The results add to evidence of a historic shift, as the billionaire entrepreneurs who for three decades benefited from the tech boom, financial market expansion, real estate bull market and growth in emerging economies prepare to hand over their fortunes.

For years, Adrian Cheng had all the trappings of a third-generation scion preparing to lead one of Hong Kong’s wealthiest clans into a new era.

The longtime JPMorgan CEO and his family plan to sell 1 million of his 8.6 million shares in the financial behemoth “for financial diversification and tax-planning purposes."

The Institute for Fiscal Studies found that abolishing the levy on assets would provide an average £1.1 million ($1.3 million) tax cut to the estates of those who die leaving £2.1 million or more.

Jenica Paulson claimed that her husband agreed in 2020 to buy the apartment at the St. Regis Bahia Beach Resort for an artificially low price of $5.6 million from a 2009 family trust, which owned the property.

“It’s not an obligation, nor inevitable, that a kid is my successor,” he told The New York Times. “The best person inside the family or outside the family should be one day my successor. But it’s not something that I hope is a duel for the near future.”