Bitcoin Price Claws Back to $4,500 But Further Losses May Lie Ahead
No, Amazon Didn't Just Rename a City 'National Landing.' Here's the Deal
Marijuana expands into three more states
U.S. midterm elections: A blue wave or a red rally?
Lowe's closing more than 50 stores in the US and Canada
China leads the way as billionaires wealth sees record increase in 2017
29 October 2018, 05:40 | Vera Richards
LearnEntertainmentInvestWealth Management The World’s Billionaires Became 20% Richer in 2017
By Jackie Goodman
The country made two billionaires every week during that period, with 199 billionaires created across the world in total, according to the 2018 UBS and PwC Billionaires Insights Report.
If current trends hold, Asian billionaires' wealth will surpass that of their American counterparts in three years.
More than 40 of the 179 new billionaires created last year inherited their wealth, and given the number of billionaires over 70 the report's authors expect a further $3.4trn to be handed down over the next 20 years. But this is just the beginning.
A significant percentage of the "newly created" billionaires are hardly the self-made men-and they are overwhelmingly men-of popular lore. "A new generation is emerging, and they see an opportunity to tackle some of the greatest environmental and societal challenges facing humankind".
The United States, which followed China, produced 53 billionaires in 2017, said the report. Today, only 30 years after the country's government first allowed private enterprise, they number 373 - almost one in five of the global total.
Since other industries like retail and financial services rely heavily on technology, technology has become the horizontal and most other industries are verticals. 89 Chinese entrepreneurs became billionaires in 2017, roughly three times more than in the United States and EMEA.
One Chinese billionaire told the researchers: "Nowhere else in the world can you find better conditions for growth than in China". Roughly half of China's new billionaires saw their wealth dip below 10 digits by the end of the year, the report showed.
The report, jointly published by UBS Global Wealth Management and consultancy firm PricewaterhouseCoopers, was titled "New Visionaries and the Chinese Century", in which Chinese entrepreneurs are hailed as the "vanguard of a new industrial revolution". "The continued progress of wealth creation is supported by government policies liberating the economy, while urbanisation and business model disruption has crafted powerful new entrepreneurs".
They have driven 80 percent of the 40 main breakthrough innovations over the last 40 years.
Technology is the driving force behind what many of these billionaire entrepreneurs do.
The report noted that great wealth in Asia remains relatively volatile in a climate of rapid economic development and erratic stock markets that forge fortunes fast, but that can equally undo them. "It's hard to become a billionaire through sheer organic growth". More than one third (38 percent) of family offices are now engaged in sustainable investing, and nearly half (45 percent) plan to increase their sustainable investments in the next 12 months.
French finance minister cancels trip to Saudi conference
A New York Times report , citing witnesses and other records, linked four suspects to Prince Mohammed's security detail. Saudi authorities, meanwhile, have said Khashoggi left the consulate without being harmed shortly after he arrived.
Poker Players Go Wild For $1.6 Billion Mega Millions Jackpot
With more than $1.5 billion, an exceedingly generous victor could shower roughly $307 on each of the state's five million people. The six winning numbers were printed on a ticket sold at the store off Lee Vaughn Road, about a 6.5km drive from city hall.
Netflix shares surge on positive subscriber news
That suggests Netflix may have to issue more debt to fund its ambitious plans around original content and global expansion. While Netflix blamed the poor quarter on bad forecasting, the company's actions suggested programming was a factor.
Migrant caravan vows to continue march toward U.S. border
The caravan was headed for Tapachula, a city about 37 km (23 miles) north of the Mexico-Guatemala border, the officers told CNN. A growing crowd of Central American migrants is resuming its advance toward the USA border in southern Mexico on Sunday.
Turkey’s Leaks Are Undermining the Khashoggi Investigation
Mr Erdogan said he would discuss an ongoing investigation into the killing with members of the cabinet at a meeting on Monday. Trump initially said he believed the Saudi account, but on Saturday he said he still does not know where Khashoggi's body is.
Trump suggests ‘rogue killers’ in writer case
He's going to probably over the next couple of hours - sometime prior to your show, but he will be getting back to me. Other reports suggest Saudi Arabia may admit he died during a botched interrogation .