China leads way as world's billionaires get richer

China leads way as world's billionaires get richer

The number of billionaires around the global also increased, from 1,979 in 2016 to 2,158 past year.

The combined wealth of the Taiwanese billionaires rose by 12 percent to reach a total of US$84.4 billion (NT$2.6 trillion) in the year up to the drawing up of the report.

The report said that globally, self-made billionaires have driven 80 percent of the 40 main breakthrough innovations over the last 40 years.

China now has the highest concentration of billionaires outside the USA, according to the "Billionaires insight" report released on Friday.

"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.

'But this is just the beginning. And Anbang's CEO has been sentenced to 18 years in prison, and forced to give up $1.65 billion, for embezzlement and insurance sales violations. "This new gilded age is creating all kinds of new innovations and technologies that will not only will change how we live our lives, it will create great wealth, and not just for the people who innovate themselves, but all the other businesses that start up around it".

In 2006, there were just 16 billionaires in China. "Today, as the "Chinese Century" progresses, they number 373, almost one in five of the global total".

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"Two internet companies, Pinduoduo and Douyin, will be listed on the Nasdaq later this year, and the owners are already billionaires", said Francis Lun, the chief executive of investment services company Geo Securities.

The Chinese cohort is 97 percent self-made, many of them in sectors such as technology and retail.

'They are developing new business models, seizing opportunities, moving rapidly between business sectors'. In some parts, we observe the potential for more and more family businesses to create longer-lasting legacies, given the strong ambitions of the next-gens, and more importantly the current and next gen's deeper appreciation for family governance and succession planning. "Indeed, numerous younger generation want to change the world, making an impact through their family offices and philanthropic organizations".

United States and Asia ex-Japan equities could fall by 20% from their mid-summer 2018 levels.

There are 475 billionaires in Greater China and 373 within China. The United States alone is home to 585 billionaires-the most in the world-up from 563 in 2017.

UBS estimates that the world now has a total of 2,158 billionaires, with 179 billionaires created previous year.

In Europe, wealth grew 19 percent to Dollars 1.9 trillion. 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.

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