CEOWORLD magazine - Latest - Executive Education - Wealthy Are Getting Wealthier: 2017 Was The Most Profitable Period Form Billionaires In Recorded History

Executive Education

Wealthy Are Getting Wealthier: 2017 Was The Most Profitable Period Form Billionaires In Recorded History

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The wealthy are getting wealthier at a higher rate than ever before. A report by the consultancy firm PricewaterhouseCoopers and the Swiss investment bank UBS finds that the total number of billionaires grew 9 percent to 2,158 in 2017. At the same time, billionaire wealth grew by 19 percent to $8.9 trillion in 2017, the report said.

This wealthiest one percent now own around half of the world’s entire wealth, a share that is growing apace. At the other end of the spectrum, 70% of the world’s working population, nearly 3.5 billion people, accounts for only 2.7% of the world’s wealth.

The world’s wealthiest people added $1.4 trillion to their fortunes in 2017, this represents a faster rate of growth than ever before, including the infamous uber-capitalist Gilded Age in the United States, which produced hugely influential and wealthy family dynasties in the U.S. and Europe.

The United States still has the highest number of billionaires, with 585 (added 53 billionaires in 2017 — a 4% increase), but China is closing in with 373, up from a mere 16 a dozen years ago.

Number of Chinese billionaires: China added 55 new billionaires in 2017 — bringing its total to 373 (Actually 106 people in China joined the superrich league during the period, but almost half of that amount also dropped off the list).

The country was minting 2 new billionaires each week last year. China’s super rich expanded their wealth, growing by 39% to $1.12 trillion year-on-year. In 2006, China had just 16 billionaires.

With an average age of 55 years, China’s billionaires are almost a decade younger. China’s billionaires create wealth faster and take their businesses public earlier; 17% of Chinese new billionaires founded their companies within the last 10 years, more than twice as many as America.

Have you read?
Best CEOs In The World 2018: Exceptional Chief Executives
Rich List Index: The World’s 1,200 Billionaires; Meet The Richest People On Earth
India Rich List For 2018: Richest Indian Billionaires.

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CEOWORLD magazine - Latest - Executive Education - Wealthy Are Getting Wealthier: 2017 Was The Most Profitable Period Form Billionaires In Recorded History
Prof. Dr. Amarendra Bhushan Dhiraj
Prof. Dr. Amarendra Bhushan Dhiraj is a media and technology executive, macro-economist, strategic thinker, chair, and chief executive officer of the CEOWORLD magazine, one of the world’s most influential and recognized global news publications. Under Dr. Amarendra's leadership, CEOWORLD magazine has become the world's most iconic news organization, whose rigorous reporting and unsurpassed storytelling connect with millions of business leaders daily. Additionally, he serves as the chair and founding member of the CEOWORLD magazine’s Inclusion Advisory Board.

In his current role, he counsels and collaborates with c-suite executives of large multinational corporations, helping them drive change in their companies to improve their competitiveness. Dr. Amarendra has extensive experience in serving on numerous boards. He leads and supports a globally dispersed team of columnists, correspondents, editors, journalists, reporters, researchers, and industry analysts.

He received his Ph.D. in Finance and Banking from the European Global School, Paris, France. He also received his Doctoral Degree in Chartered Accountancy from the European International University Paris, France, and a Doctorate in Business Administration from Kyiv National University of Technologies and Design (KNUTD), Ukraine. He earned his Master of Business Administration degree in Finance and his master’s degree in Chartered Accountancy (CA) from European Global School Paris. Dr. Amarendra also holds a Master of Business Administration degree in International Relations and Affairs from the American University of Athens, Alabama, United States.

As CEO, he transformed the CEOWORLD magazine into a highly efficient, digital-first, profitable enterprise. Today, CEOWORLD magazine is a standard bearer for modern responsible journalism. Dr. Amarendra retains a strong desire to continuously improve his skills and abilities and believes that the first step to being a true leader is to inspire others to lead with you.

Prof. Dr. Amarendra Bhushan Dhiraj is the CHAIR, CEO, AND EDITORIAL DIRECTOR of the CEOWORLD magazine. Connect with him through LinkedIn.