Asia Wealth Creation Makes Region Home to 58% of World’s Billionaires

Asia has become the world's dominant centre for wealth creation, now accounting for 58% of the global billionaire population, according to Josh Gardner, chief executive of data consultancy Kung Fu Data.

The Asia wealth creation trend highlights the region’s growing influence on global entrepreneurship, investment and family wealth.

Gardner said New York remains the world's leading billionaire city, but Shenzhen, Shanghai and Beijing now occupy the next three positions, while China accounts for eight cities in the global rankings.

Other major Asian wealth centres include Mumbai, Singapore, Taipei, Seoul, Jakarta, Tokyo and Hong Kong, all of which continue to produce substantial numbers of entrepreneurs and ultra-high-net-worth individuals.

He argued that international perceptions of Asia as an "emerging" region no longer reflect economic reality, noting that the global centre of gravity for innovation, business formation and wealth creation has shifted decisively eastward.

The findings reinforce Asia's growing importance for family offices, private banks and investment managers seeking exposure to the world's fastest-growing wealth markets.