Billionaire Report Reveals Number Of Richest Chinese Increases Weekly
It seems that younger Chinese these days are well-versed as to how the stock market really works. Coupled with an entrepreneurial spirit, they merge these two to their advantage. The result is the emergence of a Chinese in the global billionaire list almost every week.
UBS and PricewaterhouseCoopers (PwC) recently released their joint 2015 Billionaires Report. It revealed that the Asians now rank second to the Americans in generating global billionaires, bumping off those in Europe.
There were a total of 917 self-made billionaires between 1995 and 2014 who contributed over $3.6 trillion to the global wealth. Of this figure, 35 percent came from Asia. Francis Liu, a managing director at UBS Wealth Management, told CNN that it is just a matter of years when the world’s super rich will be led by the Asian billionaires.
“In the next five to 10 years [the number of] Asian billionaires will surpass the U.S.”
Looking forward, the region will become the center of new billionaire wealth creation, Antoinette Hoon, private banking advisory services partner for PwC in Hong Kong, said.
Most of the newer billionaires in Asia got their big bucks from being engaged in real estate, technology, healthcare and other consumer industries. China listed 200 billionaires in 2014, compared to the U.S.’ 570, the report said.
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The 2015 Billionaires Report also noted that many of Asia’s wealthy are younger than their counterparts in other parts of the world.
Essential findings the report discovered:
– Twenty three 23 percent of the 917 self-made billionaires launched their first business before 30 years old while 68 percent before hitting 40.
– Twenty seven percent of self-made American billionaires in the last two decades came from the tech sector.
– More than two-thirds of global billionaires are over 60 years old and have more than one child.
– The average age of Asia billionaires is 57, 10 years younger than in the U.S. and Europe.
– About one fourth of Asian billionaires had impoverished childhoods, compared with 8 percent in the U.S. and 6 percent in Europe.
– Sixty percent of self-made billionaires in the U.S. and Europe retain their businesses, while 30 percent dispose a part of their business either through an IPO or trade sale, with 10 percent selling outright.