Global Billionaire Wealth
With Beijing as its most rapidly growing economic region, Asia became the place of residence of a large number of billionaires, such as Masayoshi Son, Mukesh Ambani, Jack Ma, Ma Huateng and others.
According to Knight Frank's Wealth Report this region is the largest club for wealthy men, with their number set to increase to more than 1,000 individuals by 2023, accounting for more than one third of the global billionaire population of 2,696. According to the latest data, India leads in terms of forecast UHNWI (Ultra-high net-worth individuals). The country is expected to achieve a growth of 39% growth, followed by the Philippines (38%) and China (35%). Of the 59 countries and territories included in the wealth forecasts, eight top-ten states are from Asia.
The so-called Fourth Industrial Revolution has given opportunity for many countries to compete in industries requiring less investment in terms of capital and labor. The rising tigers of the East are ranking very high in terms of number of startups per capita and all that can be contributed to their entrepreneurship-nurturing environment. Out of the top ten most startup friendly countries in the world (Hansen&Company, 2020), three are located on the Asian continent. Singapore, South Korea and Japan fall into that category, with the later being ranked as first.
As more and more Asian states go from developing into developed, we will likely see them put even higher on the global startup stage. With their much younger and ambitious population, growing domestic markets and ever-increasing R&D spending, they are destined to lead the world in a number of innovative sectors.