Asia passes US in total billionaires
Print Edition
ASIA’S 637 billionaires outnumbered those in the United States for the first time last year, according to a new report, with China adding the most new billionaires at 101, bringing its total to 318, while Asia overall added 162.
Asian billionaires compared to 563 of the super-rich in the US, though the total wealth of American billionaires is still higher at US$2.8 trillion compared to US$2 trillion in Asia, said a report published yesterday by UBS and PwC that tracks 1,542 billionaires globally.
The report that highlighted China’s nearly 50 percent rise in billionaires last year comes days after President Xi Jinping stressed the need for more equal development as the country tries to shrink its wealth gap.
The total wealth of billionaires rose by 17 percent in 2016 to US$6 trillion after falling in 2015, said the report.
The total wealth of Asia’s billionaires will surpass that of those in the US in four years, the report said.
While China took up 20 percent of total billionaires, 43 percent of those that fell off the list last year were from China, said James Chang, financial services consulting leader at PwC China.
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