Read more'Flaunt Your Wealth challenge grips China’s elite
29 October, 2018, 15:33
Last year, 106 new billionaires were created - equivalent to over two new billionaires each week.
Nearly one in five came from China, which saw 373 people hold US$1.12 trillion, rising from just 16 in 2006, according to a report on billionaires published by UBS and PwC on Friday.
The rise in collective wealth was powered by growth in China.
The number of billionaires around the global also increased, from 1,979 in 2016 to 2,158 a year ago.
The overwhelming majority - 97 percent - of Chinese billionaires are self-made, the report said, and the county produced 89 billionaire entrepreneurs previous year - around three times higher than in the USA and the Europe, the Middle East and Africa (EMEA) region. But she still makes plenty from the show, which is now in its final season.
"China's vast population, technology innovation and productivity growth combined with government support, are providing unprecedented opportunities for individuals not only to build businesses but also to change people's lives for the better", said Josef Stadler, UBS' head of ultra-high net worth.
More than 300 Chinese companies went public past year, unlocking what UBS deems "stealth wealth", the difficult-to-measure wealth of people in private markets with little transparency.
But Chinese billionaires expanded their wealth at almost double that pace, growing by 39 percent to $1.12 trillion.
"Asia's billionaires are young and relentless".
The report said China was now the leading country for entrepreneurs to create wealth. Further, billionaires are embracing sustainable investing, seeing how it not only does good, but also adds value in their businesses. "Over the past five years (2012-2017), the sum passed by deceased billionaires to beneficiaries has grown by an average of 17 percent each year", the UBS report concludes. The number of billionaires in Asia is growing at a rate of 14% year-on-year, compared with just 5% in the US. "Indeed, numerous younger generation want to change the world, making an impact through their family offices and philanthropic organizations".
The U.S. and China are likely to see slower economic growth in the coming period as Donald Trump's trade war bites.
USA and Asia ex-Japan equities could fall by 20% from their mid-summer 2018 levels.
That growth has been driven by self-made entrepreneurs in China, particularly in the technology industry.
The 30 richest septuagenarians or older have a combined net worth of more than United States dollars 1 trillion.
Currency appreciation saw European billionaires´ wealth grow 19 percent although the number of billionaires rose by just 4.0 percent to 414. Wealth transition from just five families accounted for 30 percent of the continent's wealth expansion.
UBS and PwC's report found there are 2,158 billionaires globally.
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