The combined wealth of Asian billionaires rose by nearly a third to reach $2 trillion, although that still lags behind the USA where billionaires are wealthier on average.
The total wealth of billionaires worldwide rose by 17 per cent in 2016 to reach $6 trillion (£4.5 trillion), equivalent to more than double the UK's annual economic output, according to banking group UBS and accountants PwC. "Dramatic growth in Asian wealth shows it could overtake the U.S.in just four years", says Josef Stadler, head global ultra high net worth at UBS AG, in a statement.
Most of the wealth accumulated by billionaires comes from the consumer and retail industries, followed by technology.
"After philanthropy, art and sports are two of the areas where billionaires make a big difference to society", the report reads. Of those, 10% were recruited by the newly rich, said the report, which surveyed 1,542 billionaires from 14 markets with an average wealth of $3.9 billion.
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So how did the billionaires make so much money previous year?
"The findings of this report help us to stay ahead of the issues that matter to our clients, who comprise one in two of the world's billionaires, and enable us to offer them more tailored advice based on insights from the market and from their peers". And 27.7 million is the total population of United Kingdom's working class.
Private museums are growing in number and public museums are receiving more funding, increasing the accessibility of art to the public, the report said.
"The societal effect of great wealth is, however, not exclusively economic". Many younger generations don't necessarily want to inherit the family business but to instead invest in other sectors as well as in social projects. This was said to be due to the region gaining 24 new billionaires, but dropping 21 of them. "Dramatic growth in Asian wealth shows it could overtake the USA in just four years". "Through their own passion for arts and sports, they are playing an increasingly important role in enriching the cultural life of communities".