VIDEO: Asia now has more billionaires than the US

But US billionaires still control more wealth
October 26, 2017 06:00PM

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