This is how much billionaires' wealth has increased by

While winning the lottery can be euphoric at first winners often end up broke

At the current rate, UBS and PwC expect Asia-Pacific billionaires to be wealthier than their U.S. peers in under three years. And although the net worth of Asian billionaires led by China was US$2.7 trillion, behind North America's US$3.09 trillion, they are expected to overtake the Americans in three years, according to the report. "Today, as the "Chinese Century" progresses, they number 373, almost one in five of the global total". "Over the past five years (2012-2017), the sum passed by deceased billionaires to beneficiaries has grown by an average of 17 percent each year", the UBS report concludes.

The rise in collective wealth was powered by growth in China.

The report said China was now the leading country for entrepreneurs to create wealth. Of those 332, 199 were self-made entrepreneurs, with 89 of them hailing from China, the report found. Sixty-one inherited their fortunes.

"Two internet companies, Pinduoduo and Douyin, will be listed on the Nasdaq later this year, and the owners are already billionaires", said Francis Lun, the chief executive of investment services company Geo Securities.

Ravi Raju, head of Asia Pacific Ultra High Net Worth at UBS Global Wealth Management, said Asia´s billionaires "are young and relentless".

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.

The Chinese cohort is 97 percent self-made, many of them in sectors such as technology and retail. "The continued progress of wealth creation is supported by government policies liberating the economy, while urbanisation and business model disruption has crafted powerful new entrepreneurs".




"We expect the bull market to continue, but we need to pay close attention to global dynamics that could pose disruptions in coming months, such as further rate hikes.and trade disruptions", he added.

Billionaires from Asia, especially in the Chinese city of Shenzhen, are now challenging the traditional dominance of Americans as technology entrepreneurs. Using the advantages of a top-tier university education and a global network, they often create their own new businesses combining latest technology with sustainability goals.

"Billionaires are embracing sustainable investing".

United States and Asia ex-Japan equities could fall by 20% from their mid-summer 2018 levels.

"The past 30 years have seen far greater wealth creation than the Gilded Age", the report reads. Their assets increased by 39 percent to $1.12 trillion. In fact, the number of billionaires in the region only grew by 4 percent.

Wealth transition from just five families accounted for 30 percent of the continent´s wealth expansion, the study said.

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