Asian entrepreneurs surpass Europeans in self-made billionaires list

Commerical buildings in the Pudong area of Shanghai, China. Asians surpassed Europeans, but fell behind Americans in the self-made billionaires' 2015 list released by UBS and PwC on Tuesday. -- PHOTO: BLOOMBERG 
Commerical buildings in the Pudong area of Shanghai, China. Asians surpassed Europeans, but fell behind Americans in the self-made billionaires' 2015 list released by UBS and PwC on Tuesday. -- PHOTO: BLOOMBERG 

SINGAPORE - Asians surpassed Europeans, but fell behind Americans in the self-made billionaires' 2015 list released by UBS and PwC on Tuesday.

Of the 1,300 surveyed globally, some 36 per cent billionaires came from Asia, while those from the United States topped the list at 47 per cent. Europeans were a distant third at 17 per cent.

Entreprenuership was a strong driving force behind the Asian success stories in the last five years, according to the report co-authored by UBS, the world's largest manager of money for the rich. The report also found that more billionaires are using philanthropy to establish a legacy.

Mr Anthony Eldridge, PwC's Singapore financial services leader, noted that Asia is expected to be the centre of new billionaire wealth creation in the years to come.

Mr Joseph Poon of UBS Wealth Management noted that as Asian billionaire families grow in size and complexity, succession planning and engaging the second generation have become "increasingly important components in establishing a lasting family legacy."