China leads the way as worlds billionaires get even richer

The'Flaunt your wealth challenge is popular in China

China now has the highest concentration of billionaires outside the U.S., according to the "Billionaires insight" report released on Friday.

He noted that the number of female billionaires was increasing overall, but highlighted a key cultural distinction between China and the West. That compares to 631 in the US. "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. 179 new billionaires were created past year.

Ravi Raju, head of Asia Pacific Ultra High Net Worth at UBS Global Wealth Management, said Asia´s billionaires "are young and relentless".

The report is the fifth edition of Billionaire Insights.

And the geographical mix of where huge fortunes are being made has bent sharply toward Asia and, specifically, China. "The capitalist train that left the station now seems unstoppable", he said.

Almost a third of the new billionaires gained their wealth through some form of innovation, while the rest did so by scaling up businesses in the Asia-Pacific region, the report noted.

He added: "The first step for wealth creation is usually the equity market; Asia and the U.S. share the same characteristics". Now what we see is China develops and exports. "Supported by rapid urbanization and productivity growth, they are leveraging technology to revolutionize the country's service sector, as well as growing business in area such as AI and healthcare". "This new gilded age is creating all kinds of new innovations and technologies that will not only will change how we live our lives, it will create great wealth, and not just for the people who innovate themselves, but all the other businesses that start up around it".

Late, late show: Dodgers beat Red Sox in longest Series game
During his time in Texas, appeared in 1,066 games while racking up 1,145 hits on his way to three All-Star Game appearances. One of those was in the 1916 Series between the Red Sox and Brooklyn Robins, who later became the Dodgers .

Duchess Kate Middleton Wears Princess Diana's Tiara & Earrings to State Dinner
It was one of her most important marital presents, coming from her groom himself, and she wore it on their wedding day at St. In her will Queen Mary left the tiara to to the Queen who wore it frequently, including at an evening event in 1955.

Trump says MS-13, terrorists are part of caravan
I have alerted Border Patrol and Military that this is a National Emergy (sic). Over the past few days, the caravan has grown from 4,000 people to 7,000.

Asian billionaires are the youngest globally, with an average age of 61.43.

While China's economy has doubled since the global financial crisis in 2008, this month the country announced its weakest quarterly growth figure since then, of 6.5 per cent.

UBS and PwC said there were already more billionaires in Asia than in the US.

A significant percentage of the "newly created" billionaires are hardly the self-made men-and they are overwhelmingly men-of popular lore.

The report quotes an unnamed Chinese billionaire as saying: "Nowhere else in the world can you find better conditions for growth than in China". Far from being a Wild West with little or no controls, China's government is looking closely at how business is evolving and what the successful entrepreneurs are doing with their money. Last year, 106 new billionaires were created there - equivalent to over two new billionaires being minted each week.

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.

Related news:

loading...

Hot News

isis-killer-beheading-video-story-top Supreme Court's Verdict On CBI Tussle: All You Need To Know
Oct 28, 2018 - 01:23
It said the Centre and CBI should place before it in a sealed cover the list of decisions taken by Rao from October 23 till today. Senior Advocate Fali Nariman is appearing for Alok Verma , while Senior Advocate Dushyant Dave will represent Common Cause.

isis-killer-beheading-video-story-top Glenn Hoddle 'Taken Seriously Ill' Ahead Of Appearance On BT Sport
Oct 28, 2018 - 01:21
England captain Harry Kane also sent a message, in conjunction with Tottenham, writing: "Thoughts are with Glenn Hoddle". Former England manager Glenn Hoddle is in hospital after falling seriously ill while preparing to appear on TV.

isis-killer-beheading-video-story-top Walk like a champion? DJ Bravo announces retirement from West Indies cricket
Oct 27, 2018 - 00:19
Hope, who registered his second ODI ton, kept chipping away despite some tight bowling by the Indian pacemen and Holder´s run out. In Guwahati, riding on centuries by Virat Kohli and Rohit Sharma, India wrapped up the match with nearly 8 overs to spare.

