One billionaire created every two days in Asia, study says

Tammy Harvey
October 27, 2017

Additionally, the total wealth controlled by these billionaires surged by almost 18%, from $5.1 trillion to $6.0 trillion, far outpacing global stock markets that have soared into record territory, per a report by UBS Group Inc.

The world's wealthiest individuals are on a roll with billionaires in Asia leading the pack.

The research analysed 1,542 billionaires worldwide, covering around 80 per cent of global billionaire wealth, meaning the total number may be higher, the report said.

"According to the Asian billionaires we interviewed for this report, a combination of geopolitical stability in Greater China, rising Chinese real estate prices, infrastructure spending, the growing middle class and buoyant commodity prices all joined together to boost wealth", the report said. It marked the first time that Asia could be called home to more billionaires than the U.S.

This will be even more important when an estimated $2.4 trillion of billionaire wealth is expected to be transferred in the next two decades, notes Widrig, who adds: 'Technology, the creation of social networks and high-profile examples of philanthropic peers have all had an impact on this exclusive group'. The new billionaires created in 2016 employ at least 2.8 million people.

Globally, the report said, the combined wealth amassed by all billionaires increased 17% previous year compared to 2015, reaching $6 trillion.

With 162 newcomers joining the billionaire club in 2016, the Asia-Pacific region has surpassed the US for the first time as the home of the world's super-rich, according to a study released Thursday by the Swiss private bank UBS and global accounting firm PricewaterhouseCoopers.

It is this widespread adoption in Asia that is creating wealth at a much more accelerated pace, he said.

For the first time ever, Asia has overtaken the United States in terms of the number of billionaires in the region, with 75 per cent of the continent's billionaires hailing from China and India.

The U.S., on the other hand, added 25 billionaires for a total of 563. For another, the MSCI All-Country World Index advanced 8.5% in 2016 and tacked on 17.8% for 2017 through September 29, per MSCI Inc. The number of Asia billionaires rose by 117 for a total of 637, with self-made billionaires seeing their wealth rise faster than those who became rich through family ties.

The major driver of wealth in Asia, according to the report, was technology.

There were more billionaires in Asia than in the United States for the first time past year - and half of them were Chinese, according to a report by UBS and PricewaterhouseCoopers.

Other reports by Ligue1talk

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