VIDEO: Asia now has more billionaires than the US

But US billionaires still control more wealth

TRD New York /
Oct.October 26, 2017 06:00 PM

Asia’s super-rich just got richer, and there are now more billionaires in Asia than in the U.S.

Led by China, billionaire wealth increased 17 percent to $6 trillion in 2016, according to a report from UBS Group AG and PricewaterhouseCoopers.

Still, while there may now be more Asian billionaires, American billionaires still control the most wealth at $2.8 trillion, according to Bloomberg.

“In China, one billionaire is created every three weeks,” Qiong Zhang, head of wealth management for UBS Securities in China, said. “For many of the first generation of entrepreneurs, a major focus is bringing the business to the capital markets, raising funds and M&A.”

Asia has seen a new billionaire created every other day on average and at that pace will likely overtake the U.S. in as little as four years. [Bloomberg]Christopher Cameron

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Council member Rafael Espinal (Credit: Twitter, iStock)

For the birds: NYC buildings told to use flight-friendly materials

From left: 1 West End Avenue, 161 West 13th Street and 66 Ninth Avenue (Credit: StreetEasy and Wikipedia)

Porter House penthouse among NYC’s 5 priciest homes to hit the market last week

From left: Sam Chang, 52 William Street and New York Hotel & Motel Trades Council's Peter Ward (Credit: Google Maps)

Cuomo goes after Sam Chang as union drama unfolds

15 East 90th Street (Credit: Google Maps)

Lonely townhouse finds a match after years on market

From left: Jeff Cohn and Gary Keller

Gary Keller walks into Berkshire Hathaway’s backyard and takes its top team