Pacific overtakes United States as home to most billionaires

Billionaires get $1 trillion richer as part of super-rich 'super cycle'

Asian billionaires outnumbered their USA counterparts for the first time in 2016, and the total wealth of Asian billionaires will likely to overtake that of their US peers in the next four years, according to a report issued Thursday.

The majority of the world's billionaires now live in Asia, according to a report of 1,550 billionaires compiled by UBS and PricewaterhouseCoopers.

A new report by UBS and PwC found the total wealth of the world's billionaires grew by 17% in 2016 to $US6 trillion. Although the average wealth of United States billionaires is still greater, their Asian counterparts are expected to overtake them within 3-4 years.

The surge is caused by an increase in Asia's emerging billionaire class and growth in the materials, industrials, financial and technology sectors. China had by far the highest number in the region, with 101 new billionaires added to the list for 2016 - taking the country's total to 318, the South China Morning Post reports. Our database includes 14 of the largest billionaire markets, which account for around 80% of global billionaire wealth.

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The report states this "period of great wealth creation" started in 1980 and has nearly lasted as long as "The Gilded Age" from 1870 to 1910 - when the world's wealth rocketed.

Billionaire wealth grew at double the rate of the MSCI World Index, one of the broadest measures of global company performance, suggesting that the ultra-rich are amassing wealth at a faster rate than the less well off.

So how did the billionaires make so much money a year ago? "Through their own passion for arts and sports, they are playing an increasingly important role in enriching the cultural life of communities". This trend is helping to globalise art collecting and to increase its accessibility to the public.

So now the million dollar question is, how did billionaires make so much money in the year 2016. the answer to this question is that they make money by stronger stock markets, rising commodity and real estate prices and tech investments.

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