Look China rich help drive global billionaire wealth to $12.3 trillion

China mints two new billionaires a week as Asia is set to overtake US as billionaire hotspot

The total wealth held by the world's billionaires has surged by 19 per cent to $12.6 trillion, according to a survey of more than 2,000 of the world's richest people.

China led the world in creating new billionaires last year, and the collective wealth of the elite group jumped 39% last year to $1.12 trillion, according to estimates in a new reportfrom Swiss investment bank UBS AG and accountants PwC.

At the current rate, UBS and PwC expect Asia-Pacific billionaires to be wealthier than their U.S. peers in under three years.

China now has the highest concentration of billionaires outside the United States, according to the "Billionaires insight" report released on Friday.

It's exactly that kind of ingenuity that has helped the world's most populous nation churn out new billionaires at a prodigious clip, according to John Mathews, head of ultra-high net worth in the Americas for UBS Group AG.

'But this is just the beginning. The number of billionaires in Asia is growing at a rate of 14% year-on-year, compared with just 5% in the US.

This incident, along with the recent show trials and tribulations of Chinese executives, shows that while the country has ramped up its production of new billionaires, the megarich and the bankers who chase them face a far more complex and uncertain future than their Western counterparts.

Ravi Raju, head of Asia Pacific ultra high-net-worth at UBS Global Wealth Management, said: "Asia's billionaires are young and relentless".

It said 97 percent of them are self-made, many of them in sectors such as technology and retail.

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

The latest UBS/PWC billionaires report charts exactly how and where the moneyed elite is prospering. We have also found that Next Gen billionaires are extremely entrepreneurial. "Indeed, numerous younger generation want to change the world, making an impact through their family offices and philanthropic organisations", he said.

U.S. and Asia ex-Japan equities could fall by 20% from their mid-summer 2018 levels. "Over the past five years, the sum passed by deceased billionaires to beneficiaries has grown by an average of 17% each year, to reach $117bn in 2017".

"The past 30 years have seen far greater wealth creation than the Gilded Age" the UBS Billionaires 2018 report states. "There are 701 billionaires over the age of 70, whose wealth will transition to heirs and philanthropy over the next 20 years, given the statistical probability of average life expectancy".

These mega-rich increased their wealth by a $1.4 trillion which is more than the entire GDP of Spain or Australia.

Currency appreciation saw European billionaires' wealth grow by 19 percent although the number of billionaires rose by just 4% to 414.

Related News:

  • Fans think Meghan Markle will give birth in April after THIS 'clue'

    Fans think Meghan Markle will give birth in April after THIS 'clue'

    The were greeted with a huge round of applause when they entered the ballroom of Sydney's Shangri-La Hotel just after 8.15pm. She touched on her why she and her father have spoken out in public interviews since Meghan and Harry tied the knot in May.
    Fundraiser strikes up breast cancer awareness donations

    Fundraiser strikes up breast cancer awareness donations

    Sadly, Davidson knows many young women who have died because they either didn't know or fully understand their risk. Statistics from the Mississippi Cancer Registry show just how rare instances of inflammatory breast cancer are.
    World's oldest intact shipwreck discovered in Black Sea

    World's oldest intact shipwreck discovered in Black Sea

    Now, according to MAP, they know it also depicts a representation of real trading vessels used around the same era as their find. The University of Southampton says this confirms the vessel as the oldest known intact shipwreck in the world.
  • Big Google Pixel 3 camera bug set to be squashed soon

    Big Google Pixel 3 camera bug set to be squashed soon

    Google's forums lit up earlier this week with news of the bug with users reporting that photos were being lost "multiple times". Download the Pixel 3 Live Wallpapers APK file for devices running on latest Android 6.0 Marshmallow and more.
    Ex-Panthers WR Carruth released from prison

    Ex-Panthers WR Carruth released from prison

    Adams, 24, was following Carruth in a separate vehicle after a movie when Watkins and Kennedy pulled up beside her. We can talk about how this has affected my life and my family and what it's been like to go through the 19 years.
    Judge dismisses Stormy Daniels' defamation case against Trump

    Judge dismisses Stormy Daniels' defamation case against Trump

    But as Avanetti pointed out, Trump's legal troubles with the actress are far from over. Daniels, whose real name is Stephanie Clifford, alleges she had an affair with Mr.
  • Winning the Mega Millions lottery? Here’s how much you’ll really keep

    Winning the Mega Millions lottery? Here’s how much you’ll really keep

    On Monday, they kept the projected jackpot at $1.6 billion but will re-examine the numbers Tuesday to decide if it should go up. You won't have to worry about the stock market struggles if you hit one of the two big lottery jackpots up for grabs this week.
    'I'm a nationalist,' Trump declares at Texas rally

    'I'm a nationalist,' Trump declares at Texas rally

    With the midterms drawing near, Trump has emphasized immigration, targeting a migrant caravan heading to the USA southern border. The total number of migrants now headed to the USA border is estimated to be about 7 ,200, the United Nations said Monday.
    Moody's cuts Italy's credit rating one notch; stable outlook

