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It’s the first time in nine editions of the UBS Billionaire Ambitions Report that the ultra-rich inherited more money than they earned through entrepreneurship, suggesting the $68 trillion intergenerational wealth transfer is already well under way.

The Swiss bank’s $3.5 billion issue of contingent convertible bank capital drew 10 times as many investors as it needed, showing the market has already forgotten how holders of these bonds fared in the case of the collapsed Credit Suisse.

Australian consumers are showing real signs the largest and longest rate hiking cycle in 30 years is starting to bite. It might be the proof the RBA needs to see that its fight against inflation is working, adding further weight to the theory that rate rises are behind us.

One of the most surprising outcomes from the better-than-expected August reporting season was the strong performance of consumer discretionary retailers, as Australians continued to weather higher interest rates and inflation better than many analysts had feared.

Much of the 2.4 per cent decline in global wealth in 2022 – the second-biggest this century – stemmed from US dollar appreciation, but even controlling for exchange rates it was the slowest wealth increase since the GFC, UBS and Credit Suisse said in a new report. But global wealth inequality fell, as richer countries took the biggest hit.

Demand for the metals needed for the energy transition and a falling iron ore price are encouraging Rio Tinto and BHP to expand investment and production, analysts say, with the big dividends shareholders have come to expect likely to take a hit.

The March quarter’s Selected Living Cost Indexes – which include mortgage costs, giving a fuller view of inflation’s real impact than the Consumer Price Index – show employee households and mortgage holders both saw record increases in their cost of living. And with rate hikes continuing to flow through the economy, more pain is on the horizon.

The regulator will look into the discrepancy between the interest rates banks charge borrowers and those they pay depositors, as the RBA’s rate-hiking campaign propels the big four banks toward record profits.

Australians are being hit hard by rising interest rates as banks seek to keep pace by lifting borrowing costs, and the RBA’s latest move will only add to the pain. Mortgage payments for employee households soared 27 per cent in the December quarter alone, and further increases are expected.

Netwealth and HUB24 are expected to continue eating the incumbents’ lunch, according to UBS. Meanwhile, as adviser numbers have halved the average amount of money they manage has doubled.