Asia has outpaced US with a total billionaire soar worth 6 trillion dollars in 2016, which means an average of $3.9 million is added to the net worth of each person on the list. And one new billionaire created every other day – should this, pace continue Asia will replace the US as world’s largest concentration of wealth in four years.
Led by China and India, the number of Asian billionaires surpassed that of US for the first time with three-quarters of the world’s new billionaires hailing from India and China. Last year, 117 new billionaires were added, to give a total of 637 Asian billionaires – and surprisingly, the self-mail billionaires saw more wealth surge than those who belong to rich families. Whereas US added just 25 billionaires for a total of 563; Europe, on the other hand was basically flat at 342 in part due to death and because “entrepreneurial companies can find Europe a difficult place to do business due to both the conservative business culture and strict regulations.
The combined wealth of Asia’s richest people soared by almost a third from $1.5 trillion to two trillion dollars. At the same time, the study shows, US billionaires still retain the largest concentration of wealth, up from $2.4 trillion to $2.8 trillion. The added wealth is mostly driven by technology, financial services and materials; and peer networks are playing a significant role for billionaires when it comes to making and giving away money. Informal and formal networks orchestrate deals and investments, as well as helping with other topics such as philanthropy, inheritance and art.
In the United States, the technology industry generated most of the new wealth for billionaires; it was also the second-largest driver of global wealth for billionaires, after the retail sector. The total number of billionaires in Europe, where old money reigns supreme, was essentially unchanged. Oh and Asian billionaires are pretty younger, at 59 on average, compared to their European and American counterparts, who are on average 66 and 67, respectively. While Asian billionaires still have a long way to cover, the outburst in wealth is a positive sign as world’s richest people significantly affect the global economy through the people they employ and the growth they foster.