Look China rich help drive billionaire wealth to US$8.9 trillion

What's more, 332 billionaires were minted in 2017, a rate of nearly a person-per-day joining the three-comma club. The surge in the number of billionaires in the world's most populous country has made it an Eldorado for private banks - a business not without risk though. In 2017, they equalled America's level of venture capital funding for start-ups, registered four times as many Artificial-Intelligence-related patents and three times as many blockchain and crypto-related patents as their USA counterparts.

If current trends hold, Asian billionaires' wealth will surpass that of their American counterparts in three years.

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

Rapid urbanisation and productivity growth would help the young entrepreneurs at the forefront of China's wealth creation continue to reach the ranks of the billionaires in the coming years, it said.

The world added 332 billionaires previous year, with their cumulative wealth increasing 19% to a record $US8.9 trillion, according to an annual survey from UBS and PwC. The collective wealth of US billionaires gained 12% climbing to $3.1 trillion. The growth rate in the whole of Apac was 32 percent.


Globally there are 2,158 billionaires worth a combined 8.9 trillion USA dollars.

However, the report also estimated that if the ongoing trade dispute between the United States and China escalates to an all-out trade war, both countries could see significantly lower economic growth before policy responses. "The reality of it is the impact and the way we live our lives with the wealth being created, not just with the billionaires themselves, but with everyone associated with it, has just accelerated at a pace I'm not sure we were even ready for". "But this is just the beginning", said Josef Stadler, head of ultra-high net worth at UBS wealth management.

'Today, only 30 years after the country's government first allowed private enterprise, they number 373 - almost one in five of the global total'.

About 97% of China's billionaires are self-made, with the majority working in sectors such as tech or retail.

"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. "This cohort is overwhelmingly self-made and determined to capitalize on one of history's greatest moments for new enterprise". His wealth is listed at US$1.1 billion, and he is the youngest at 40. Far from being a Wild West with little or no controls, China's government is looking closely at how business is evolving and what the successful entrepreneurs are doing with their money.


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