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New billionaire born in Asia every other day

29 October 2017

The wealth held by those billionaires increased from $5.1 trillion to $6 trillion, according to the report.

The report credited the reversal of fortunes to the arrival of a new entrepreneurial class in China, with Asia creating a new billionaire every three days on average.

If these trends continue, it will take only four years for the total wealth of Asia's billionaires to overtake U.S. billionaires, according to UBS.

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UBS also reported that while the USA still possessed the largest concentration of billionaire wealth, if the current trend continued, Asian billionaires would likely overtake their United States counterparts in four years. The surge in wealth was driven by self-made entrepreneurs and rapid wealth creation in Asia, the report said.

The report finds that the total wealth of the world's richest people grew at about double the rate of global stock markets in 2016, as tracked by the MSCI World Index. China had by far the highest number in the region, with 101 new billionaires added to the list for 2016 - taking the country's total to 318, the South China Morning Post reports.

The US might be the wealthiest country in the world, but it's not churning out the most billionaires. Now in its third year, the report draws upon UBS and PwC's extensive networks, and aims to better understand the billionaire population globally.

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It said the current cycle of billionaire growth started in 1980 and warned that this super cycle for billionaires isn't likely to last forever.

Private museums are growing in number and public museums are receiving more funding, increasing the accessibility of art to the public, the report said.

PwC partner and private wealth leader Dr. Marcel Widrig said, "Whereas last year we were concerned about issues such as regulatory upheaval and currency fluctuations, this year's return to growth and change in demographics shifts the focus to idealism, philanthropy and impact investing".

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And, it's younger people who are taking over the technology sector. "Through their own passion for arts and sports, they are playing an increasingly important role in enriching the cultural life of communities", he said, commenting on the findings.

New billionaire born in Asia every other day