World's billionaires have more money than GDP of the whole European Union!


World's billionaires have more money than GDP of the whole European Union!

In fact, a new billionaire was created "every other day" in Asia, the report said, as the region continues to expand economically amid surging real estate prices and fluctuations in the USA dollar. China accounted for 62% of the newcomers, followed by 12% in India and 12% in Russian Federation.

In Europe, the population of billionaires largely held steady in 2016; their collective wealth grew by 5% to just over $1.3 trillion.

New report states that the wealth of billionaires of the world increased by almost $1 trillion in 2016. Three-quarters of the new billionaires previous year were from China and India, benefiting from rising commodity and real estate prices. And the average wealth of Chinese billionaires was US$2.5 billion. The average age of Chinese billionaires stood at 55, while the global figure was 63. The entrepreneurial wealth had grown along with expansion of employment.

She said she was not anxious that greater state control, as promised by President Xi Jinping in his address to the 19th Communist Party Congress this week, would hold back private wealth creation.

The world's wealthiest individuals are on a roll with billionaires in Asia leading the pack.

The population of billionaires rose by 145, or about 10% in 2016, to 1,542 billionaires, according to the UBS/PwC Billionaires Report.

But while Asian billionaires now outnumber their United States counterparts, the Americans still control more wealth in total.

With 162 newcomers joining the billionaire club in 2016, the Asia-Pacific region has surpassed the US for the first time as the home of the world's super-rich, according to a study released Thursday by the Swiss private bank UBS and global accounting firm PricewaterhouseCoopers. Should that pace continue, Asia would overtake the the world's largest concentration of wealth in four years, the Swiss bank and the auditing firm said in an analysis of data from roughly 1,550 billionaires.

More than 140 top sports clubs around the world are owned by 109 billionaires, who are on average 68 years old with a wealth of US$5b ($7.3b), according to the survey. While only 45% of billionaires were self-made in 1995, the percentage of entrepreneur billionaires has now risen to 80%.

"Indirectly, you could argue and say governments, regulators and central bankers may have contributed to the wealth creation", Josef Stadler, global head of ultra-high net worth at UBS, told CNBC on Thursday. Through their own passion for arts and sports, they are playing an increasingly important role in enriching the cultural life of communities'. 'The societal effect of great wealth is, however, not exclusively economic.



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