In particular, China added 55 billionaires past year, increasing its total to 373, with combined wealth jumping 39 percent to 1.12 trillion dollars, primarily driven by robust e-commerce and promising technology businesses.
The sheer numbers are staggering: total assets of all billionaires of this world increased by nearly a fifth to $8.9 trillion over the past year, according to the UBS/PwC billionaires report published on Friday.
At the current rate, UBS and PwC expect Asia-Pacific billionaires to be wealthier than their United States peers in under three years.
The report said China was now the leading country for entrepreneurs to create wealth.
"Over the last decade, Chinese billionaires have created some of the world's largest and most successful companies, raising living standards", said Josef Stadler, head of ultra-high net worth at UBS Global Management. There are 701 billionaires over the age of 70, whose wealth will transition to heirs and philanthropy over the next 20 years, given the statistical probability of average life expectancy.
However, female billionaires remain a small minority, making up just 11 percent of the total, and for some the report highlighted growing inequality.
"Today, only 30 years after the country´s government first allowed private enterprise, they number 373 - almost one in five of the global total". Since other industries like retail and financial services rely heavily on technology, technology has become the horizontal and most other industries are verticals.
UBS and PwC said there were already more billionaires in Asia than in the US.
In the past, "the majority of breakthrough innovations have been driven by companies based in the Americas", John Mathews, UBS' head of ultrahigh net worth for the Americas, said in a statement.
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 have also found that Next Gen billionaires are extremely entrepreneurial.
In 2017, India's billionaires grew from 19 to 119, while their wealth increased by 36 per cent to US$440 billion.
Equities in the United States and Asian countries excluding Japan may fall by more than 20 percent from their levels in mid-summer of 2018, the report warned.
"Nowhere else in the world can you find better conditions for growth than in China".
These mega-rich increased their wealth by a $1.4 trillion which is more than the entire GDP of Spain or Australia.
In the Asia Pacific region, Thailand was the country which registered the strongest growth in the wealth and the number of billionaires, with a rise of 43 percent to 30, though only 57 percent were described as self-made.
"[Last year's] increase in billionaire wealth of 19 per cent was substantially higher than the average of 9 per cent in the previous five years", said Wyatt.
He pitched in relief again in Game 3, the third time in three games this series, which rules him out. Jackie Bradley Jr . ties the game at 1-1 for the Red Sox with a solo home run in the eighth inning .
NBC have not made any official statement about the future of the show. "She's doing a lot, she's doing a lot of different things". Megyn Kelly will not be back on NBC after this week's controversy over her comments about blackface , TMZ reported Thursday.
On Tuesday, he said Saudi Arabia still intends to increase production to meet demand as US sanctions shrink Iran's crude exports. Concerns over the health of the global economy, leading to the equities sell-off, are seeping into the oil market.
On Friday evening, Meghan Markle served up what is hands-down our favorite look from her and Prince Harry's royal tour thus far. She touched on her why she and her father have spoken out in public interviews since Meghan and Harry tied the knot in May.
Elsewhere, Democratic challenger Beto O'Rourke has raised millions of dollars in his bid to unseat Texas Sen. This comes at a time when the House and Senate elections are going in totally opposite directions.
Witnesses said the party at the event space of an apartment complex was just getting started when the floor collapsed. Police said the clubhouse at The Woodlands, about three miles from Clemson, had been leased for a private party.
Also among the dead were passers-by who had been picnicking in the area, he said, adding that a nearby bridge had collapsed. -Gen. Thirteen people escaped the flooding without injuries, with some holding on to rocks to survive.
He was, however, declared dead by Saudi Arabia after two weeks of denial about any information on his disappearance. The foreign minister said Saudi Arabia's investigation into Khashoggi's death was still in its early stages.
The team announced the find Tuesday, saying its discovery has been "confirmed as the oldest intact shipwreck known to mankind". Their exploration unearthed more than 60 shipwrecks, including Roman trading ships and a 17th century Cossack raiding fleet.
One of the few positives from the game against Purdue was the fact that he had back-to-back games of 100 receiving yards. Quarterback Dwayne Haskins put up huge numbers with 49 completions in 73 attempts for 470 yards and two touchdowns.
He was born a month prematurely with cerebral palsy, as a result of injuries sustained in the shooting , according to ESPN . Carruth still claims he wasn't intending to have Adams killed, but acknowledges a responsibility for what happened.
Former England manager Glenn Hoddle 'seriously ill'
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Duchess Kate glitters in Princess Diana's tiara
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Red Sox Notch Game 2 World Series Win Over Dodgers
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Emery explains why he lost against City, Chelsea
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Trump Calls Migrant Caravan a National Emergency
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Google to charge Android partners up to $40 per device for apps
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