China leading the way in UBS billionaire report 2018

Leading the way Alibaba chairman Jack Ma at a conference in Yunqi Cloud Town in Hangzhou China

In addition to the passage of a massive tax plan in the United States that favored them, billionaires worldwide made more money than in any other year in recorded history. 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, two out of three new super wealthy individuals a week in Asia were Chinese, keeping the region's 814-strong cohort above their 715 U.S. counterparts for a second year in a row.

UBS and PwC's report found there are now 2,158 billionaires globally.

But the report also cautioned that China's billionaires have a high turnover.

The world added 332 billionaires past year, with their cumulative wealth increasing 19% to a record $US8.9 trillion, according to an annual survey from UBS and PwC. Explosive wealth creation in China. The growth rate in the whole of Apac was 32 percent.

The number of billionaires in Singapore has remained stable at 22, with just one new addition - Min-Liang Tan, co-founder of gaming hardware company Razer Inc.

But Chinese billionaires expanded their wealth at almost double that pace, growing by 39 percent to $1.12 trillion. But as business remains risky in the region, China also lost one billionaire per week (106 new billionaires vs. 51 ex-billionaires).

This year's survey, based on interviews and financial data, widened its scope to include 2158 individuals from 43 countries, compared to 1550 billionaires from 14 countries cited in last year's report.

The worsening trade war with the United States has contributed to a slowing economy and the worst stock market rout in four years in China, and this could prove crucial as last year's rise was led by equity market growth and a strong global economy, according to UBS's Wyatt.

"Over the last decade, Chinese billionaires have created some of the world's largest and most successful companies, raised living standards".

'But this is just the beginning.

It said 97% of the Chinese billionaires were self-made, many of them in sectors such as technology and retail.

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

Unsurprisingly, the wealth of Chinese billionaires helped drive the growth, with their net worth up 39% to US$1.12 trillion, according to the UBS/PwC Billionaires Report 2018. His wealth is listed at US$1.1 billion, and he is the youngest at 40.

The report, which UBS produces annually with the audit and consulting firm PwC, is meant to be a marketing tool for the firm's wealth management business.

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