Look China rich help drive global billionaire wealth to $12.3 trillion
Look China rich help drive global billionaire wealth to $12.3 trillion
Read more'Flaunt Your Wealth challenge grips China’s elite
29 October, 2018, 15:31
"In that year alone, 44 heirs inherited more than a billion dollars each (56% Americas, 28% EMEA, 16% APAC), totalling USD 189 billion (the discrepancy with USD 117 billion is assumed due to growth of assets in probate and revaluation of assets)", the report said.
"In 2017, they equalled America´s level of venture capital funding for start-ups, registered four times as many Artificial-Intelligence-related patents and three times as many blockchain and crypto-related patents as their USA counterparts". China, home to 1.4 billion people, added 55 new billionaires a year ago and their aggregate wealth grew 39% to $1.12 trillion.
"[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.
"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", said Josef Stadler, UBS' head of ultra-high net worth.
Numerous country's 373 billionaires - nearly one in five of the global total - are self-made tycoons, often involved in the technology and retail sectors. "They are constantly transforming their companies, developing new business models and shifting rapidly into new sectors".
The report said China was now the leading country for entrepreneurs to create wealth.
The annual Billionaires Insights report lists people whose wealth has reached US$1 billion (NT$31 billion). "This cohort is overwhelmingly self-made and determined to capitalise on one of history's greatest moments for new enterprise".
A dip in stocks globally is unlikely to hinder a rapid increase in the number of billionaires in China, but an escalation in the US-China trade war could.
Technology is the driving force behind what many of these billionaire entrepreneurs do.
A total of 199 billionaires were created over the year globally, with almost a third gaining their wealth through some form of innovation, while the rest did so by scaling up businesses in the Asia-Pacific region, UBS and consultants PwC said.
Equities in the United States and Asian countries excluding Japan may fall by more than 20 percent from their levels in mid-summer of 2018, the report warned.
That growth has been driven by self-made entrepreneurs in China, particularly in the technology industry.
Worldwide, total billionaire wealth rose 19% to a record $8.9tn, shared among 2,158 individuals.
The report, jointly published by UBS Global Wealth Management and consultancy firm PricewaterhouseCoopers, was titled "New Visionaries and the Chinese Century", in which Chinese entrepreneurs are hailed as the "vanguard of a new industrial revolution".
More than 2,500 candidates, including mullahs, journalists and sons of warlords, are competing for 249 seats in the lower house. The attack took place after a meeting with the top United States commander in Afghanistan , General Scott Miller.
His comments came as a high-profile investment conference, the Future Investment Initiative (FII), kicked off in Saudi Arabia. He also said that attempts to blame Khashoggi's death on intelligence operatives "will not satisfy us".
In the past year, China has stepped up its outreach to Japan and others as it locked horns over trade with the United States. With the United States leaning toward protectionism, the two premiers confirmed the importance of maintaining free trade.
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