Move Over America: China's Billionaires Are Taking Over
- Author: Eleanor Harrison Oct 29, 2018,
Oct 29, 2018, 5:42
89 Chinese entrepreneurs became billionaires in 2017, roughly three times more than in the USA and EMEA. He is also the only one who made his wealth in entertainment and media; most Singapore billionaires are in real estate and financial services.
UBS, whose wealth management arm manages around US$2.5 trillion in assets, and PwC said there were already more billionaires in Asia than in the United States and they were on course to be wealthier than their USA peers within three years.
UBS and PwC's report found there are now 2,158 billionaires globally.
The United States, which followed China, produced 53 billionaires in 2017, said the report.
A new report from investment bank UBS and professional services firm PwC has found the world's richest people upped their wealth by nearly a fifth in 2017, with British billionaires upping their income by a quarter.
Thanks to a strong currency development, Western Europe had strong wealth growth over the past year. The growth rate in the whole of Apac was 32 percent.
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.
The U.S. and China are likely to see slower economic growth in the coming period as Donald Trump's trade war bites.
In Europe, wealth grew 19 percent to Dollars 1.9 trillion.
It said 106 people became billionaires but 51 dropped off the list, illustrating the risks of doing business in China.
Billionaires from Asia, especially in the Chinese city of Shenzhen, are now challenging the traditional dominance of Americans as technology entrepreneurs.
'Over little more than 10 years, they have created some of the world's largest companies, raised living standards and made fortunes at an unprecedented pace'. But this is just the beginning.
'Today, only 30 years after the country's government first allowed private enterprise, they number 373 - almost one in five of the global total'. "This cohort is overwhelmingly self-made and determined to capitalize on one of history's greatest moments for new enterprise".
While the US holds the largest concentration of billionaire wealth, China is quickly catching up, and the APAC region could soon surpass the Americas.
The report, which UBS produces annually with the audit and consulting firm PwC, is meant to be a marketing tool for the firm's wealth management business.