New Visionaries and the Chinese Century – Billionaires insights 2018

PwC – Today there is a revolution going on which is harnessing technology to disrupt old industries and create new ones. The global economy is transforming, creating jobs and wealth for millions around the world. Nowhere is this more visible than in China. Twelve years ago, the world’s most populous country was home to only 16 billionaires. Today, as the ‘Chinese Century’ progresses, they number 373 – nearly one in five of the global total. This report shines a spotlight on the country’s rapid growth, spurred by innovations in areas such as technology and e-commerce and by a population that is unprecedented in terms of size. Over the next two decades, we will see USD 3.4 trillion of wealth pass on to a new generation. Many of this younger, emerging group are looking to become entrepreneurs in their own right, transforming family businesses into business families. As they do so, they are focusing on making an impact on wider society through activities such as philanthropy and sustainable investing. This white paper, co-developed by UBS and PwC looks at the Chinese phenomenon, the rise of the new billionaire, creating wealth and shaping history and managing wealth in the 21st Century.

Click here to view the full article