Billionaires saw wealth jump in 2017

The'Flaunt your wealth challenge is popular in China

China produced around two new billionaires a week previous year as the fortunes of the world´s ultra-rich soared by a record amount, a report said Friday.

The report, which UBS produces annually with the audit and consulting firm PwC, is meant to be a marketing tool for the firm's wealth management business. Among the 16 billionaires minted in China earlier this year, about a quarter of them lost that status by the end of trading Thursday, according to data compiled by Bloomberg. Their assets increased by 39 percent to $1.12 trillion.

According to UBS, this trend will continue to accelerate over the next 20 years, given that there are now 701 billionaires over the age of 70. "With wealth set to pass from entrepreneurs to their heirs in the coming years, the 21st-century multi-generational families are being created". Rates will be higher; we expect the Federal Reserve to hike rates three times next year, so the risk premium is higher.

One Chinese billionaire told the researchers: "Nowhere else in the world can you find better conditions for growth than in China". "There are actually more billionaires in the Asia-Pacific region (APAC) today than there are in the USA, and they crossed us for the first time ever", said Mathews. Mathews said major anticipated initial public offerings in 2019, including Uber, could reveal more stealth wealth, potentially adding more billionaires to the US's count.

The number of billionaires in Singapore has remained stable at 22, with just one new addition - Min-Liang Tan, co-founder of gaming hardware company Razer Inc.

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The annual Billionaires Insights report lists people whose wealth has reached US$1 billion (NT$31 billion). The US still leads regionally, with 585 billionaires, but wealth creation in the region is slowing. The top three industries driving the wealth were real estate, financial services and industrials.

Of all Chinese billionaires, 97 percent are self-made. We have also found that Next Gen billionaires are extremely entrepreneurial.

But billionaires in Asia are challenging the US' traditional dominance in technnology.

"In 2017, they equalled America´s level of venture capital funding for start-ups, registered four times as many Artificial-Intelligence-related patents and three times as many blockchain and crypto-related patents as their United States counterparts".

Meanwhile over the next 20 years, an estimated US$3.4 trillion in wealth is expected to be handed over to a new generation. "Women tend to foster family values and want to invest more into the sustainability area, whereas males are more value creators and leave it then to their females or to their officers and family officers or foundation officers to basically give back to society".

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