New visionaries and the Chinese Century
Last year, the world’s billionaires’ assets grew by USD 1.4 trillion to USD 8.9 trillion – the most substantial annual increase and the greatest wealth ever. There were 332 new billionaires, 199 of which self-made entrepreneurs. China, the fastest growing billionaire market worldwide, is producing two new billionaires a week. The «Billionaires Insights 2018 – New Visionaries and the Chinese Century» report conducted by PwC and UBS focuses on this staggering growth. APAC comes out on top and is unmatched when it comes to generating wealth. The report also analyses the enormous shift of wealth that is predicted for the next generation.
PwC and UBS have continued their analysis of wealth generation and respective emerging trends in their fifth report on billionaires’ wealth. Their report is based on data including 2,158 billionaires from 43 countries in the Americas, EMEA and APAC, encompassing 98% of the global billionaire wealth. It takes a close look at billionaires’ changing fortunes and needs.
Billionaires have driven almost 80% of the 40 main breakthrough innovations over the last 40 years. Approximately 70% are technology-related and 80% of the companies behind them are based in the Americas, with 20% in APAC.
One hundred and ninety-nine entrepreneurs became billionaires for the first time in 2017 – some of them in the vanguard of the ‘Fourth Industrial Revolution’.
Globally, billionaire wealth increased by USD 1.4 trillion to USD 8.9 trillion in 2017, its greatest absolute growth ever, with China minting 2 billionaires a week.
A new cohort of Chinese entrepreneurs is challenging Silicon Valley, amid rising tensions over trade and intellectual property. With 50 unicorns produced in China and 62 in the US, the Chinese prove restless innovators and disruptors.
As the next generation of sons and daughters grows up, so there is rising entrepreneurial spirit in billionaire families across the world.
New multi-generational families are being created, recognizing the need to plan for succession. In 2017 alone, 44 heirs inherited more than a billion dollars each (56% Americas, 28% EMEA, 16% APAC), totalling USD 189 billion.
While sustainable investing is becoming mainstream, as millennials assume roles in family offices and philanthropic organizations the trend is likely to grow stronger.
China’s young entrepreneurs are set to swell the ranks of the world’s billionaires for years to come.