    Moody's cuts Italy's credit rating one notch; stable outlook

    He said the letter is not final and there is still time which should be "used productively" to continue to exchange views. The 5-Star movement opposes such a move because it could benefit organized crime or tax cheats hiding money aboard.
  • Dhoni dropped from T20I squad; Parthiv, Rohit back for Oz Tests

    Dhoni dropped from T20I squad; Parthiv, Rohit back for Oz Tests

    Holder bowled opener Rohit Sharma for eight and later got Mahendra Singh Dhoni caught behind for seven as India slipped to 215-6. Since then, he travelled to England as part of the T20I squads, although he got a chance to bat in only one of the three matches.
    Text leads to Mega Millions win for Virginia woman

    Text leads to Mega Millions win for Virginia woman

    A New Jersey man who broke his hip saw his luck turn around when he joined a hospital lottery pool that won $1 million. Procopsis' win comes after the $1.5 billion Mega Millions jackpot was claimed earlier this week in SC .
    Canada legalizes recreational marijuana

    Canada legalizes recreational marijuana

    Cannabis will now be sold in stores and ordered online, with the drugs posted to customers' homes. It's a good day for Aurora Cannabis Inc. "It's significant for all Canadians", McCarthy said.


Most liked

Tesla faces Federal Bureau of Investigation probe over Model 3 numbers
The Model 3 sedan was a huge driver for the quarter. "That is our goal, and that is what we are pushing very hard to achieve". Nord/LB reiterated a "sell" rating and set a $230.00 price target on shares of Tesla in a report on Tuesday, September 11th.

Death toll rises to 20 in Jordan school trip flooding tragedy
This picture shows the site of a bus accident near the Dead Sea in Jordan on October 25, 2018. Iyad al Omar told Reuters the number of casualties was expected to rise.

EPL: Guardiola speaks on coaching another English club
Twenty-two people were killed when a suicide bomber attacked a concert for American singer Ariana Grande on May 22, 2017. It is better to say after 10 years I remember this final and how well we played, to remember the way we have done it.

Modi govt’s brazen interference in CBI feud a bid to subvert agency
Special CBI judge Santosh Snehi Mann allowed the plea of the agency after it sought custodial interrogation of middleman Prasad. The decision came following a bitter battle being fought between Verma and CBI's special director Rakesh Asthana .

Saudi Resignations, Arrests in Khashoggi Probe Seek Protect Crown Prince - Rights Group
Last year, Kushner paid a secret visit to Saudi Arabia to discuss his strategy for Israel and the Palestinians. A member of the team dressed in Khashoggi's clothes to make it appear as if he had left the consulate.

Saudi Energy Minister: Cant cover Iran's oil production
Oil prices spiked on the move, as they did later in 1979 because of the Iranian revolution. Will limit oil supply next year if there was need.

Democrats Seize on Trump Administration's Latest Obamacare Move
During Trump's presidency, Democrats on that committee have sought 64 subpoenas, which Republican committee members have denied . It's an open seat race for the seat now held by Republican Gov.

Prince Harry & Meghan Markle Go Barefoot At The Beach
The royal couple met with a surfing group that takes part in a mental health awareness session on the beach . She said she was up up at 4.30am this morning doing yoga in her room as she couldn't sleep.

Huawei launches new flagship phones in bid to keep No 2 spot
There's an octa-core Kirin 980 CPU - an industry first 7nm chip - and 6GB of RAM inside, with storage options reaching 128GB. The resolution is 2K+ at 3120 x 1440 pixels, and high color saturation, with high contrast ratio being the selling points.

Trump's praises 'body slam' assault of Guardian journalist
US President Donald Trump praised a congressman for a physical attack on a journalist, mimicking the assault to cheers at a rally. Gianforte was charged with misdemeanor assault after he shoved a reporter to the ground during his campaign.

AFM, a mysterious polio-like illness, 'very frustrating' to diagnose
Gregory said, "It is a little bit concerning any time you're talking about illnesses that primarily seem to affect children". People can protect themselves from contracting AFM using methods similar to preventing getting the flu, Ellerin said.

Mexico deploys hundreds of riot police as migrants near
On Thursday, Trump referred to the caravan as an " assault on our country ", citing " criminal elements and drugs pouring in ". Defense Secretary James Mattis later authorized the National Guard to deploy up to 4,000 troops on the southern border.

YouTube back online after global outrage, company releases statement
Emilio Medina (@emiliomedina) thought about what YouTube celebrities would do for income when the platform goes offline. You were not alone - YouTube was down from approximately 6 p.m.to around 7:20 p.m on Tuesday.

Trump says he won't accept blame if Republicans lose House in midterms
McGahn announced this summer that he would leave after Brett Kavanaugh was confirmed to the Supreme Court. Trump said that his administration is considering a new family separation policy at the US-Mexico border.

Piers Morgan shames Daniel Craig for wearing baby ‘papoose’
A child carrier, sometimes called a papoose , allows parents to walk with their children strapped to their bodies. "Any man who wastes time quantifying masculinity is terrified on the inside", Evans responded on Twitter .