China 'creates two billionaires a week'

China 'creates two billionaires a week'

Nowhere was this more visible than China, they said in the 2018 edition of their Billionaires Insights Report, with China's billionaires rising to 373 from 318 with joint wealth of US$1.12 trillion, up 39 per cent. On present trends, they would be wealthier than their USA counterparts within three years.

"Over the past five years (2012-2017), the sum passed by deceased billionaires to beneficiaries has grown by an average of 17% each year, to reach Dollars 117 billion in 2017".

For Taiwan, the 35 billionaires were all men, with an average age of 69.

"The past 30 years have seen far greater wealth creation than the Gilded Age" the UBS Billionaires 2018 report said.

"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. Mathews said major anticipated initial public offerings in 2019, including Uber, could reveal more stealth wealth, potentially adding more billionaires to the US's count.

'They are developing new business models, seizing opportunities, moving rapidly between business sectors'.

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The report said China was now the leading country for entrepreneurs to create wealth. The Swiss bank reports that the richest people on earth increased their wealth to $8.9tn (£6.9tn). "This cohort is overwhelmingly self-made and determined to capitalise on one of history's greatest moments for new enterprise". We have also found that Next Gen billionaires are extremely entrepreneurial.

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.

United States and Asia ex-Japan equities could fall by 20% from their mid-summer 2018 levels.

However, female billionaires remain a small minority, making up just 11 percent of the total, and for some the report highlighted growing inequality. While women still represent a small portion of the total number of billionaires overall - 11 percent - their rise could indicate a steady shift in wealth creation.

In the Americas region, the wealth of billionaires increased at a slower rate of 12%, to $3.6 trillion, with the United States creating 53 new billionaires in 2017 compared to 87 five years ago.

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".

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