Asia Now Has More Billionaires Than the US

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Billionaire's wealth had also overtaken global economic growth of 5.8 percent in 2016. "Only 40% of billionaires [in the US] have their wealth tied to public markets, compared to 70% in Asia". Additionally, the report found that four sectors in particular drove much of the increase in the global billionaires' wealth: materials, up 31%; technology, up 23%; financial services, up 16%; and industrials, up 28%.

Total billionaire wealth soared to $6 trillion in 2016, with one billionaire created every two days in Asia, UBS reported in a study published Thursday. Led by China, the number of the region's billionaires surpassed the US for the first time.

While Asia still lags behind the United States, where billionaire wealth is driven mostly by technology, financial services and materials, it is nonetheless expected to outstrip the United States by 2021.

Three-quarters of the world's new billionaires hail from China and India.

A notable trend across the billionaire board is a concern about the perception of wealth in a world where the gap between rich and poor is increasing. The new report of UBS and PwC is proving the above saying correct because in the year 2016 world's billionaires became even richer. 'Dramatic growth in Asian wealth shows it could overtake the U.S. in just four years'.

"This year, we have seen not only a return to growth for billionaire wealth, but also a significant shift in its geographic dimensions", said Josef Stadler, head of the global ultrahigh-net-worth division at UBS Wealth Management.

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A combination of geopolitical stability in Greater China, rising Chinese real estate prices, infrastructure spending, the growing middle class and buoyant commodity prices all boosted wealth, the UBS report said, citing interviews with Asia's richest people.

'It's not enough anymore to just preserve and grow wealth, ' says Dr Marcel Widrig, partner and private wealth leader at PwC.

On the other hand, Chang said, a Chinese billionaire's wealth can fluctuate as government policies can change quickly and the nation is awash with aggressive entrepreneurs.

The world's 500 richest people have added US$824 billion ($1.2t) so far this year, an increase of 19 per cent, according to the Bloomberg Billionaires Index.

"Informal and formal networks orchestrate deals and investments, as well as helping with other topics such as philanthropy, inheritance and art", according to the report.

The report found that billionaires are creating legacies for themselves through their cultural pursuits and are becoming more engaged in the arts and, increasingly, investing in sports clubs.