New billionaire born in Asia every other day

On an average Asia added a new billionaire every day the

The combined wealth of Asian billionaires rose by nearly a third to reach $2 trillion, although that still lags behind the U.S. where billionaires are wealthier on average.

With 162 newcomers joining the billionaire club in 2016, the Asia-Pacific region has surpassed the USA for the first time as the home of the world's super-rich, according to a study released Thursday by the Swiss private bank UBS and global accounting firm PricewaterhouseCoopers.

The number of Asian billionaires rose by one-quarter past year to 637, compared to 563 billionaires in the US and 341 billionaires in Europe, according to a report by Swiss bank UBS and worldwide consulting firm PwC.

"This year we have seen not only a return to growth for billionaire wealth, but also a significant shift in its geographic dimensions", said Josef Stadler, UBS' head of ultra-high net worth clients.

England complete stunning comeback against Spain to win Under-17 World Cup
Both Spain and England have never won a world title at this level and thus will have their eyes set on the glory. Late goals from Guehi and Foden alleviated a nervy finale and ensured an emphatic final scoreline.

If the trend continues, Asian billionaires will surpass their USA counterparts in overall wealth in four years, the two professional firms estimate.

Technology continues to be the biggest creator of wealth, the report said.

Welcome to the fourth edition of the UBS/PwC Billionaires Report.

A new billionaire was created in Asia every two days during 2016, the research found. "If you look at the facts, the facts are 1,500 billionaires employ directly or indirectly more than 28 million people - that is the entire workforce of the United Kingdom", he explained.

Ian Wright sends warning to Jose Mourinho about Man United v Tottenham
With Harry Kane ruled out against Man United, Shaka Hislop sifts through the other options at Mauricio Pochettino's disposal. Tottenham says the striker underwent assessment this week that showed "a minor strain to the left hamstring".

The world's wealthiest individuals are on a roll with billionaires in Asia leading the pack.

Well if billionaires are richer than the European Union (in terms of their GDP), then the reports also said that they directly give employment to 27.7 million.

The surge in wealth by the world's billionaires far surpassed broader economic growth or stock markets. Now in its third year, the report draws upon UBS and PwC's extensive networks, and aims to better understand the billionaire population globally.

And, it's younger people who are taking over the technology sector. Private museums are growing in number and public museums are receiving more funding, increasing the accessibility of art to the public.

Canalys: India overtakes USA to become second largest smartphone market
Karn Chauhan, Research Analyst at Counterpoint Research said , "India continues to be an attractive destination for handset OEMs". The Managing Director of Xiaomi India has stated that their goal is to become the number one smartphone manufacturer in India.

Related news:

Hot News