Asian billionaires lead the way

UBS/pwc reportThe number of Asian billionaires is growing faster than anywhere else in the world, with a Chinese billionaire being created every 2.5 days, according to a report released yesterday. Published jointly by UBS and PwC, Riding the Storm finds that Asia remains the region with the highest number of the super rich, with Asian billionaires accounting for $3.3 trillion of the world’s total wealth of $10.2 trillion. They have also proved more resilient than their peers elsewhere. The Asia-Pacific region has seen its wealth fall just 2.1% since COVID-19 struck and the number of its billionaires actually increase. EMEA’s lost 10.1% of their wealth over the same period and the Americas 7.4%.
Even before COVID-19 hit, the healthcare industry had spawned more than its fair share of Asian billionaires, with the pandemic subsequently boosting the wealth of healthcare executives holding shares in drug and medical device companies developing coronavirus vaccines and therapeutic drugs, as well as medical devices such as ventilators.
Elon MuskElsewhere, scientists, computer programmers and engineers are transforming industries at a pace never seen before. These include Elon Musk, the economist and physicist behind Tesla and SpaceX; the world’s first drone billionaire DJI CEO Frank Wang; and up-and-coming innovators such as Patrick Collison, an Irish computer programmer who cofounded the Stripe software platform for internet businesses with his brother in 2010.
When the storm passes, the report predicts, a new generation of billionaire innovators looks set to play a critical role in repairing the damage by  digitalising, refreshing and revolutionising the global economy.
Bring it on.