According to a study by UBS and PwC a billionaire in Asia is created every other day. Total billionaires in
Asia are 637 as compared to 563 in U.S. The study further says that a 17% surge
in billionaire wealth is supported by new billionaires born in Asia as well as
an uptick in growth in materials, industrial, financial and technology sectors.
The total billionaire wealth has
increased from USD 5.1 trillion to USD 6 trillion in 2016.
Billionaires from United States
owns 2.8 trillion USD, an increase of .4 trillion dollars. Combined wealth of
Asian billionaires grew from 1.5 trillion dollars to 2 trillion USD. Combined
total wealth of 342 European billionaires was 1.3 trillion USD.
The study also mentioned that if the
current trend continued, it is likely that Asian billionaires would overtake
U.S. billionaires in wealth in four years. The surge in billionaires’
population in Asia can be attributed to growth in China and India, which have
318 and 100 billionaires respectively.
The report further points to
increasing role of networks in raising capital outside financial markets which is
no surprise, given the increasing role of Asian businesses which feels
comfortable going to family rather than capital markets for funds.
Europe, the report says, in 2016 was
the story of multigenerational wealth preservation. The number of billionaires
in Europe was 342, by the end of the year.
The business controlled by these billionaire
employees 27.7 million people, which is roughly the size of U.K. workforce.
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