One billionaire is being minted in China each week thanks to rapid wealth expansion, the Hong Kong Economic Journal reported Wednesday, citing a survey.
About 300 of 500 Asian billionaires come from mainland China, with Hong Kong contributing 60 and Taiwan 46, the report said, citing a study by UBS A.G. and PricewaterhouseCoopers.
Fourteen countries account for more than 1,300 billionaires, who are collectively worth US$5.4 trillion, more than the gross domestic product of Japan, the world’s third largest economy.
Among these billionaires, 917 are first generation rich, 36 percent of whom come from Asia which has overtaken Europe for the first time.
The United States accounts for slightly less than half of the world’s billionaires.
On average, Asian billionaires are 10 years younger than those in the US and Europe.
About 20 percent of Asian billionaires created their fortunes from scratch in the consumption sector.
Francis Liu, managing director of UBS wealth management, expects Asia to overtake the US in the number of billionaires in five to 10 years given the region’s economic expansion and growth in the property and stock markets.
Translation by Vey Wong
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