Asian Rich List Swells on Billionaire Boom in China

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

The report released Thursday by the investment firm UBS AG and consultancy PricewaterhouseCoopers (PwC) said 101 of the 162 Asians whose personal wealth passed the $1 billion threshold for the first time in 2016 were Chinese citizens.

The U.S. has 563 billionaires compared with 318 in China, according to the report.

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'. 'Dramatic growth in Asian wealth shows it could overtake the United States in just four years'. U.S. billionaires now hold around $2.8 trillion in wealth.

Underscoring the changing nature of global wealth, the number of billionaires in Asia has overtaken the USA for the first time: having surged by nearly a quarter in the previous year, taking the continent's tally to 637 - compared to just 563 in America.

Three-quarters of those who newly became billionaires in 2016 were from China and India, the findings showed. Three-quarters of the new billionaires past year were from China and India, benefiting from rising commodity and real estate prices.

Tamil movie Mersal dialogues snowball into a major controversy
The controversial scene itself speaks about how the government has failed its people even after levying high amount of taxes. SG Suryah, a leader from Tamil Nadu BJP said in a series of tweets. " Mersal was certified.

In the USA, that number edged up 5 per cent to 563, while in Europe there were only three new additions to the rich list for a total of 342 billionaires, the report said. While only 45% of billionaires were self-made in 1995, the percentage of entrepreneur billionaires has now risen to 80%. "For numerous first generation of entrepreneurs, a major focus is bringing the business to the capital markets, raising funds and M&A", she said, adding that the Swiss bank sees Greater China as a "crucial" wealth management market. This, UBS said, was in part due to death and because "entrepreneurial companies can find Europe a hard place to do business due to both the conservative business culture and strict regulations".

The world's 500 richest people have added US$824 billion ($1.2t) so far this year, an increase of 19 per cent, according to the Bloomberg Billionaires Index.

The report found that billionaires are creating legacies for themselves through their cultural pursuits and are becoming more engaged in the arts and, increasingly, investing in sports clubs.

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.

In fact, the emergence of great wealth is bolstering art and sports more than ever before.

Recommended News

  • Barstool Van Talk cancelled by ESPN after one episode

    Barstool Van Talk cancelled by ESPN after one episode

    ESPN launched the series with Barstool Sports' biggest personalities on ESPN2 in an attempt to attract the blog's followers. In a statement, Skipper said he "erred in thinking we could distance our efforts from the Barstool site and its content".
    Matt Damon admits he knew about Harvey Weinstein harassing Gwyneth Paltrow

    Matt Damon admits he knew about Harvey Weinstein harassing Gwyneth Paltrow

    He later confronted Weinstein, who then when back to Paltrow and told her never to tell anyone what happened between them again. Earlier in the interview , Damon mentioned that Weinstein's reputation for strong-arming those in the industry was well-known.
    Fox knew of Bill O'Reilly harassment settlement before renewing contract

    Fox knew of Bill O'Reilly harassment settlement before renewing contract

    At the time , the company had undertaken internal steps to root out and address complaints of employee harassment. Newman, said his relationship with Wiehl was an 18-year friendship in which she sometimes gave him legal advice.
  • The GameCube Controller Adapter Now Works With Nintendo Switch

    The GameCube Controller Adapter Now Works With Nintendo Switch

    Is there a new Smash title in the works? You can find this feature in System Settings - Users - Transfer Your User and Save Data. We may start to see GameCube games making their way to the previously promised virtual console on the Nintendo Switch .
    Analyst's Ratings : Eli Lilly and Company (NYSE:LLY)

    Analyst's Ratings : Eli Lilly and Company (NYSE:LLY)

    The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink . ILLEGAL ACTIVITY WARNING: This article was originally reported by Ticker Report and is the sole property of of Ticker Report.
    New Hilarious Thor: Ragnarok Scene Explores Loki And Thor's Relationship

    New Hilarious Thor: Ragnarok Scene Explores Loki And Thor's Relationship

    All told, it could end up eclipsing even the Guardians of the Galaxy franchise for sheer absurdism. The addition of Jeff Goldblum as the Grandmaster was genius too, he's great in the film.
  • Decorah Rotary participating in World Polio Day Tuesday

    Decorah Rotary participating in World Polio Day Tuesday

    In February, King's Lynn Town Hall was decorated with purple lights to support the Rotary Club's campaign to eradicate polio. The Twin Rivers Rotary After Hours club met for World Polio Day , today in Moline.
    I stand with Kaepernick and the NFL

    I stand with Kaepernick and the NFL

    Those meetings are scheduled for next Tuesday in NY . "We look forward to him joining the conversation", Lockhart said . Malcolm Jenkins told the Washington Post that Kaepernick was invited to the last meeting between players and owners.
    Animal Crossing For Smartphones Will Be Revealed This Week

    Animal Crossing For Smartphones Will Be Revealed This Week

    It's no surprise that they made sure to mention that no new Animal Crossing content on 3DS or Switch will be talked about. The Direct will be held on October 25 at 12 p.m.
  • United Kingdom  economy grows by 0.4% in the third quarter of 2017

    United Kingdom economy grows by 0.4% in the third quarter of 2017

    In year-on-year terms, third-quarter growth was unchanged at 1.5%, also slightly stronger than analysts had expected. Like nearly every other industry, tech is having to deal with uncertainty around Brexit and sluggish overall growth.
    ACLU Takes Young Immigrant's Abortion Fight to DC Circuit

    ACLU Takes Young Immigrant's Abortion Fight to DC Circuit

    The teen, whose name has been withheld, has already received a state court order permitting her to have the abortion. A US appeals court has further delayed an undocumented pregnant teenage migrant's efforts to obtain an abortion .
    Listeria triggers major recall of veggies across US, Canada

    Listeria triggers major recall of veggies across US, Canada

    For these products , customers can call Albertsons Companies at 1-877-723-3929 , 24 hours a day, 7 days a week. Another 20 products got yanked by Randalls, Tom Thumb and Albertson's stores in Texas, Louisiana and Arkansas.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.