This new cohort of Chinese billionaires is overwhelmingly self-made and embracing technological innovation to revolutionize China’s economy. The US, meanwhile, continues to have the largest concentration of billionaire wealth at $3.1 trillion, followed by Western Europe with $1.9 trillion.*
“The growth in wealth is most visible in China,” said UBS Judy Spalthoff, Head of Family and Philanthropy Advisory in a UBS On-Air interview. Nearly one in “every five billionaires in the world is in China.”
Now in its fourth year, the Billionaires Report draws upon UBS Group AG and PwC’s extensive networks, and aims to better understand the billionaire population globally to better serve our clients. Our latest report also finds that:
- Globally, self-made billionaires drive innovation: Billionaires are behind 80% of the 40 main breakthrough innovations over the last 40 years.
- A major wealth transition has begun: Almost 40% of current billionaire wealth—$3.4 trillion—worldwide is expected to transition to heirs and philanthropy over the next 20 years.
- Younger billionaires are the driving force behind a growth in philanthropy and sustainable investing, since they use their wealth to create positive social impact.
“We are experiencing a new wave of entrepreneurship worldwide, with billionaires at the vanguard of innovation,” said Josef Stadler, Head of Ultra High Net Worth at UBS Global Wealth Management. “They are creating jobs and prosperity, but their impact goes beyond economics. A new generation is emerging, and they see an opportunity to tackle some of the greatest environmental and societal challenges facing humankind.”
For more, read The rise of the new billionaire, October 26, 2018.
*New visionaries and the Chinese Century. Billionaires Insights 2018. PwC and UBS Financial Services Inc. are not affiliated. As a firm providing wealth management services to clients, we offer both investment advisory and brokerage services. Advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate contracts. It is important that you carefully read the agreements and disclosures UBS provides to you about the products or services offered. For more information, please visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.