World's billionaires made record money in 2017

World's billionaires increase wealth by a record £6,900,000,000,000 in one year

According to the report, the assets of the 36 Swiss billionaires increased by 19 percent past year to 123.5 billion USA dollars, driven by bullish financial markets.

Collectively, their wealth increased by $1.4bn past year to $8.9bn - the largest absolute increase in billionaire wealth in history. China will demand more from its own very wealthy, and the bargain gained by American billionaires-low taxes, light regulation, and little fear of that changing-is unlikely to be on offer from Beijing.

China now has the highest concentration of billionaires outside the U.S., according to the "Billionaires insight" report released on Friday.

Ravi Raju, Head of Asia Pacific Ultra High Net Worth at UBS Global Wealth Management commented: "Asia's billionaires are young and relentless".

'In 2017, they equalled America's level of venture capital funding for start-ups, registered four times as many Artificial-Intelligence-related patents and three times as many blockchain and crypto-related patents as their United States counterparts'.

Of the global 199 self-made entrepreneurs who became billionaires for the first time a year ago, 89 came from China, compared with 30 from the US.

In 2006, there were just 16 Chinese billionaires.

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. "Today, as the "Chinese Century" progresses, they number 373, almost one in five of the global total".

China may create lots of billionaires-but it isn't always clear who the money really belongs to or who gets to keep it in the long run.

"They are the same when it comes to creating value, but different when it comes to distributing the value", Stadler told CNBC's "Squawk Box Europe" on Friday.

In the past, "the majority of breakthrough innovations have been driven by companies based in the Americas", John Mathews, UBS' head of ultrahigh net worth for the Americas, said in a statement.

UBS estimates that the world now has a total of 2,158 billionaires, with 179 billionaires created a year ago. "Indeed, numerous younger generation want to change the world, making an impact through their family offices and philanthropic organisations", he said.

"US and Asia ex-Japan equities could fall by 20 percent from their mid-summer 2018 levels".

One Chinese billionaire told the researchers: "Nowhere else in the world can you find better conditions for growth than in China".

Currency appreciation saw European billionaires´ wealth grow 19 percent although the number of billionaires rose by just 4.0 percent to 414.

"U.S. billionaires are now global citizens", he added.

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