Globally, China and Hong Kong had the highest rate in terms of population growth, rising by 35.7% and 29.2% respectively. This drove Asia’s billionaire population to an increase of 30% to 784 individuals in 2017, which compares to the 11.2% increase (727 billionaires) in North America.
Source: Wealth-X. Data for the full year 2017.
The rise in billionaire wealth was also strong in China and Hong Kong, as well as in India. China now accounts for a 12% share of global billionaire wealth, up from 9% two years ago. In total, wealth in Asia increased 30% – the highest increase globally – reaching $2.36bn.
In terms of the top 10 billionaire cities by population, five cities from Asia made it on the list: Hong Kong, Beijing, Singapore, Mumbai and Shenzhen.
Source: Wealth-X. Data for the full year 2017
“In China, gradual market openings and measures to liberalise property rights were aimed at stimulating private-sector investment alongside strong government support to expand the global market share of local firms in high-value sectors, such as robotics and semiconductors,” the report said.
For Hong Kong, the increase of billionaire population and wealth was attributed to the territory’s strong domestic economic performance, the upturn in global financial markets and enhanced trade and investment links with the mainland.
“This marked a rapid turnaround from 2016, when a falling stock market contributed to Hong Kong experiencing the largest decline in billionaire numbers of any major city,” the report noted.
Globally, the billionaire population reached an all-time high of 2,754 with $9.2bn in wealth in 2017 from 2,397 billionaires with $7.4trn in wealth in 2016, according to the report.
