China is churning out a new billionaire every 5 days

Lucy Hill
October 27, 2017

Billionaire's wealth had also overtaken global economic growth of 5.8 percent in 2016. The execution of Chinese President Xi Jinping's growth policies will also influence how fast total Asian billionaire wealth overtakes the USA, he said.

Asia's richest saw their wealth rise by almost one-third in 2016 to US$2 trillion - meaning they are worth more than Italy's economy.

Asian billionaires compared to 563 of the super-rich in the United States, though the total wealth of American billionaires is still higher at $2.8 trillion compared to $2.0 trillion in Asia, said a report published on Thursday by UBS and PwC that tracks 1,542 billionaires globally.

China's new billionaires helped boost Asian membership of the ultrawealthy club to 637 a year ago, compared to 563 in the US, according to the firms' annual Billionaires Insight Report.

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

"Although the number of new billionaires in China was far ahead of other countries in 2016, Chinese billionaire wealth fluctuated the most", Chang said.

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.

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Three quarters of those who newly became billionaires in 2016 were from China and India, the findings showed.

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.

If the trend continues, Asian billionaires will surpass their US counterparts in overall wealth in four years, the two professional firms estimate. Their performance was twice better than the increase in the MSCI AC World Index. Through their own passion for arts and sports, they are playing an increasingly important role in enriching the cultural life of communities'.

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

So now the million dollar question is, how did billionaires make so much money in the year 2016. the answer to this question is that they make money by stronger stock markets, rising commodity and real estate prices and tech investments.

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

"Indirectly, you could argue and say governments, regulators and central bankers may have contributed to the wealth creation", Josef Stadler, global head of ultra-high net worth at UBS, told CNBC on Thursday.

Other reports by TheDailyFarc

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