China’s new rich help drive billionaire wealth to $8.9t: Report

Photo: Reuters

The world’s billionaires saw their collective wealth rise 19 percent to $8.9 trillion in 2017, led by growth in China, which minted two new billionaires every week, according to a new report.

A total of 199 billionaires were created over the year globally, with nearly a third gaining their wealth through some form of innovation, while the rest did so by scaling up businesses in the Asia-Pacific region, UBS and consultants PwC said.

Nowhere was this more visible than China, they said in the 2018 edition of their Billionaires Insights Report, with China’s billionaires rising to 373 from 318 with joint wealth of $1.12 trillion, up 39 percent.

“China’s billionaire entrepreneurs are leading their country’s economic transformation, and by extension that of the rest of Asia,” the report said.

“Over little more than 10 years, they have created some of the world’s largest companies, raised living standards and made fortunes at an unprecedented pace.”

UBS, whose wealth management arm manages around $2.5 trillion in assets, and PwC said there were already more billionaires in Asia than in the United States and they were on course to be wealthier than their U.S. peers within three years.

“A new cohort of Chinese entrepreneurs is challenging Silicon Valley, amid rising tensions over trade and intellectual property. They are developing new business models, seizing opportunities, moving rapidly between business sectors.”

China produced 50 so-called ‘unicorns’ – companies with a valuation of at least $1 billion – from 2016 to 2018, slightly behind the 62 produced in the United States, the report said.

Rapid urbanisation and productivity growth would help the young entrepreneurs at the forefront of China’s wealth creation continue to reach the ranks of the billionaires in the coming years, it said.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.