China leads the way as world's billionaires get richer

China leads the way as world's billionaires get richer

It's exactly that kind of ingenuity that has helped the world's most populous nation churn out new billionaires at a prodigious clip, according to John Mathews, head of ultra-high net worth in the Americas for UBS Group AG. He is also the only one who made his wealth in entertainment and media; most Singapore billionaires are in real estate and financial services.

While there were 53 new billionaires in the 2017, China's ranks of the megawealthy grew at double that rate-or just over two a week.

Currently, there are 2,158 billionaires.

The number of Chinese billionaires has risen to 373 in 2017 from 318 in 2016.

The report, jointly published by UBS Global Wealth Management and consultancy firm PricewaterhouseCoopers, was titled "New Visionaries and the Chinese Century", in which Chinese entrepreneurs are hailed as the "vanguard of a new industrial revolution".

China led the world in creating new billionaires last year, and the collective wealth of the elite group jumped 39% last year to $1.12 trillion, according to estimates in a new reportfrom Swiss investment bank UBS AG and accountants PwC. Explosive wealth creation in China.

In 2006, there were just 16 Chinese billionaires.

The U.S. and China are likely to see slower economic growth in the coming period as Donald Trump's trade war bites.

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For China´s young billionaires "the country´s fundamentals of a huge population and rising technology will continue to offer fertile conditions for entrepreneurs to grow their businesses", the study said.

"Over little more than 10 years, they have created some of the world's largest companies, raised living standards and made fortunes at an unprecedented pace".

'But this is just the beginning.

"As we work with our billionaire clients, numerous next generation seem highly motivated, committed to their chosen careers, the family business and/or doing social good", the report said.

'Today, only 30 years after the country's government first allowed private enterprise, they number 373 - almost one in five of the global total'. "This cohort is overwhelmingly self-made and determined to capitalise on one of history's greatest moments for new enterprise".

About 97% of Chinese billionaires are considered self-made, and, at 56 years old on average, they're about a decade younger than their North American counterparts.

The Americas region is still home to the largest concentration of billionaire wealth, which in the USA grew by 12 percent to United States dollars 3.1 trillion, powered particularly by the technology and consumer & retail sectors.

However, UBS and PwC also highlight "the risks of doing business in China", as well as the opportunities.