China 'creates two billionaires a week'

The'Flaunt your wealth challenge is popular in China

"Over the last decade, Chinese billionaires have created some of the world´s largest and most successful companies, raised living standards", said Josef Stadler, head of Ultra High Net Worth at UBS Global Wealth Management. Explosive wealth creation in China. But this is just the beginning.

The richest people on Earth increased their wealth by a fifth to $8.9tn (£6.9tn), according to a report by Swiss bank UBS.

According to UBS, this trend will continue to accelerate over the next 20 years, given that there are now 701 billionaires over the age of 70.

"We need to consider how a maturing economic cycle could affect investors, including billionaires specifically", Mike Ryan, Americas chief investment officer with UBS Global Wealth Management said. And a total 97 per cent of all China's billionaires were self-made. Asia has 711 billionaires, compared to 631 in North America.

In 2017, two out of three new super wealthy individuals a week in Asia were Chinese, keeping the region's 814-strong cohort above their 715 U.S. counterparts for a second year in a row.

Billionaires from Asia, especially in the Chinese city of Shenzhen, are now challenging the traditional dominance of Americans as technology entrepreneurs. "The continued progress of wealth creation is supported by government policies liberating the economy, while [urbanization] and business model disruption has crafted powerful new entrepreneurs", the report reads. "This cohort is overwhelmingly self-made and determined to capitalize on one of history's greatest moments for new enterprise". This year, however, has seen stock markets decline worldwide over interest rate increases in the US and emerging market volatility, only to be exacerbated by tensions surrounding the US-China trade war. Mathews said major anticipated initial public offerings in 2019, including Uber, could reveal more stealth wealth, potentially adding more billionaires to the US's count.

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Of those who inherited a family business, 62 per cent globally went on to start entrepreneurial ventures, compared to 42 per cent of those who inherited assets. China, home to 1.4 billion people, added 55 new billionaires a year ago and their aggregate wealth grew 39% to $1.12 trillion.

"Billionaires are embracing sustainable investing".

There's never a bad time to be rich, but 2017 has been the best so far - if you're already a billionaire that is.

In Europe, wealth grew 19 percent to Dollars 1.9 trillion.

Wealth transition from just five families accounted for 30 percent of the continent´s wealth expansion, the study said.

Billionaires are richer than before too, with their average net-worth sitting at $4 billion.

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