China leads the way as worlds billionaires get even richer

The'Flaunt your wealth challenge is popular in China

Many of Asia's young fortunes are just above the billion-dollar mark, making them vulnerable to reversals of fortune, whether in the form of falling stock prices, political changes or personal difficulty, the report noted. 585 of these billionaires are in the United States, which houses the most of any one country in the world.

UBS, whose wealth management arm manages around US$2.5 trillion in assets, and PwC said there were already more billionaires in Asia than in the United States and they were on course to be wealthier than their U.S. peers within three years.

"[Last year's] increase in billionaire wealth of 19 per cent was substantially higher than the average of 9 per cent in the previous five years", said Wyatt. "We're combining the digital world with the material world with the biogenetics world and everything's starting to come together", said John Mathews, Head of Ultra High Net Worth Americas at UBS Global Wealth Management.

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. "There are 701 billionaires over the age of 70, whose wealth will transition to heirs and philanthropy over the next 20 years, given the statistical probability of average life expectancy".

The number of billionaires in Singapore has remained stable at 22, with just one new addition - Min-Liang Tan, co-founder of gaming hardware company Razer Inc.

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

China's ultra rich are mostly "self-made" entrepreneurs, with some 97% building their own fortunes rather than gaining it through inheritance, compared with 69% in the US, the report said. Their assets increased by 39 percent to $1.12 trillion.

'But this is just the beginning.

In China, 106 people became billionaires in 2017 (though others dropped off the list from 2016).

It said 97% of the Chinese billionaires were self-made, many of them in sectors such as technology and retail. "This cohort is overwhelmingly self-made and determined to capitalize on one of history's greatest moments for new enterprise". 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. Asia, as a whole, created three new billionaires per week.

"UBS head of ultra-high-net -worth Ravi Raju said: "(Asia's) remarkable wealth creation presents an huge opportunity for UBS, which now has a relationship with three out of five billionaires in Asia". Far from being a Wild West with little or no controls, China's government is looking closely at how business is evolving and what the successful entrepreneurs are doing with their money.

Related news:

Hot News

isis-killer-beheading-video-story-top Tesla Shares Rise on Q3 Profit Beat
Oct 28, 2018 - 00:42
For Tesla , turning a profit was not its only notable achievement in the third quarter; it also stopped burning through its cash. Tesla's free cash flow was reported at $881 million during the past three-month period.

isis-killer-beheading-video-story-top Twitter suspends account that may be tied to suspected mail bomber
Oct 27, 2018 - 07:04
Later on Friday, a 12th package was discovered at a mail sorting facility on the Upper West Side of New York City. Authorities have recovered a cellphone, a laptop computer and other electronic devices from Sayoc.

isis-killer-beheading-video-story-top Seven $10K Winning Mega Millions Tickets Sold In Minnesota
Oct 25, 2018 - 06:12
Lottery officials have not announced the identities of a victor or winners. "This could be a good and bad thing", she said. All eyes are now on tonight's Powerball jackpot which is an estimated $620 million with a cash option of $354.3 million.

isis-killer-beheading-video-story-top Khashoggi death: Saudi suspects to be barred from UK
Oct 25, 2018 - 05:49
Many world leaders have condemned the murder of the prominent Saudi critic and demanded a full investigation. Turkey says Khashoggi was killed in a planned murder at the Saudi Consulate in Istanbul earlier this month.

isis-killer-beheading-video-story-top Oil Stumbles on U.S. Stockpile Worry and Saudi Production Pledge
Oct 24, 2018 - 01:43
However, Saudi Energy Minister Khalid al-Falih said on Monday the country has no intention of cutting back oil supply. US light crude dropped $3.03, or 4.4 percent, to $66.33 a barrel, after earlier hitting a two-month low at $65.74.

isis-killer-beheading-video-story-top Ohio State Buckeyes WR Austin Mack has foot surgery, out indefinitely
Oct 24, 2018 - 01:41
Mack caught one pass for 24 yards in the team's loss to Purdue on Saturday and was injured during the second half. Kyle Murray threw four touchdown passes as the No. 9-ranked Sooners erupted to a win over the host Horned Frogs.

isis-killer-beheading-video-story-top Real Madrid vs. Plzen live stream
Oct 24, 2018 - 01:39
Real have struggled for goals of late amidst a run of five games without a win across all competitions. " It's all right. In my view we have a game that we are looking forward to and we will go about it with total commitment and drive.

isis-killer-beheading-video-story-top A Naval Message for China
Oct 24, 2018 - 01:07
Taiwan receives support and defense funding from the United States in line with a 1979 bilateral agreement. Navy will continue to fly, sail and operate anywhere worldwide law allows", he said.

isis-killer-beheading-video-story-top Niko Kovac: Bayern Munich need just a bit of luck
Oct 23, 2018 - 00:58
Kovac has been under fire after media reports spoke of several players opposing their coach's work. However, Kovac said he had ignored any negative headlines and was focusing on his job.

isis-killer-beheading-video-story-top Injured in South Carolina College Party Floor Collapse
Oct 22, 2018 - 01:46
The 30 people were transported to area hospitals after officials said Clemson University Fire set up a triage at the scene. The property management of the clubhouse told CNN it was built in 2004.

isis-killer-beheading-video-story-top NOAA Predicts Warmer Winter for Much of the US
Oct 21, 2018 - 00:25
The Climate Prediction Center issues updates its 3-month outlooks once per month, NOAA said, and the next update for this winter is expected November 15.

isis-killer-beheading-video-story-top Rihanna Turned Down Super Bowl LIII Halftime Show to Support Kaepernick
Oct 20, 2018 - 00:44
JAY-Z also reportedly turned down an offer to headline this year's halftime show in Minnesota in support of Kaepernick. Kaepernick has remained a free agent since the end of the 2016 season.

isis-killer-beheading-video-story-top Russian is first to be charged with meddling in 2018 midterm elections
Oct 20, 2018 - 00:44
The Russians tried to hide these activities by classifying expenditures for Project Lakhta as software support and development, the complaint alleges.

isis-killer-beheading-video-story-top Trump appears to threaten USMCA deal when lashing out at migrant caravan
Oct 20, 2018 - 00:33
The threat followed another one earlier this week to cut off aid to Central American countries if the migrants weren't stopped. The group chanted: 'We are not smugglers, we are migrants, ' as they reorganized themselves on Friday afternoon.

isis-killer-beheading-video-story-top Jamal Khashoggi and the Washington Post
Oct 19, 2018 - 08:53
In it, Khashoggi pointed to the muted worldwide response to ongoing abuses against journalists by governments in the Middle East. Treasury Secretary Steve Mnuchin has tweeted he's pulling out of the Future Investment Initiative summit in Saudi Arabia.