Asia now has more billionaires than the US

Billionaires get $1 trillion richer as part of super-rich 'super cycle'

Additionally, the total wealth controlled by these billionaires surged by almost 18%, from $5.1 trillion to $6.0 trillion, far outpacing global stock markets that have soared into record territory, per a report by UBS Group Inc.

The new report of UBS and PwC is proving the above saying correct because in the year 2016 world's billionaires became even richer. The remarkable surge in Asian wealth was driven by the continued rise of China, which saw economic output grow by 6.7 per cent during 2016, far outstripping the UK, US and other developed economies.

"What we are seeing is the acceleration of entrepreneurs in the billionaire cohort", said Josef Stadler, head of global ultra high net worth at UBS. If the current trend continues, Asian billionaire wealth will surpass US wealth in the next four years.

"After philanthropy, art and sports are two of the areas where billionaires make a big difference to society", the report reads. Their wealth is fueled by the rebound in commodity prices and skyrocketing Chinese housing prices, according to the report.

The report states that a new billionaire is created in the region once every two days.

The group of 1,542 billionaires either owns or partly controls companies that employ 27.7 million people, it added. The report said Asia now has more billionaires than the US has - although the USA still has by far the largest number of billionaires than any single country.

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It said the current cycle of billionaire growth started in 1980 and warned that this super cycle for billionaires isn't likely to last forever.

Even though the cycle of billionaires growth was started in the late 1980s but it is also being said that this cycle won't last forever and it might end in upcoming 10 to 20 years. This trend is helping to globalise art collecting and to increase its accessibility to the public.

The report shows that if the current trend continues, the total wealth of Asian billionaires will overtake that of their counterparts in the USA in four years.

While billionaire wealth is greater than the GDP of the European Union, the world's billionaires also employ a population equal to a small country.

And, it's younger people who are taking over the technology sector. "Through their own passion for arts and sports, they are playing an increasingly important role in enriching the cultural life of communities", said Stadler.

Tech billionaires have an average age of 47 - making them 12 years younger than their peers in consumer and retail.

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