One billionaire created every two days in Asia, UBS and PwC find

A new study released on Thursday has found that in 2016, one billionaire was created every two days on average in Asia.

The Billionaires Insight Report was released this week by UBS (Union Bank of Switzerland) AG, a Swiss global financial services company, and PwC (Pricewaterhouse Coopers), a London-based professional services network.

See also: 

Laurent-Perrier appoints first female Asian director of French luxury brand 

Mukesh Ambani richest Indian for 10th year in a row

Latest edition of Business Review Asia - out now! 

The research showed an annual increase of 17% in Asia’s ‘super-rich.’

Asia now has a total of 637 billionaires, overtaking the US which has 563. However, the overall wealth of the ‘average’ US billionaire is still higher than in Asia.

UBS and PwC also stated that while the US still possesses large concentrations of wealth, Asian wealth is set to overtake it in around four years.

In 2016, the world’s total billionaire wealth totalled $6trn. This was driven by an increase in self-made billionaires. In 195, around 45% of the world’s billionaires were self-made, but for 2016 this figure reached 80%.

The report cited an increase in the materials, industry, financial and technology sectors.

Asia has seen the fastest increase in billionaires throughout the world.

Share

Featured Articles

Create C-suite space for the Chief Transformation Officer

Responsible for driving growth and change, the Chief Transformation Officer is the latest addition to the C-suite as business undergoes major change

12 AI predictions for the enterprise in 2023 – Dataiku

With 2023 likely to be a huge year for AI, experts from AI platform provider Dataiku deliver their enterprise AI and ML trends for the year ahead

Welcome to the new breed of private members' clubs

The pandemic has given birth to a new breed of private members’ clubs where work and play merge, membership and spaces are curated, and community matters

Welcome to the New Age of the CISO

Leadership & Strategy

Making the UAE the world’s strongest digital fortress

Technology

World Mental Health Day – 10 apps to improve wellbeing

Leadership & Strategy