In China, female billionaires are growing in number.

Billionaires Report

According to the UBS PwC Billionaires Report, the total wealth controlled by the world's billionaires rose by more than 19 percent year-on-year in 2017, to USD 8.9 trillion, reports CNBC. The driving force behind the trend is Chinese wealth creation, the report says, with the country creating two new billionaires every week last year. The number of female billionaires is also growing strongly, particularly in China, where their number grew by 13 percent last year, outstripping global growth in female billionaires, which stood at 11 percent. One key difference, explains Josef Stadler, Head of UHNW UBS Global Wealth Management, is that "we see in China entrepreneurial female billionaires, whereas in Europe and the United States there are more females who inherit, but then get into entrepreneurial activities as a result."

The UBS PwC Billionaires Report 2018 shows that the combined wealth of China's billionaires surged 39 percent to USD 1.12 trillion last year, which is more than double the gains reaped by their peers in the US and Europe, whose collective fortunes increased 12 percent and 19 percent, respectively. John Mathews, Head of UHNW Americas UBS Global Wealth Management, says that "we're in a new gilded age," with "unbelievable and unprecedented wealth" in China. Some of the wealth gains may be illusory, however, cautions Bloomberg. The report showed that roughly half of China's new billionaires saw their wealth dip below 10 digits by the end of the year in 2017, a trend that is continuing in 2018.

The US remains the largest concentration of wealth worldwide, and is still the home of innovation, John Mathews, Head of UHNW Americas UBS Global Wealth Management, says on Monocle24's The Bulletin With UBS. According to Mike Ryan, UBS Chief Investment Officer Americas, the major takeaway from the Billionaires Report is that the figures represent the rise of China. Josef Stadler, Head of UHNW UBS Global Wealth Management, points out that China no longer copies innovations from elsewhere, but exports its own innovations out into the world. Judy Spalthoff, Head of Family and Philanthropy Advisory Americas at UBS Financial Services, discusses the importance of the growing number of women billionaires, and the importance of succession planning.

Neue Zürcher Zeitung am Sonntag writes that Chinese authorities are increasingly scrutinizing the country's ultra-wealthy, and cracking down where they suspect wrongdoing. They cite the example of high-profile actress Fan Bingbing, who disappeared for months before making a tearful public confession, admitting to tax evasion and promising to repay CHF 130 million. Banks can easily get caught up in the mix, the paper says, citing the current example of a UBS employee asked to remain in Beijing and assist investigators in matters unknown. UBS Group CEO Sergio Ermotti has assured that this has nothing to do with either the bank or the employee, but several other banks quickly issued China travel bans to their staff, the paper notes.


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