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.