The Hong Kong Economic Times reports that UBS has released the '2024 UBS Billionaire Report', which shows that in the past year, the number of billionaires in the Asia-Pacific region decreased from 1,019 in 2023 to 981, but wealth increased by 1.8%, reaching $3.8 trillion (16.86 trillion MYR). Among them, the number of billionaires in China decreased from 520 to 427, with wealth shrinking by 20% to $1.4 trillion (6.21 trillion MYR).
The report pointed out that the sluggish real estate market is the main reason, causing 132 Chinese billionaires to fall off the list. However, Hong Kong maintained stability, with the number of billionaires increasing from 68 to 74, and wealth growing by 1.4% year-on-year, reaching $326 billion (1.44 trillion MYR).
UBS recently released the '2024 UBS Billionaire Report', which notes that from 2015 to 2024, the number of billionaires worldwide grew by over 52%, from 1,757 to 2,682, and total wealth surged from $6.3 trillion (27.94 trillion MYR) to $14 trillion (62.1 trillion MYR), an increase of 1.2 times. The Asia-Pacific region's billionaires grew the fastest, reaching 981, accounting for 37% of the global total, surpassing the Americas' 973, with wealth growth as high as 1.4 times. However, since 2020, global wealth growth has slowed due to adjustments in the Chinese market.
Despite challenges in the Chinese market, 42 new billionaires were added to the ranks, showing a strong capacity for wealth creation. UBS analyzes that China's economy is gradually maturing, coupled with the commercialization of innovation, allowing entrepreneurs to adapt to the environment, and the long-term outlook remains dynamic. However, with global economic growth slowing, the pace of new billionaire emergence may slow down.
The report shows that since 2020, the frequency of billionaires changing their residences has increased significantly. Among the 2,682 billionaires as of April 2024, 176 have relocated, about 1 in every 15. Popular destinations include Switzerland, UAE, Singapore, and the United States.
In the past decade, China recorded a net inflow of 25 billionaires, with 73 moving in and 48 moving out. Despite some billionaires choosing to relocate overseas due to multiple factors, China remains one of the main regions for wealth creation.
UBS expects that over the next 15 years, billionaires aged 70 and above will transfer $6.3 trillion in wealth to families and designated enterprises, higher than the 2023 estimate of $5.2 trillion (23.06 trillion MYR). Asset price inflation and the aging of billionaires are major driving factors.