China leads the way as worlds billionaires get even richer
Oct 29, 2018, 06:00
It's exactly that kind of ingenuity that has helped the world's most populous nation churn out new billionaires at a prodigious clip, according to John Mathews, head of ultra-high net worth in the Americas for UBS Group AG.
"Our report reveals how China is now the leading country for entrepreneurs to create wealth. The capitalist train that left the station now seems unstoppable", he said. "Over the past five years, the sum passed by deceased billionaires to beneficiaries has grown by an average of 17 per cent each year".
"As we work with our billionaire clients, numerous next generation seem highly motivated, committed to their chosen careers, the family business and/or doing social good", the report said.
The rapid expansion of wealth in China isn't without risk for those who want to have a share of the cake. Stadler said: "What we have seen in the past is Silicon Valley invents, China copies".
"They do this by leapfrogging". Credit cards are stone age. "Now you've got payment by face recognition".
Consumption, finance and technology were the three sectors which furnished most of the wealth for the tycoons in Taiwan, the Liberty Times noted. Famous Chinese billionaires include Alibaba founder Jack Ma, who is worth almost $34bn, according to Forbes. "China´s vast population, technology innovation and productivity growth combined with government support, are providing unprecedented opportunities for individuals not only to build businesses but also to change people´s lives for the better".
Asian billionaires are the youngest globally, with an average age of 61.43.
Ravi Raju, head of Asia Pacific ultra high-net-worth at UBS Global Wealth Management, said: "Asia's billionaires are young and relentless".
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. "This cohort is overwhelmingly self-made and determined to capitalize on one of history's greatest moments for new enterprise".
According to the report, the number of world billionaires increased from 1,979 in 2016 to 2,158 in 2017 with total wealth owned growing by 19 percent to 8.9 trillion USA dollars. 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.
APAC's share of billionaire wealth rose to Dollars 2.7 trillion, 30 percent of the global total, with the consumer & retail, technology and real estate sectors leading the way. While there are 106 new Chinese billionaires this year, there are now 51 newly minted former Chinese billionaires.
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