Asia overtakes United States as region with the most billionaires

Most of the world’s wealthiest individuals no longer come from America but Asia and according to a report by financial services firm UBS and auditor PricewaterhouseCoopers, Asia have overtaken the United States as the region with the most billionaires for the first time.

Billionaire wealth increased 17 percent to $6 trillion in 2016, after a decline the previous year, UBS AG and PricewaterhouseCoopers said in a report issued on Thursday.

Led by China, the number of the region’s billionaires surpassed the U.S. for the first time but despite this, the richest folks are from the U.S as they still control the most wealth at $2.8 trillion.

The gain in total billionaire wealth was twice the 8.5 percent increase of the MSCI AC World Index.

The report credited the reversal of fortunes to the arrival of a new entrepreneurial class in China, with Asia creating a new billionaire every three days on average.

Europe took third spot in the report's billionaire database with 342.

In total there are now 1,542 billionaires in the world controlling $6trillion between them.

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