How the rich get richer: 'One billionaire made every three days'
ASTOUNDING new figures show that if you're planning on living an extravagant lifestyle fuelled by billions of dollars, Australians are living in the wrong country.
The throwaway line that Asia creates a new billionaire every week was blown out of the water this week after a report led by UBS and PricewaterCoopers found in 2015 one new Asian billionaire was created every three days.
This crazy sounding fact was largely attributed to China's surging economy, which created the perfect conditions for "young entrepreneurs to get rich fast".
Dominating the list of billionaires, 113 Asian entrepreneurs (80 from China), hit the big time and attained billionaire status during 2015.
These Asian entrepreneurs accounted for more than half the global total of billionaires.
"In 2014 and 2015, China accounted for 69% and 71% of Asia's new billionaires, up from 35% as recently as 2009," the report said.
"Almost half of these came from technology (19%), consumer and retail (15%) and real estate (15%) sectors.
"China's urbanization and increasing consumer spending have fostered an environment where businesses are growing fast," the report said.
But it appears making big wads of cash can be a fickle game, as 40 of China's tycoons lost billionaire status in the year "as asset price volatility and government scrutiny undermined wealth".
"While China's billionaire wealth rose by 5.4%, billionaire across the region fell by 6% from US$1.6 trillion to US$1.5 trillion," the report found.
Coming in second Hong Kong and India had the next highest number of new billionaires with 11 each.
"In addition to China's 40 fallers there were 16 in India - a country where falling commodity prices had an impact," the report said.
The study found that in 2015 the huge vaults of money belonging to the world's nearly 1400 billionaires fell by $300 billion, from $5.4 trillion to $5.1 trillion.