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

29 October, 2018, 05:40 | Author: Mary Valdez
  • While winning the lottery can be euphoric at first winners often end up broke

And although the net worth of Asian billionaires led by China was US$2.7 trillion, behind North America's US$3.09 trillion, they are expected to overtake the Americans in three years, according to the report.

And according to Castor Pang Wai-sun, head of research at Core Pacific-Yamaichi, more caution resulting from uncertainty surrounding the trade war and potentially less spending power could harm the growth of billionaires even further. But this is just the beginning.

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.

"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.

However, female billionaires remain a small minority, making up just 11 percent of the total, and for some the report highlighted growing inequality.

"Really, the story revolves around China, where we're seeing unbelievable and unprecedented wealth", Mathews said.

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China is leading the world in billionaire-generation with two billionaires created every week, which accounts for 22% of the increase, or $315.8 billion, in billionaire wealth worldwide.

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. His wealth is listed at US$1.1 billion, and he is the youngest at 40. "This cohort is overwhelmingly self-made and determined to capitalize on one of history's greatest moments for new enterprise".

Of those who inherited a family business, 62 per cent globally went on to start entrepreneurial ventures, compared to 42 per cent of those who inherited assets. Billionaires are responsible for 80% of the 40 most significant innovations over the last 40 years and last year, billionaires alone employed a larger workforce than the whole of the UK. Further, billionaires are embracing sustainable investing, seeing how it not only does good, but also adds value in their businesses.

"Nowhere else in the world can you find better conditions for growth than in China".

But Chinese billionaires expanded their wealth at almost double that pace, growing by 39 percent to $1.12 trillion. In fact, the number of billionaires in the region only grew by 4 percent.

APAC's share of billionaire wealth rose to Dollars 2.7 trillion, 30 percent of the global total, with the consumer & retail, technology and real estate sectors leading the way.

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