The total wealth of billionaires surged to six trillion dollars last yer, more than 17 percent than a year ago. Asian billionaires are outpacing their US conuterparts for the first time, says research released by UBS on Thursday.
The surge is caused by an incerease in Asia’s emerging billionaire class and growth in the materials, industrial, financial and technology sectors.
“On Average, a new billionaire was created in Asia every two days, with the total number of Asia billionaires rising by almost a quarter to 637, compared to 563 in the US”, the report says.
The combined wealth of Asia’s richest people soared by almost a third from 1.5 trillion dollars t two trillion dollars. At the same time, the study shows, US billionaires still retain the largest chunk.
“If the current trend continues, the total wealth of Asian billionaires will overtake that of their counterparts in 4 years” the report suggests. In Europe, the number of billionaires remaineed static with a modest overall increase in wealth of five percent to just over 1.3 trillion dollars.
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