China leads the way as world's billionaires get even richer

by Ben Pena October 29, 2018, 5:58
China leads the way as world's billionaires get even richer

The report by UBS and accountants PwC said there was so much money in the hands of the ultra-rich that a new wave of rich and powerful multi-generational families was being created.

The world added 332 billionaires a year ago, with their cumulative wealth increasing 19% to a record $US8.9 trillion, according to an annual survey from UBS and PwC.

The report said that globally, self-made billionaires have driven 80 percent of the 40 main breakthrough innovations over the last 40 years.

"Our report reveals how China is now the leading country for entrepreneurs to create wealth".

'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". In that year alone, 44 heirs inherited more than a billion dollars each. The number of Chinese billionaires jumpe from 16 in 2006 to 373 in 2016.

It said 97% of the Chinese billionaires were self-made, many of them in sectors such as technology and retail.

"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". "They are constantly transforming their companies, developing new business models and shifting rapidly into new sectors", said Ravi Raju, head of Asia Pacific ultra-high net worth at UBS wealth management. In some parts, we observe the potential for more and more family businesses to create longer-lasting legacies, given the strong ambitions of the next-gens, and more importantly the current and next gen's deeper appreciation for family governance and succession planning.

Two U.S. Navy warships sail through Taiwan Strait
Chinese security experts blasted the move by saying it suggests Washington would stand by Taiwan in case of a crisis with China. Despite this, Washington has kept informal relations with the island nation after severing diplomatic ties with it in 1979.

According to UBS, this trend will continue to accelerate over the next 20 years, given that there are now 701 billionaires over the age of 70.

"Billionaires are embracing sustainable investing. Indeed, numerous younger generation want to change the world, making an impact through their family offices and philanthropic organizations".

It warned of lower economic growth in the United States and China if the trade war between the two countries escalates.

'US and Asia ex-Japan equities could fall by 20 per cent from their mid-summer 2018 levels'.

The Americas region was still home to the highest concentration of billionaire wealth in 2017, although wealth creation in the region was reported to be slowing. The U.S. added 53 billionaires previous year, a 4% increase, bringing the total to 585.

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

Worldwide, total billionaire wealth rose 19% to a record $8.9tn, shared among 2,158 individuals.

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