According to Swiss banking giant UBS and auditors PwC, the number of billionaires increased more than 1,500 last year, which is a 10 percent jump from 2015. They also said in an annual report that 75% of those who newly became billionaires in 2016 were from India and China. It added that last year was the first time it recorded more billionaires in Asia (637) than in the United States (563), giving credit to rise in China’s entrepreneurs.
Europe came third in the report of billionaires’ database with 342. The reports showed that three-quarters of those who newly became billionaires in 2016 were India and China. “Looking further forward, we estimate that $2.4 trillion (2.1 trillion Euros) of billionaire wealth will be transferred in the next two decades as billionaires age, with a significant amount going philanthropic causes,” the report said.