Global Growth In Billionaires Led By China

UBS notes that 40 of the 179 new billionaires created a year ago inherited their wealth, an overwhelming number of which are men.

The world's billionaires experienced the biggest wealth increase ever in 2017, with aggregate wealth among these 2,158 (and counting) individuals growing by $1.4 trillion to $8.9 trillion, a 19% leap, according to the 5th annual Billionaires Insight Report from UBS and PwC.

The report said China was now the leading country for entrepreneurs to create wealth.

"Over the last decade, Chinese billionaires have created some of the world's largest and most successful companies, raised living standards".

'But this is just the beginning. "This new gilded age is creating all kinds of new innovations and technologies that will not only will change how we live our lives, it will create great wealth, and not just for the people who innovate themselves, but all the other businesses that start up around it".

In 2006, the Chinese had 16 billionaires, with the command economy still entrenched.

"UBS head of ultra-high-net -worth Ravi Raju said: "(Asia's) remarkable wealth creation presents an enormous opportunity for UBS, which now has a relationship with three out of five billionaires in Asia". Today, three decades after the government first allowed the emergence of private enterprise, there are 373 billionaires, one in five from a global perspective.

'They are developing new business models, seizing opportunities, moving rapidly between business sectors'.

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A significant percentage of the "newly created" billionaires are hardly the self-made men - and they areoverwhelmingly men - of popular lore. "Indeed, numerous younger generation want to change the world, making an impact through their family offices and philanthropic organisations", he said.

"US and Asia ex-Japan equities could fall by 20 percent from their mid-summer 2018 levels".

A dip in stocks globally is unlikely to hinder a rapid increase in the number of billionaires in China, but an escalation in the US-China trade war could. But wealth creation is slowing, with the U.S. creating 53 new billionaires in 2017, compared to 87 five years ago.

North and Latin America lagged the world's growth rates, with an increase in assets of 12 percent - reaching a total of $3.6 trillion.

If current trends hold, Asian billionaires' wealth will surpass that of their American counterparts in three years.

The 30 richest septuagenarians or older have a combined net worth of more than Dollars 1 trillion.

In the Asia Pacific region, Thailand was the country which registered the strongest growth in the wealth and the number of billionaires, with a rise of 43 percent to 30, though only 57 percent were described as self-made.

(Copyright © 2015. All Rights Reserved.)
 
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