Business

With 950 billionaires, Asia outnumbers all other regions

"By country, the US ranked first with 719 billionaires followed by China with 440. India has 161," the report said on Tuesday.

Tokyo: When it comes to the number of billionaires by region, Asia now has 951 outnumbering all other regions. North America has 777 billionaires and Europe, 536.

A region-by-region analysis of assets owned by more than 2,400 people on the Forbes ‘Real-Time Billionaires List’, by Nikkie Asia, showed $4.7 trillion in North America, followed by $3.5 trillion in Asia, and $2.4 trillion in Europe.

“By country, the US ranked first with 719 billionaires followed by China with 440. India has 161,” the report said on Tuesday.

The 10 member states of the Association of Southeast Asian Nations have a total of 114 billionaires, while Taiwan has 45, South Korea 28, and Japan 27.

Emerging countries are now producing more billionaires than Europe and the US managed in the 19th and 20th centuries because of advances in communication technologies and globalisation.

Meanwhile, Asian billionaires are facing some adverse effects such as stock price falls and the dollar’s appreciation.

While the number of people in the Forbes’ Real-Time Billionaires List dropped by 245 in about six months, Asians accounted for 126 of them, compared with 27 North Americans, said the report.

In India, world’s second richest person, 60-year-old Gautam Adani, leads the country’s rich list with wealth of Rs 10,94,400 crore, as per the IIFL Wealth Hurun India Rich List 2022.

Adani ranks second after Tesla CEO, Elon Musk who has net worth of Rs 12.37 lakh crore.

Adani topped the list by adding Rs 1,600 crore per day over the last year.

Adani’s wealth has more than doubled (116 per cent) in the last one year and in absolute terms, he added Rs 5,88,500 crore. In the last five years, the first-generation entrepreneur’s wealth has increased by 1440 per cent.

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