Tuesday, 21 November, 2017

Asia Now Has More Billionaires Than the US

Asian billionaires lead the pack for first time – and half are from ChinaMore Asian billionaires lead the pack for first time – and half are from ChinaMore
Kelvin Reese | 27 October, 2017, 00:48

That marks a 17 per cent rise from 2015, when billionaire wealth declined. The execution of Chinese President Xi Jinping's growth policies will also influence how fast total Asian billionaire wealth overtakes the USA, he said.

But while Asian billionaires now outnumber their USA counterparts, the Americans still control more wealth in total.

Total billionaire wealth soared to $6 trillion in 2016, with one billionaire created every two days in Asia, UBS reported in a study published Thursday.

"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. And it was also seen that population of world's billionaire have increased by 10 percent that means we have 145 more billionaires among us.

In an annual report, UBS and PwC said that a year ago marked the first time it recorded more billionaires in Asia (637) than in the United States (563), crediting the rise of China's entrepreneurs.

With 162 newcomers joining the billionaire club in 2016, the Asia-Pacific region has surpassed the USA 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.

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Three quarters of those who newly became billionaires in 2016 were from China and India, the findings showed. The country's gross domestic product was US$1.85 trillion previous year, making it the eight largest economy in the world.

The surge in wealth was driven by self-made entrepreneurs and rapid wealth creation in Asia, the report said. Their performance was twice better than the increase in the MSCI AC World Index.

"Informal and formal networks orchestrate deals and investments, as well as helping with other topics such as philanthropy, inheritance and art", according to the report.

More than 140 top sports clubs around the world are owned by 109 billionaires, who are on average 68 years old with a wealth of US$5b ($7.3b), according to the survey. 'Today's billionaires also feel a responsibility to drive social and economic impact - whether that means creating a private museum to promote the arts or buying a professional sports team to promote a passion'.

Billionaires are a key target segment for UBS, the world's largest wealth manager, as the bank expects the wealth of ultra-high-net-worth individuals to grow faster than the world average.

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