Asia billionaires overtake United States for first time led by China

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

There were 637 billionaires across Asia in 2016, up almost 25 per cent from the previous year.

Despite geopolitical uncertainty, their numbers have swelled by 10 per cent to 1,542 by the end of 2016, with a new member of the global elite UHNW club being minted every two days in Asia.

James Chang, who works at the China financial services consulting unit of PwC China, said government policy contributed to the latest amassing of wealth.

Technology continues to be the biggest creator of wealth, the report said. New billionaires could emerge from the country's fintech and advanced manufacturing sectors in the future, Chang said.

Some 69% of China's billionaire-linked businesses are publicly listed companies compared to 37% of the United States and 40% in Europe. The execution of Chinese President Xi Jinping's growth policies will also influence how fast total Asian billionaire wealth overtakes the US, he said.

Ten new billionaires joined the list in Hong Kong previous year, bringing the number to 69.

Prominent Asian billionaires include real estate mogul Wang Jianlin, with a net worth of $29.7 billion and one of China's richest men, and Indian industrial magnate Mukesh Ambani, who has a net worth of $41.4 billion.

Asia's economic expansion saw, on average, a new billionaire created in the region every other day. The US has total 563 billionaires and China has 318 billionaires.

Still, the USA maintains the largest concentration of billionaire wealth, with a combined US$2.8 trillion, driven by American billionaires' involvement in tech, financial services, and materials, the report notes.

"This year we have seen not only a return to growth for billionaire wealth, but also a significant shift in its geographic dimensions".

While Asia still lags behind the U.S., where billionaire wealth is driven mostly by technology, financial services and materials, it is nonetheless expected to outstrip the USA by 2021.

The total wealth of billionaires rose from $5.1 trillion to $6 trillion, double the rate of the MSCI World Index.

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.

In total, there are 1,542 billionaires in the world, according to the report.

But in China, the wealthiest did not always hang on to their billionaire status for long.

Nevertheless, the wealth held by American billionaires still grew by $400bn since 2015, the research shows.

The report also outlined that stronger commodity prices resulted in increase in wealth of billionaires operating in steel, mining, and oil industries.

Related news:

Hot News

isis-killer-beheading-video-story-top UK GDP shows higher-than-predicted growth in Q3
Oct 27, 2017 - 00:40
The UK economy grew faster than expected in the third quarter, according to the first estimate released by the ONS this morning. The Monetary Policy Committee (MPC), led by Bank of England Governor Mark Carney ( pictured ), will meet next on 2 November.

isis-killer-beheading-video-story-top Metal Gear Survive Begins the Post-Kojima Era in February
Oct 26, 2017 - 01:10
It's also one of the first major games Konami is releasing since it made a decision to focus other endeavors, like slot machines. The spinoff to the Metal Gear series, Metal Gear Survive , now has a release date after being delayed out of 2017.

isis-killer-beheading-video-story-top Kris Jenner 'over the moon' for daughter Khloe
Oct 26, 2017 - 01:06
She plans to pass the empire along to their children and their children's children. "Marriage is definitely in the cards", the source said.

isis-killer-beheading-video-story-top Chelsea 2-1 Everton: Clear Eyes, Full Hearts, Still Lost
Oct 26, 2017 - 01:06
The short socked one was better in the second half, but Unsy wasn't given much reason to not re-insert Idrissa Gueye on Sunday. And he has started his newest stint as caretaker manager by ordering his troops to make the trip to Stamford Bridge by train.

isis-killer-beheading-video-story-top Kid Rock: "Fuck no, I'm not running for Senate!"
Oct 26, 2017 - 01:04
Senate bid while also announcing details of a new album and tour . "I'm going on tour, too-which no one's going to print". When Stern wondered aloud when the two had last talked on the air, Rock replied: "It was before I was racist".

isis-killer-beheading-video-story-top Tax fight clouds prospects for passing budget in House
Oct 26, 2017 - 01:03
Speaker of the House Paul Ryan (R-WI) speaks during a press briefing on Capitol Hill in Washington, U.S., September 7, 2017. Two House GOP aides said late Tuesday that party leaders are working with the concerned members toward a deal.

isis-killer-beheading-video-story-top Boston Red Sox 2B Dustin Pedroia to miss start of 2018 season
Oct 26, 2017 - 01:02
In a press release, the Red Sox said that "it is anticipated Pedroia would return to games in approximately seven months". Pedroia hurt the knee again this season, and spent two different stints on the disabled list with inflammation.

isis-killer-beheading-video-story-top James Comey Reveals Secret Twitter Account
Oct 26, 2017 - 00:58
Reinhold Niebuhr was a well-known theologian about whom Comey wrote an undergraduate thesis at the College of William & Mary. Comey, who is writing a book, tweeted on Friday that he was happy to be back in the Hawkeye State.

isis-killer-beheading-video-story-top Injustice 2 is heading to PC this Autumn, open beta begins tomorrow
Oct 25, 2017 - 01:03
That's rather disappointing, as it'd be preferable for them to have another go at a port and (ideally) get it right this time. After going through a couple of new third-party teams in an effort to fix things, all support for the PC version was dropped.

isis-killer-beheading-video-story-top Broadway Alum John Stamos to Tie the Knot with Girlfriend Caitlin McHugh
Oct 25, 2017 - 01:02
This will be the second marriage for Stamos, who was previously Wednesday to model-actress Rebecca Romijn from 1998 to 2004. Stamos' rep said he proposed by cutting together a film of some of the most romantic moments in Disney and Pixar animation.

isis-killer-beheading-video-story-top Cuomo signs legislation adding e-cigarettes to Clean Indoor Air Act
Oct 25, 2017 - 01:00
This bill (S.2543A/ A.516A) would reduce the exposure to potentially risky chemicals for e-cigarette users and those around them. Andrew Cuomo signed a bill Monday that will go into effect in 30 days, The New York Times reported .

isis-killer-beheading-video-story-top Schiff Blasts GOP For Following Trump's Lead With Two New 'Partisan' Probes
Oct 25, 2017 - 01:00
The State Department, headed by Clinton at the time, was also one of the agencies that approved the deal. It will be two different committees looking into this.

isis-killer-beheading-video-story-top Court dismisses case to force Raila contest in repeat poll
Oct 25, 2017 - 00:58
Odinga had urged his supporters to ensure the new vote did not take place, repeatedly saying there would be "no elections". They said that the credibility of the vote is not assured, citing political interference among other concerns.

isis-killer-beheading-video-story-top New Thor: Ragnarok Clip Features Grandmaster and Loki
Oct 24, 2017 - 00:55
Thor: Ragnarok will be out in theaters next week, and by now, you've probably seen enough footage from the film to get you hyped. Tom Hiddleston's Loki is awesome too and I am so glad that they gave Idris Elba's Heimdall more to do in this time around.

isis-killer-beheading-video-story-top MA gas prices continue to fall after spike
Oct 24, 2017 - 00:53
GasBuddy's daily survey of more than 1,200 gas outlets in ME says price was unchanged from a week ago, averaging $2.42 a gallon. The national average dropped 12 cents per gallon the last four weeks but is still 22.2 cents per gallon higher than a year ago .