.

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Contact Us

Marcel Widrig
Partner | Leader Private Wealth Services Switzerland
+41 58 792 44 50

Albrecht Herholdt
Senior Manager | Tax & Legal Services: International Private Wealth & Entrepreneurs
+41 79 278 72 38

Billionaires report 2017: New value creators gain momentum

What a difference a year makes. In last year’s report, we asked the question “Are billionaires feeling the pressure?” as billionaire wealth dropped.

This year we’ve seen a dramatic return to growth. Billionaire wealth has risen 17% in 2016, double the rate of the MSCI AC World Index. Despite a period of heightened geopolitical uncertainty, the world’s ultrawealthy are flourishing.

In the pages that follow we explore the drivers behind this growth and some emerging trends.

  • There are startling figures: for the first time in history there are now more billionaires in Asia than in the US, while this year’s 145 new billionaires employ at least of 2.8 million people.
  • We uncover the increasingly powerful role played by networks: more and more families are working together on new ventures and younger entrepreneurs are tapping into a broader group of contacts to orchestrate deals.
  • We also shine a spotlight on the growing role billionaires play in art and sports. Billionaires have made over half of sports club acquisitions in the last two years, while a new generation of art patrons is making new and unique collections more accessible to the public.

Billionaires are enjoying resurgent growth and creating new legacies, driven by a shift in the geography of global influence. We can expect many more such shifts in the future as Asia, and in particular China, continues to grow in stature. We look forward to charting these developments in the years to come.

Read more

Navigating change – the UK tax environment

Banks and their clients have a short time period to react to the significant changes being introduced to the taxation of UK Resident Non-Domiciled (UKRNDs). These changes are being introduced against a sea change in the industry. So what are the key things to be talking about to your clients? How can you adapt to these changes in a commercial and pragmatic way? And what actions should you and your clients be considering – both pre 5 April 2017 and over the longer term?

Watch the recording of our webcast where Alison Hill, Peter Houghton and Lisa Cornwell from PwC UK take a deeper look in to the UK tax environment, allowing you to navigate through the upcoming changes.

Youtube link to the recording


Alison Hill,
Director, Private Client Solutions, PwC UK

Lisa Cornwell,
Director, Private Client Solutions, PwC UK

Peter Houghton,
Senior Manager, Private Client Solutions, PwC UK

UBS/PwC Billionaires report: The changing faces of billionaires

UBS/PwC Billionaires report reveals female billionaires outpace males


UBS Group AG and PwC have launched their joint deep dive report, The changing faces of billionaires”, which explores the role of women in building lasting financial legacies and how wealth is preserved across multiple generations.

The report’s findings, which build upon UBS/PwC’s 2015 Billionaires Report released last May, “Master architects of great wealth and lasting legacies”, revealed that the number of female billionaires is growing faster than the number of their male counterparts. Women have been controlling greater average wealth than men and becoming more influential in family businesses, philanthropic enterprises and governance. The report also highlights the fleeting nature of great wealth, finding that only 126 billionaires or 44% of the class of 1995 are billionaires today. It underscores the strategies these prevailing billionaires have employed to build and preserve lasting legacies.

Find more Information here.

“Gilded Age” 2.0 – Billionaires Study 2015

billionairesBillionaires: Master architects of great wealth and lasting legacies

The majority of today’s self-made billionaires have built their wealth – totalling over USD 3.6 trillion – within the last two decades. Within Europe about half of all billionaires come from the consumer industry. The new UBS and PwC “Billionaires” study also shows that Asia is on the road to becoming the billionaire hub of the future.

Find out more about the study here.