Billionaire count in APAC declines despite slight rise in overall wealth

Billionaire wealth rose 1.8% to US$3.8t as numbers fell from 1,019 to 981.

Billionaire wealth in APAC showed modest growth, even as the number of billionaires declined.

In its Billionaire Ambitions Report, UBS said billionaire wealth increased slightly by 1.8% to US$3.8t, with the number of billionaires declining from 1,019 to 981.

In China and Hong Kong SAR, billionaire wealth faced a significant setback, dropping by 16.8% to US$1.8t.

The number of billionaires in the region dropped from 588 to 501, as 138 individuals lost billionaire status and 53 new ones emerged.

India, on the other hand, showcased robust growth, with billionaire wealth surging by 42.1% to US$905.6b. The country’s billionaire count also increased from 153 to 185.