Asia continues to lead the way in global wealth creation, as the region creates a billionaire every three days, and China accounts for most of these new billionaires, said a report jointly released by UBS and PwC on Thursday.
Asia's entrepreneurs dominate the list of new billionaires. Among the 210 new billionaires in 2015 in the global ranking, 113 were from Asia, 80 of whom were from China.
Almost half came from the technology, consumer and retail, as well as real estate sectors, according to the report.
China's billionaire wealth rose by 5.4 percent, while billionaires' wealth across the region fell by 6 percent.
The report also noted the biggest-ever wealth transfer is approaching, as 460 billionaires will hand $2.1 trillion to their heirs in the next 20 years, the equivalent of India's GDP.
For most of Asia's young economies, where more than 85 percent of billionaires are first-generation, this will be the first-ever handover of billionaire wealth.
James Chang, PwC China financial service consulting managing partner, said at a press conference that most of China's first-generation rich will face greater challenges in developing sustainable governance models for their businesses before the retirement of the founders.
