Look China rich help drive billionaire wealth to $8.9 trillion
29 October, 2018, 05:59 | Author: Elaine Woods
More than 40 of the 179 new billionaires created last year inherited their wealth, and given the number of billionaires over 70 the report's authors expect a further $3.4trn to be handed down over the next 20 years.
BILLIONAIRE wealth posted its "greatest ever" increase past year, rising 19 per cent to US$8.9 trillion, thanks to robust growth in the Asia-Pacific - in particular, China. In the next three years, the region's ultra-rich will be even wealthier than their American counterparts.
According to the Billionaires Insight Report, "China's billionaire entrepreneurs are leading their country's economic transformation, and by extension that of the rest of Asia".
"Over the last decade, Chinese billionaires have created some of the world's largest and most successful companies, raising living standards", said Josef Stadler, head of ultra-high net worth at UBS Global Management.
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In 2006, the Chinese had 16 billionaires, with the command economy still entrenched.
The report highlights the role of Chinese structural changes in generating wealth while the United States continues to boast the biggest wealth concentration powered by technology, consumer and retail sectors. "They are constantly transforming their companies, developing new business models and shifting rapidly into new sectors". We have also found that Next Gen billionaires are extremely entrepreneurial. Of the 53 new billionaires in the USA a year ago, 30 were described as self-made. The younger billionaires are expected to drive the growth in philanthropy and sustainable investing; 38 per cent of family offices are now engaged in sustainable investing; 45 per cent aim to step this up over the next 12 months. "Indeed, numerous younger generation want to change the world, making an impact through their family offices and philanthropic organisations", he said.
The U.S. and China are likely to see slower economic growth in the coming period as Donald Trump's trade war bites.
'US and Asia ex-Japan equities could fall by 20 per cent from their mid-summer 2018 levels'.
China may create lots of billionaires-but it isn't always clear who the money really belongs to or who gets to keep it in the long run. "Over the past five years, the sum passed by deceased billionaires to beneficiaries has grown by an average of 17% each year, to reach $117bn in 2017".
These mega-rich increased their wealth by a $1.4 trillion which is more than the entire GDP of Spain or Australia. While women still represent a small portion of the total number of billionaires overall - 11 percent - their rise could indicate a steady shift in wealth creation. The fifth edition of the document found 2,158 billionaires with an average wealth of US$4.1 billion, the Liberty Times reported.
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