SINGAPORE (Aug 23): A new billionaire is created in Asia every other day, according to UBS and PwC in a joint report on the billionaire set.
There were 162 new billionaires in Asia in 2016, compared with 39 in the US and 24 in Europe. While the US still commanded most of the wealth, Asia is likely to overtake it in four years, if the current trend of growth continues.
Many of these high-net-worth individuals (HNWIs) are the creators of their own wealth. The UBS/PwC report also observed that the proportion of self-made billionaires has been increasing over time, and now accounts for... (Click here to read the full story)