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China 'creates two billionaires a week'

China 'creates two billionaires a week'

More than three new billionaires were minted weekly in Asia a year ago, and China led the way by creating two new billionaires a week, the report found.

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.

"We need to consider how a maturing economic cycle could affect investors, including billionaires specifically", Mike Ryan, Americas chief investment officer with UBS Global Wealth Management said.

According to the Billionaires Insight Report, "China's billionaire entrepreneurs are leading their country's economic transformation, and by extension that of the rest of Asia".

Josef Stadler, head of ultra high-net-worth at UBS Global Wealth Management, called the growth "astonishing" at a launch event in London on Friday.

"But this is just the beginning".

"Asia's billionaires are young and relentless". "Most of the billionaire wealth sits in the Americas, but in the next three years, we project that APAC will overtake the Americas".

Ministry confirms U.S. warships' Strait activity
Chinese security experts blasted the move by saying it suggests Washington would stand by Taiwan in case of a crisis with China. Navy has conducted such transits through the Taiwan Strait for years but have not publicized the transits since 2007.

The survey was expanded this year to cover an estimated 98 per cent of billionaires' wealth. "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".

In 2006, there were just 16 billionaires in China.

"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". "Today, as the "Chinese Century" progresses, they number 373, almost one in five of the global total".

The report highlights the role of Chinese structural changes in generating wealth while the United States continues to boast the biggest wealth concentration powered by technology, consumer and retail sectors. Using the advantages of a top-tier university education and a global network, they often create their own new businesses combining latest technology with sustainability goals. The younger billionaires are expected to drive the growth in philanthropy and sustainable investing; 38 per cent of family offices are now engaged in sustainable investing; 45 per cent aim to step this up over the next 12 months.

That growth has been driven by self-made entrepreneurs in China, particularly in the technology industry.

UBS estimates that the world now has a total of 2,158 billionaires, with 179 billionaires created a year ago.

The 30 richest septuagenarians or older have a combined net worth of more than United States dollars 1 trillion. In fact, the number of billionaires in the region only grew by 4 percent.

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