The Asia-Pacific region, with its rapidly growing billionaire population, is increasingly recognized for reshaping global wealth trends, driving entrepreneurial innovation and redefining how wealth can make a meaningful impact, according to a recent report.
Billionaires in the region are leading on two fronts, namely generational wealth transfer and sustainability-focused investments, finds Swiss bank UBS’ Billionaire Ambitions Report 2024.
Globally, 2024 has been dominated by technology and large regional differences, according to the report, with US billionaires, for example, accruing the largest gains, reinforcing the country’s place as the main centre for billionaire entrepreneurs worldwide.
Their wealth rose by over a quarter (27.6%) to US$5.8 trillion, the report highlights, accounting for more than 40% of billionaire wealth worldwide. The number of US billionaires grew by just over a 10th (11.2%) to 835. There were 101 new US billionaires, far more than the 20 individuals whose wealth dipped below a billion.
Mixed fortunes
However, in Asia-Pacific, UBS notes, the wealth creation picture was uneven. Chinese billionaires’ wealth (including that of Hong Kong) fell by 16.8% to US$1.8 trillion, while their number dropped from 588 to 501. In a market with a high rate of “billionaire churn”, 138 people’s wealth fell below a billion, partly offsetting this, 53 people became billionaires.
Elsewhere in the region, Indian billionaires’ wealth increased by 42.1% to US$905.6 billion, and their number grew from 153 to 185. Forty people became billionaires against the backdrop of rising equity prices and rapid economic expansion.
In total, however, the wealth of billionaires in Asia-Pacific rose by only 1.8% to US$3.8 trillion, while the number of them fell from 1,019 to 981.
In the region's two wealth hubs, Singapore’s billionaire count compared with last year rose from 41 to 43, while Hong Kong saw an increase from 68 to 74 billionaires.
Tech outstrips all
The tech bull market sparked by ChatGPT’s launch in November 2022 continued into 2023 and 2024, UBS notes, lifting the net worth of billionaires pioneering generative artificial intelligence practical applications.
Entertainment and media billionaires experienced the second-highest percentage growth, chiefly due to the gaming industry. Their aggregate wealth increased by over a quarter (26.3%) to US$0.97 trillion. Financial services billionaires also fared well, supported by rallying financial markets. The sector’s total wealth increased by almost a quarter (23.9%) to US$2.0 trillion.
Growth decade
The past 10 years have been transformative for wealth accumulation in Asia-Pacific. The region now hosts nearly 40% of the global total of billionaires, and leads global wealth growth with a 141% increase in billionaire wealth. Notably, 80% of Asia-Pacific billionaires are self-made, showcasing the region’s deep entrepreneurial spirit.
India and Indonesia stand out with billionaire wealth growing by 42.1% and 47.1%, respectively, in just the past year, and India now ranks as the world’s third-largest hub of billionaire wealth, trailing only the US and China.
Generational shift
A generational transition is also reshaping wealth management, with US$6.3 trillion set to transfer from baby-boomer billionaires to their heirs and philanthropic causes over the next 15 years. This shift, the report points out, is more than financial. It represents a philosophical evolution, with younger heirs prioritizing investments that align with social and environmental goals.
This trend in turn is also reshaping philanthropy. Today, 56% of billionaires have strategic giving plans, compared with 46% a decade ago. There is a growing emphasis on high-impact investments, the report reveals, with heirs increasingly drawn to sectors like renewable energy, education and healthcare.
Navigating this generational shift is not without its complexities however, as according to UBS, nearly 30% of billionaires struggle with managing family expectations, while some worry about entitlement among younger family members.
To accommodate this, proactive governance frameworks and investments in financial literacy are helping families navigate these specific challenges.
Women billionaires
The rise of female billionaires is also a standout trend in the region. Their numbers have tripled, and their wealth has grown over three-fold, from US$94 billion to US$308 billion. Women in Southeast Asia, in particular, lead with average wealth growth of 56% over the decade.
“Over the past 10 years, the Asia-Pacific region has experienced the relative highest growth rate of ultra-wealthy individuals at 69%; and notably, women are becoming a more significant part of the billionaire world,” says Amy Lo, chairman of UBS’ global wealth management business for Asia and its co-head for Asia-Pacific. “In the region, the number of female billionaires has more than doubled since 2015, increasing from 40 to 101 today.
“Women tend to invest with purpose, showing a preference for sustainable investing, wealth planning and family advisory.”
Sustainability, impact
Sustainability and impact investments are now core strategies for Asia’s billionaires, the report finds, with 28% of billionaires already investing for impact, representing a significant rise from 13% a decade ago.
This shift reflects a broader alignment with environmental, social and governance principles as billionaires integrate sustainability into their portfolios and philanthropic ventures.
Challenges, opportunities
Overall, wealth management in Asia-Pacific is maturing, the report notes; and the region is not now just a hub of wealth creation but is redefining and calibrating what it means to manage and deploy substantial wealth.
As the baton passes to the next generation, sustainability and impact investing, “doing good by doing good”, is set to proliferate, the bank states in the report, creating a new paradigm for billionaires in the region and globally.
“The story of wealth in Asia isn’t just about numbers,” says Young Jin Yee, the bank’s co-head of wealth management for Asia-Pacific. “It’s about legacy, impact and purpose.”
