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Number of Asian Billionaires Surpasses US for First Time

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For the first time, the total number of billionaires in Asia has exceeded that of the US; according to a new report, three quarters of the world's new billionaires hail from China and India.

The majority of the world's billionaires now live in Asia, according to a report of 1,550 billionaires compiled by UBS and PricewaterhouseCoopers.

After a decline in 2015, last year billionaire wealth increased 17 per cent to $6 trillion. Amid economic expansion in Asia, a new billionaire was created in the region every other day, on average.

A man speaks on his mobile phone outside the Reserve Bank of India (RBI) headquarters in Mumbai, India October 4, 2017 - Sputnik International
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At the current rate of development, Asia is also tipped to overtake the US in total billionaire wealth within four years.

China recorded the highest number of billionaires, 609, followed by the US, which is home to 552 billionaires. Germany was in third place with 109 and India in fourth with 100.

"A combination of geopolitical stability in Greater China, rising Chinese real estate prices, infrastructure spending, the growing middle class and buoyant commodity prices all joined together to boost wealth," the report said. 

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