New-look China rich help drive billionaire wealth to $8.9 trillion: Report
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"China's billionaire entrepreneurs are leading their
country's economic transformation, and by extension that of the rest of
Asia," the report said.
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The world's billionaires saw their
collective wealth rise 19 percent to $8.9 trillion in 2017, led by growth in
China, which minted two new billionaires every week, according to a new report.
A total of 199 billionaires
were created over the year globally, with nearly 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.
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 $1.12
trillion, up 39 percent.
"China's billionaire
entrepreneurs are leading their country's economic transformation, and by
extension that of the rest of Asia," the report said.
"Over little more than
10 years, they have created some of the world's largest companies, raised
living standards and made fortunes at an unprecedented pace."
UBS, whose wealth management
arm manages around $2.5 trillion in assets, and PwC said there were already
more billionaires in Asia than in the United States and they were on course to
be wealthier than their U.S. peers within three years.
"A new cohort of Chinese
entrepreneurs is challenging Silicon Valley, amid rising tensions over trade
and intellectual property. They are developing new business models, seizing
opportunities, moving rapidly between business sectors."
China produced 50 so-called
'unicorns' - companies with a valuation of at least $1 billion - from 2016 to
2018, slightly behind the 62 produced in the United States, the report said.
Rapid urbanisation and
productivity growth would help the young entrepreneurs at the forefront of
China's wealth creation continue to reach the ranks of the billionaires in the
coming years, it said.
Source:
https://economictimes.indiatimes.com/news/international/business/new-look-china-rich-help-drive-billionaire-wealth-to-8-9-trillion-report/articleshow/66373984.cms
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