isis-killer-beheading-video-story-top What Happened To Jamal Khashoggi? Donald Trump Asks For Tape Recordings
Oct 26, 2018 - 01:06
The Conservatives have generally been highly reticent to express criticism towards the Saudi government or its crown prince. The tough stance by the Congress may be at odds with the remarks from the White House. "It's a very sad thing".

isis-killer-beheading-video-story-top Scientists discover what they say is oldest intact shipweck
Oct 24, 2018 - 01:48
The vase depicts a scene from The Odyssey , in which Odysseus is strapped to the mast as he passes the deadly sirens. They found a Greek trading vessel whose design had previously been seen only on ancient pottery.

isis-killer-beheading-video-story-top United Kingdom might need to seek a short extension to Brexit transition: May
Oct 24, 2018 - 01:48
There is increasing speculation that May will face a leadership challenge from her own party. It will mean not giving in to those who want to stop Brexit with a politician's vote.

isis-killer-beheading-video-story-top The definition of a nationalist
Oct 24, 2018 - 01:45
Trump and Cruz memorably exchanged some sharp - and personal - barbs during their 2016 White House battle. Earlier Monday, he confirmed that he is withdrawing the US from an arms treaty with Russian Federation .

isis-killer-beheading-video-story-top No. 2 Ohio State stumbles at Purdue, gets blown out
Oct 24, 2018 - 01:40
As on Sunday afternoon, Clemson is now the new number two team in the country, after Ohio State's first loss of the season. Hill is Ohio State's leading receiver and though he isn't a burner or a deep threat, he is exactly what Ohio State needs.

isis-killer-beheading-video-story-top Raiders Trade Amari Cooper To Cowboys For First-Round Pick
Oct 23, 2018 - 01:27
Oakland figures to have a good shot at the No. 1 overall pick in 2019, and now has three first-rounders with the Cooper trade. He is expected to be able to play when the Cowboys return from their bye week to face the Tennessee Titans on November 5.

isis-killer-beheading-video-story-top Google to stop bundling apps on smartphones in European Union nations
Oct 22, 2018 - 01:57
Use of popular Google app such as YouTube, Gmail and most especially the Play Store could attract charges for companies in Europe. It means companies will now be able to add the aforementioned apps without adding Chrome and search.

isis-killer-beheading-video-story-top Meghan Markle Opens Up About Her Pregnancy During Royal Tour
Oct 21, 2018 - 01:10
The Duchess of Sussex woke up at 4.30am to do yoga and told a group at Bondi Beach it was "so good for healing your mind". MEGHAN Markle and Prince Harry have been taking "secret breathers" during their tour of Australia , it has been claimed.

isis-killer-beheading-video-story-top Saudi authorities admit Khashoggi killed in consulate
Oct 21, 2018 - 01:08
The vague statement has not explained exactly how he died, but the suspects then apparently tried to cover it up. Trump dispatched Pompeo earlier in the week to Saudi Arabia and Turkey to speak to officials about the case.

isis-killer-beheading-video-story-top Offline radio to Premium users
Oct 21, 2018 - 01:01
The company today announced a major upgrade for Spotify Premium that will now offer improved personalization on iOS and Android . The new navigation is being called "refined", as it aims to help "people quickly find what they're looking for".

isis-killer-beheading-video-story-top Manafort visited Mueller 9 times since pleading guilty
Oct 21, 2018 - 00:58
Prosecutors agreed to drop, and the judge dismissed, the remaining 10 charges the jury could not come to an agreement on. He also faces sentencing in a related case in the District of Columbia, also brought by special counsel Robert S.

isis-killer-beheading-video-story-top Apple's iPhone XR Pre-Orders Go Live in Canada
Oct 20, 2018 - 00:33
Kuo has also revised his estimate for total iPhone shipments to 78 million to 83 million units from his earlier 75 to 80 million. And the new Depth Control feature allows users to adjust the depth of field both in real-time and after the image is taken.