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Saturday, October 27, 2018 – 5:50
Singapore
BILLIONAIRE's wealth recorded its "strongest" increase last year, up 19% to US $ 8.9 billion, thanks to strong growth in the Asia-Pacific region – particularly in China.
According to the UBS / PwC billionaires report, 2018, global wealth is shared by 2,158 people. In China alone, there were 373 billionaires last year. Asia is home to 814 billionaires, whose net worth has risen by a third to reach 2,700 billion US dollars, mainly thanks to China. The wealth of Chinese billionaires rose 39% to 1.12 trillion US dollars.
Wealth creation this year is not comparable to last year due to market volatility, the defeat of equities and the uncertainty surrounding the trade war. On Thursday, the S & P 500 index still clung to a 1.2% yield since the beginning of the year, but Chinese stocks fell 21% on the basis of the year. 39, Shanghai Shenzhen CSI 300 index.
Kelvin Tay, general manager and regional investment manager at UBS Global Wealth Management, said, "If you're an entrepreneur looking to list a company to generate wealth, it's probably hard to get attractive valuations. Next year, rates will be higher, and we expect the Federal Reserve to raise rates three times next year, so the risk premium is higher. an impact on billionaires. "
"The first step to wealth creation is usually the stock market.Asia and the United States share the same characteristics.It's hard to become a billionaire through pure organic growth."
Last year, more than three new billionaires were hit weekly in Asia. China has led the way by creating two new billionaires a week, according to the report. That meant that Asia accounted for more than half of the new billionaires in the world
At the current rate, UBS and PwC expect Asia-Pacific billionaires to be richer than their US counterparts in less than three years.
Ravi Raju, the group's UBS leader, said: "The remarkable wealth creation (in Asia) represents a huge opportunity for UBS, which currently has relationships with three billionaires in Asia."
The number of billionaires in Singapore has remained stable at 22, with just a new addition – Min-Liang Tan, co-founder of the Razer gaming equipment company Inc. His wealth is listed at $ 1.1 billion and he is the youngest at 40 years old. He is also the only one to have enriched himself in entertainment and the media. Most of Singapore's billionaires work in real estate and financial services.
The total wealth of billionaires in Singapore rose 9% to $ 64.5 billion. The three main sectors behind the wealth are real estate, financial services and industries. Nearly two-thirds of Singapore's billionaires are self-employed, which is slightly below 68% in the United States.
Ng Siew Quan, head of PwC Singapore's private and business enterprises in Asia-Pacific, pointed to the growing entrepreneurial spirit among those who inherit a family-owned business, compared to those who simply inherit wealth. He added that the trend "helps to perpetuate the relevance of the family business" and will probably help families to preserve and grow their wealth after the third generation.
Of those who inherited from a family business, 62% in the world then launched corporate projects, compared with 42% of those who inherited assets.
Ng said: "Asia is one of the most fragmented and diverse regions, and in some areas we see more and more family-owned businesses can create a lasting legacy, given strong ambitions. the next generation, and more importantly, the deeper appreciation of the current and the next generation for family governance and succession planning. The spirit of increased preparedness prepares Asian family businesses in the right direction for successful transitions and sustainable growth.
The report says that billionaires have a "transformative" effect on the world, having been at the origin of 80% of the 40 major innovations of the last 40 years.
But Asian billionaires are challenging the traditional dominance of the United States in technology. In 2017, they were equivalent to the level of venture capital financing of new businesses by the United States. They have registered four times more patents related to artificial intelligence and three times more patents related to blockchain and crypto than their US counterparts.
At the same time, over the next 20 years, an estimated US $ 3.4 trillion in wealth should be handed over to a new generation. The youngest billionaires should be the engines of growth in philanthropy and sustainable investment; 38% of family offices are now engaged in sustainable investments; 45% intend to intensify it over the next 12 months.
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