One billionaire created every two days in Asia, study says

Wealth


Total billionaire wealth soared to $6 trillion in 2016, with one billionaire created every two days in Asia, UBS reported in a study published Thursday.

The research said an annual increase of 17 percent among the super-rich was supported by a surge among Asia’s emerging billionaire class as well as an uptick in growth in the materials, industrials, financial and technology sectors.

“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.

The Federal Reserve has raised its benchmark rate four times since December 2015, although the current range of 1 percent to 1.25 percent remains historically low. And while other central banks are joining the Fed in gradually normalizing policy, several lenders have become frustrated with the somewhat glacial approach to monetary tightening from major central banks worldwide.

UBS also reported that while the U.S. still possessed the largest concentration of billionaire wealth, if the current trend continued, Asian billionaires would likely overtake their U.S. counterparts in four years.



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