Billionaires on the rise in Asia

Global Business

Alibaba Group Executive Chairman Jack Ma. Photo: AP

The rich are getting even richer-and faster than ever before.  Wealth creation around the world is booming, especially in Asia. A new report shows the number of self-made billionaires in Asia has surpassed Europe for the first time. CCTV’s Shraysi Tandon filed the report.

The report from UBS banking group and accounting firm PricewaterhouseCoopers shows Asia produced a new billionaire every week in the first quarter of this year.  According to the report, there were around 200 billionaires in China last year, second only to the U.S. with 570.  A rise in real estate prices and a booming technology sector have played a big role in wealth creation. While most of the world’s billionaires have made their money in different sectors, they all seem to have a few things in common. As the swelling number of billionaires shows, the risk, for many, has paid off. The reports says over the next 5 to 10 years, the number of Asian billionaires will surpass the number in the United States.

Billionaires on the rise in Asia

The rich are getting even richer-and faster than ever before.  Wealth creation around the world is booming, especially in Asia. A new report shows the number of self-made billionaires in Asia has surpassed Europe for the first time. CCTV's Shraysi Tandon filed the report.