China minted two new billionaires per week in 2017, says report

China mints two new billionaires a week as Asia is set to overtake US as billionaire hotspot

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. There are fewer billionaires in Britain but their accumulated wealth has soared to more than £200 billion.

'But this is just the beginning.

The world's 2,158 billionaires increased their combined wealth by almost $1.4tn previous year, which is more than the GDP of Spain or Australia. And Anbang's CEO has been sentenced to 18 years in prison, and forced to give up $1.65 billion, for embezzlement and insurance sales violations. "The reality of it is the impact and the way we live our lives with the wealth being created, not just with the billionaires themselves, but with everyone associated with it, has just accelerated at a pace I'm not sure we were even ready for". Of those 332, 199 were self-made entrepreneurs, with 89 of them hailing from China, the report found. Sixty-one inherited their fortunes.

In 2017, two out of three new super wealthy individuals a week in Asia were Chinese, keeping the region's 814-strong cohort above their 715 USA counterparts for a second year in a row.

A dip in stocks globally is unlikely to hinder a rapid increase in the number of billionaires in China, but an escalation in the US-China trade war could.

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Over time, economies of scale will make battery-pack assemblies even cheaper and improve Tesla's profitability, Kallo predicted. Tesla is also hard at work on a computer chip that will dramatically increase self-driving capabilities in its cars.

The number of Chinese billionaires has risen to 373 in 2017 from 318 in 2016. For the first time, billionaire growth in Asia Pacific outpaced that of the USA a year ago. "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". "This cohort is overwhelmingly self-made and determined to capitalize on one of history's greatest moments for new enterprise".

"A major wealth transition has begun", the report said.

"Asia's billionaires are young and relentless". Rates will be higher; we expect the Federal Reserve to hike rates three times next year, so the risk premium is higher. While there are 106 new Chinese billionaires this year, there are now 51 newly minted former Chinese billionaires. Further, billionaires are embracing sustainable investing, seeing how it not only does good, but also adds value in their businesses.

There's never a bad time to be rich, but 2017 has been the best so far - if you're already a billionaire that is. Their assets increased by 39 percent to $1.12 trillion. This was largely due to currency appreciation in the euro versus the dollar.

Billionaires are richer than before too, with their average net-worth sitting at $4 billion.

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