Asia tops US in billionaire count for the first time

Beijing: Asia`s 637 billionaires outnumbered those in the United States for the first time last year, according to a new report, with China adding the most new billionaires at 101, bringing its total to 318, while Asia overall added 162.

Asian billionaires compared to 563 of the super-rich in the US, though the total wealth of American billionaires is still higher at $2.8 trillion compared to $2.0 trillion in Asia, said a report published on Thursday by UBS and PwC that tracks 1,542 billionaires globally.

Billionaires are becoming major patrons of sports, the report said, adding that outside China, well-known examples of billionaire sports club owners include Steve Ballmer, ex Microsoft CEO, owner of the Los Angeles Clippers, and Mukesh Ambani, the Indian oil and gas tycoon, who owns The Mumbai Indians cricket franchise.

The report added that if current growth trends continue, the total wealth of Asia’s billionaires will overtake the US in four years.

"Three quarters of the newly minted billionaires are from the region’s two biggest economies – China and India. China had by far the highest number, adding a net 67 to total 318. India’s billionaire population climbed 16 to 100," it said.

The total wealth of billionaires rose by 17 percent in 2016 to $6.0 trillion after falling in 2015, said the report.

But at current trends, the total wealth of Asia`s billionaires will surpass that of those in the US in four years, the report said.

While China accounted for 20 percent of total billionaires, 43 percent of those that fell off the list last year were from China, said James Chang, financial services consulting leader at PwC China.

The large number of Chinese billionaires that dropped off the list last year partly reflects their outsized exposure to stock market volatility as well as the impact from changes to policy and access to funding channels, said Chang, according to a transcript from a news conference to mark the report release.

With Reuters Inputs