According to the data available from a UBS study that was reported and published on Thursday, with one billionaire created every two days in Asia, the total billionaire wealth has soared to $6 trillion in 2016 globally.
In addition to an uptick in growth in the materials, industrials, financial and technology sectors, a surge among Asia's emerging billionaire class was the supporting pillar for an annual increase of 17 percent among the super-rich, the research said.
"Indirectly, you could argue and say governments, regulators and central bankers may have contributed to the wealth creation," Josef Stadler, global head of ultra-high net worth at UBS, said in a television interview on Thursday.
Even though the current range of 1 percent to 1.25 percent remains historically low, the Federal Reserve has raised its benchmark rate four times since December 2015. But several lenders have become frustrated with the somewhat glacial approach to monetary tightening from major central banks worldwide even though other central banks are joining the Fed in gradually normalizing policy.
Interestingly, Asian billionaires would likely overtake their U.S. counterparts in four years if the current trend continued, even though the U.S. still possessed the largest concentration of billionaire wealth, UBS also reported.
The report also stated that there is an emerging bridge between capitalism and altruism.
Stadler said: "I think it is quite the opposite if you look at the facts… And we were surprised by those facts", when asked whether an explosion in billionaire wealth had caused the super-rich to become increasingly disconnected from the rest of society.
"We see a bridge between capitalism and altruism emerging. If you look at the facts, the facts are 1,500 billionaires employ directly or indirectly more than 28 million people — that is the entire workforce of the U.K.," he explained.
Coming hand in hand with disruption, within the tech community, it has bene observed that billionaires were becoming increasingly prominent, UBS' Stadler went on to say.
"If you look at the balance of the value added by disruption versus the jobs destroyed by disruption, it is a positive balance. Studies tell us that 98 percent of the value added of tech innovation goes back to society and only 2 percent is left with the innovators… then you could argue and say billionaires are not only smart risk takers, they also contribute heavily back to the communities," he concluded.
(Source:www.cnbc.com)
In addition to an uptick in growth in the materials, industrials, financial and technology sectors, a surge among Asia's emerging billionaire class was the supporting pillar for an annual increase of 17 percent among the super-rich, the research said.
"Indirectly, you could argue and say governments, regulators and central bankers may have contributed to the wealth creation," Josef Stadler, global head of ultra-high net worth at UBS, said in a television interview on Thursday.
Even though the current range of 1 percent to 1.25 percent remains historically low, the Federal Reserve has raised its benchmark rate four times since December 2015. But several lenders have become frustrated with the somewhat glacial approach to monetary tightening from major central banks worldwide even though other central banks are joining the Fed in gradually normalizing policy.
Interestingly, Asian billionaires would likely overtake their U.S. counterparts in four years if the current trend continued, even though the U.S. still possessed the largest concentration of billionaire wealth, UBS also reported.
The report also stated that there is an emerging bridge between capitalism and altruism.
Stadler said: "I think it is quite the opposite if you look at the facts… And we were surprised by those facts", when asked whether an explosion in billionaire wealth had caused the super-rich to become increasingly disconnected from the rest of society.
"We see a bridge between capitalism and altruism emerging. If you look at the facts, the facts are 1,500 billionaires employ directly or indirectly more than 28 million people — that is the entire workforce of the U.K.," he explained.
Coming hand in hand with disruption, within the tech community, it has bene observed that billionaires were becoming increasingly prominent, UBS' Stadler went on to say.
"If you look at the balance of the value added by disruption versus the jobs destroyed by disruption, it is a positive balance. Studies tell us that 98 percent of the value added of tech innovation goes back to society and only 2 percent is left with the innovators… then you could argue and say billionaires are not only smart risk takers, they also contribute heavily back to the communities," he concluded.
(Source:www.cnbc.com)