Asian Rich List Swells on Billionaire Boom in China

In a first, Asia tops US in billionaire count; India, China lead the way

And the average wealth of Chinese billionaires was US$2.5 billion.

In the U.S., nearly all wealth is now "self-made", said John Mathews, head of private wealth management and ultra high net worth at UBS Americas.

Asian billionaires compared to 563 of the super-rich in the U.S., though the total wealth of American billionaires is still higher at $2.8 trillion compared to $2.0 trillion in Asia, said a report published on Thursday by UBS and PwC that tracks 1,542 billionaires globally.

For the first time, Asian billionaires outnumber those in the United States: there are 637 billionaires in Asia compared to 563 in the US. And it was also seen that population of world's billionaire have increased by 10 percent that means we have 145 more billionaires among us.

Those billionaires directly employed at least 27.7 million people around the world - "roughly the same as the UK's working population" - and almost 10 per cent of that number are working for the newest billionaires, according to the report.

Three quarters of those who newly became billionaires in 2016 were from China and India, the findings showed. The increase in billionaire's wealth was twofold of the increase in the MSCI AC World Index.

China had by far the highest number in the region, with 101 new billionaires added to the list for 2016 - taking the country's total to 318, the report released on Thursday said.




"A combination of geopolitical stability in Greater China, rising Chinese real estate prices, infrastructure spending, the growing middle class and buoyant commodity prices all joined together to boost wealth", the report said, citing interviews with Asia's richest people.

That is, entrepreneurial billionaires beat the markets by being in industries that posted above-average gains in 2016.

'It's not enough anymore to just preserve and grow wealth, ' says Dr Marcel Widrig, partner and private wealth leader at PwC.

"Informal and formal networks orchestrate deals and investments, as well as helping with other topics such as philanthropy, inheritance and art", according to the report.

There were more billionaires in Asia than in the United States for the first time previous year - and half of them were Chinese, according to a report by UBS and PricewaterhouseCoopers.

"What we are seeing is the acceleration of entrepreneurs in the billionaire cohort", said Josef Stadler, head of global ultra high net worth at UBS.

The report found that billionaires are creating legacies for themselves through their cultural pursuits and are becoming more engaged in the arts and, increasingly, investing in sports clubs.

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