Last year, 199 billionaires newbies in the world – especially the Chinese beat

China has two new billionaires a week. This is clear from the annual survey Overview of billionaires 2018 of the Swiss bank UBS and the PwC consulting firm on the wealth of billions of dollars. Last year, there were 2,158 billionaires in the world. Their assets grew by nineteen percent, to reach the record amount of nearly $ 9 trillion.

Of the 199 new billionaires in 2017, 89 came from China. A quarter of them have crossed the $ 1 billion mark thanks to the production of goods. A single billionaire newbie in China has earned his money on the financial markets. In 2005, there were only eight billionaires in China, in the years before their zero. Last year, there were 373 Chinese billionaires, nearly one-fifth of the world total. UBS and PwC expect Chinese growth to continue next year. "This is only an early start," said Josel Stadler of the UBS bank.

The New Generation

The wealthiest Chinese should not have any family inheritance. Of the Chinese billionaires, 97% are self-made . Ravi Raju, head of UBS's Asian branch for large customers, credits China's billionaires' growth with their flexibility:

"Asian billionaires are young and determined, relying continuously on their businesses, develop new business models and move quickly to new areas. "

Research envisions a major shift for the future. A third of billionaires are over seventy. This group owns 40% of the world's assets. Their abilities will diminish over the next twenty years through legacies and charity, the researchers write.