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The total wealth held by the world’s billionaires has surged by 19 per cent to $A12.6 trillion, according to a survey of more than 2,000 of the world’s richest people.
Booming stock markets across the globe, higher property prices and economic growth were responsible for the record high in the wealth held by the world’s most affluent people in 2017, a report by the Swiss bank UBS and consultants PwC published on Friday said.
The survey was expanded this year to cover an estimated 98 per cent of billionaires’ wealth. Chinese entrepreneurs alone added $A2 trillion to their bank accounts, according to the report.
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“China’s vast population, technology innovation and productivity growth combined with government support, are providing unprecedented opportunities for individuals not only to build businesses but also to change people’s lives for the better,” said Josef Stadler, UBS’ head of ultra high net worth.
There were two new billionaires in China every week, and three a week in Asia as a whole, the report said.
The Americas region was still home to the highest concentration of billionaire wealth in 2017, although wealth creation in the region was reported to be slowing.
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.
PwC wealth expert Marcel Widrig said the researchers noticed a trend for philanthropy in young entrepreneurs.
“Billionaires are embracing sustainable investing … Indeed, many of the younger generation want to change the world, making an impact through their family offices and philanthropic organisations,” he said.
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