{"id":366686,"date":"2017-10-30T11:47:17","date_gmt":"2017-10-30T11:47:17","guid":{"rendered":"http:\/\/citifmonline.com\/?p=366686"},"modified":"2017-10-30T11:47:17","modified_gmt":"2017-10-30T11:47:17","slug":"asia-now-has-more-billionaires-than-us","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/10\/asia-now-has-more-billionaires-than-us\/","title":{"rendered":"Asia now has more billionaires than US"},"content":{"rendered":"
Asia has overtaken the United States as the region with the most billionaires for the first time.<\/p>\n
Last year America had 563 billionaires while Asia had 637, a report by financial services firm UBS and auditor PricewaterhouseCoopers found.<\/p>\n
The report credited the reversal of fortunes to the arrival of a new entrepreneurial class in\u00a0China, with Asia creating a new billionaire every three days on average.<\/p>\n
<\/p>\n
But while Asian billionaires now outnumber their US counterparts, the Americans still control more wealth in total.<\/p>\n
Europe took third spot in the report’s billionaire database with 342.<\/p>\n
In total there are now 1,542 billionaires in the world controlling $6trillion between them, researchers said.<\/p>\n
<\/p>\n
That marks a 17 per cent rise from 2015, when billionaire wealth declined.<\/p>\n
The group of billionaires either owns or partly controls companies that employ 27.7 million people, it added.<\/p>\n
While the chasm between the world’s rich and poor remains a burning political issue across the continents, UBS and PwC said that billionaire assets are increasingly likely to benefit the needy.<\/p>\n
‘Looking further forward, we estimate that $2.4trillion (2.1 trillion euros) of billionaire wealth will be transferred in the next two decades as billionaires age, with a significant amount going to philanthropic causes,’ the report said.<\/p>\n
Three quarters of those who newly became billionaires in 2016 were from China and India, the findings showed.<\/p>\n
John Mathews, a senior figure within UBS, said: ‘The US still leads in the world’s largest concentration of billionaire wealth.<\/p>\n
As expected in a country with such an entrepreneurial mind set, technology is the biggest driver of wealth creation.<\/p>\n
‘These entrepreneurs are leveraging their networks and focusing on not only growing their wealth, but also making sure they are socially impactful.’<\/p>\n
The report found that billionaires are creating legacies for themselves through their cultural pursuits and are becoming more engaged in the arts and, increasingly, investing in sports clubs.<\/p>\n
Private museums are growing in number and public museums are receiving more funding, increasing the accessibility of art to the public, the report said.<\/p>\n
Billionaires are also helping sports clubs to become more sustainable, helping them to deliver associated benefits to the communities they are part of.<\/p>\n
<\/p>\n
–<\/p>\n
By: Daily Mail UK<\/p>\n","protected":false},"excerpt":{"rendered":"
Asia has overtaken the United States as the region with the most billionaires for the first time. Last year America had 563 billionaires while Asia had 637, a report by financial services firm UBS and auditor PricewaterhouseCoopers found. The report credited the reversal of fortunes to the arrival of a new entrepreneurial class in\u00a0China, with […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[107],"tags":[1797,1798,1799],"yoast_head":"\n