The number of billionaires is surging


The rich got richer than ever last year, with China leading the way.

The Swiss bank UBS revealed Friday that its annual survey of billionaires around the world had revealed that the combined fortunes of the latter had increased by 1400 billion to reach a total of 8900 billion US dollars in 2017.

The number of billionaires also jumped from 1979 in 2016 to 2158 last year.

China has seen two new billionaires appear every week, a sign of the rapid rise of a class of extremely wealthy people within the communist country.

Many of China’s 373 billionaires, who account for nearly one in five billionaires worldwide, are self-taught builders, often in the technology or retail sectors.

The study predicts that at this rate, the Asia-Pacific billionaires, China in the lead, will be richer than their US counterparts in three years.


About Author

Edwin Santos was born and raised in Puerto Rico. He has contributed to Discovery Magazine, Details and the Huffington Post. Edwin has also served as a commentator for NPR and MSNBC. As a journalist for Oak Tribune, Edwin mostly covers national news. Aside from earning a living as a freelance journalist, Edwin also works as photographer.