• News
  • Finance

Fake Moon Over Chengdu Shows Why China Is Billionaire Powerhouse

Fake Moon Over Chengdu Shows Why China Is Billionaire Powerhouse

In the wider Asian continent the number of billionaires also surpassed those in the United States, with their collective wealth also set to be more in the next three years, according to the data.

The report forecast that, driven by China, billionaires in Asia-Pacific will be wealthier than their American counterparts within three years.

Over the past five years, the sum passed by deceased billionaires to beneficiaries has grown by an average of 17 per cent each year, to reach Dollars 117 bn in 2017. The number of female billionaires grew to 2,158 in 2017, up 9 percent from 1,979 in the previous year.

"UBS head of ultra-high-net -worth Ravi Raju said: "(Asia's) remarkable wealth creation presents an enormous opportunity for UBS, which now has a relationship with three out of five billionaires in Asia".

The new report, released by Swiss bank UBS, that details this massive growth also stated that the rate at which the super-wealthy's fortunes are rising is far greater than the turn of the 20th century, during the time of families such as the Rothschilds, Rockefellers, and Vanderbilts.

"Today, only 30 years after the country´s government first allowed private enterprise, they number 373 - almost one in five of the global total".

The Chinese cohort is 97 percent self-made, many of them in sectors such as technology and retail. In 2017, they equalled the US' level of venture capital funding for start-ups, and registered four times as many artificial intelligence-related patents, and three times as many blockchain- and crypto-related patents as their U.S. counterparts.

"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 major wealth transition has begun". The younger billionaires are expected to drive the growth in philanthropy and sustainable investing; 38 per cent of family offices are now engaged in sustainable investing; 45 per cent aim to step this up over the next 12 months.

If the existing US/China trade-war escalates, UBS foresees lower economic growth in both countries before policy responses.

Worldwide, total billionaire wealth rose 19% to a record $8.9tn, shared among 2,158 individuals.

"US and Asia ex-Japan equities could fall by 20 percent from their mid-summer 2018 levels".

To put the growth in context, China had only 16 billionaires in 2006.

The report said the Americas region was still home to the largest concentration of billionaire wealth, but wealth creation was slowing.

Other billionaires in Asia did well too.

The report, which UBS produces annually with the audit and consulting firm PwC, is meant to be a marketing tool for the firm's wealth management business.

Leave Your Comment

Leave Your Comment


Latest News

Breaking News



Recommended

Aubameyang, Ozil star as Arsenal make it flawless 10

Aubameyang then doubled his tally nearly immediately in the 66th minute, tapping into an empty net thanks to some magic from Ozil. The Arsenal captain took to Twitter to hail his side after turning in a man of the match performance in the Premier League.

Mourinho rules out United return for Ibrahimovic

José Mourinho has come under heavy fire this season, both from United fans and from the wider footballing community. They need great players, great movements, creative football to identify themselves to a player or a team.

Things Red Dead Redemption 2 Doesn't Tell You

Rockstar Games are proud to announce that Red Dead Redemption 2 is now available worldwide for PS4 and Xbox One systems. Red Dead Redemption 2 has finally arrived, and gaming fans all over the world can hardly contain their excitement.

Putin: Russia ready to work with U.S. on NF Treaty issue

US national security adviser John Bolton told Putin on October 23 that Washington would press ahead with plans to quit the treaty. Interested in Russia? Add Russia as an interest to stay up to date on the latest Russia news, video, and analysis from ABC News .

Trump embraces 'really good friend' Ted Cruz

US President Donald Trump on Monday took aim what he called weak US immigration policy, declaring himself to be a nationalist . If he loses to O'Rourke, however, Trump may start calling him something else.

Hamilton takes top position in United States with fifth title in sight

When qualifying began, the two Ferrari men were swiftly setting the pace with Vettel on top early in Q1. Schumacher won seven, two at Benetton and the rest with Ferrari , and retired with a record 91 wins.

FC Barcelona Respond To Links With Neymar

If a club can stump up €215m then they can sign Neymar - but only in the summer of 2020 and not before. The Paris-Saint Germain star cost £198m when he moved to Paris from Barca in 2017, a world-record fee.

Twitter releases data linked to Russian, Iranian info campaigns

Twitter said it will "continue to proactively combat nefarious attempts" to undermine the integrity of its network. Similar accounts with suspected Iranian ties cloaked their efforts as French, Croatian and Spanish reporters.

Internet Explodes Over Trump's Praise Of Congressman Who Body-Slammed Reporter

Asked about Trump's comments, Theresa May's spokeswoman said: "He obviously made comments at a political rally, and those are for him".

Most states facing confirmed or possible cases of polio-like illness

What are the chances my child will get AFM? There's no way to determine which child will development AFM, according to Glatter. Samples from some patients revealed the presence of enteroviruses , but others had been infected with a rhinovirus .