In recent history, wealth creation has been the product of a few. The UBS/PwC 2015 Billionaires Report found that in the past 19 years (1995-2014), a mere 917 self-made billionaires have generated more than US$3.6 trillion of wealth globally. Many started their journeys to becoming billionaires young, with 23% launching their first business venture before the age of 30 and two-thirds (38%) launching their first venture before turning 40.
The financial services sector was the top manufacturer of self-made billionaires (30%) in the US. By contrast, European (49.5%) and Asian (20%) self-made billionaires were largely created by the consumer industry in the last two decades.
Asia’s billionaires make up 36% of self-made billionaire wealth, overtaking Europe for the first time and second only to the US. PwC and UBS anticipate Asia to be the centre of new billionaire wealth creation going forward.