U.S. Falling Behind? Asia Minting A New Billionaire Every Other Day

For the first time ever, Asia has more billionaires than the United States, thanks to economic growth and innovation in China and India.

Asian billionaires increased by 23% in 2016, now numbering 637.

That means Asia is minting a new billionaire every other day.

This year’s crop of new billionaires is given credit for adding 2.8 million jobs to the world economy.

China’s billionaires are younger than their U.S. counterparts, averaging only 55 years of age.

Their passion? Building private art collections and snapping up professional sports teams, whose price tags are so steep that only billionaires can now afford them.

The U.S. has only 563 billionaires, although the U.S. still retains the greatest concentration of wealth.

The Takeway: Rapid economic growth and innovation outside of the U.S. demonstrates why it’s so important for U.S. investors to venture beyond U.S. borders.

 

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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