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China creating two new billionaires every week: report

BEIJING: The world’s billionaires saw their collective wealth rise 19 percent to $8.9 trillion in 2017, led by growth in China, which minted two new billionaires every week, according to a new report. A total of 199 billionaires were created over the year globally, with nearly a third gaining their wealth through some form of innovation, while the rest did so by scaling up businesses in the Asia-Pacific region, UBS and consultants PwC said. Nowhere was this more visible than China, they said in the 2018 edition of…

Billionaires had a rough year in 2015 – relatively

Billionaires on average became poorer last year as their collective fortunes shrank, even as Asia continued to crank out a new billionaire nearly every three days, a study released on Thursday found. Transfers of assets within families, falling commodity prices and a stronger dollar helped reduce total billionaire wealth by $300 billion in 2015 to $5.1 trillion. That meant the average billionaire -- there were 1,397 of them, a net gain of 50 over 2014 -- was worth only $3.7 billion, the survey of 14 big markets by Swiss…