China's Billionaires Are The Youngest In The World

BEIJING, Nov. 18, 2013 /PRNewswire/ -- At 53 years old, the average age of China's 157 billionaires is nine years younger than the global average, according to the Wealth-X and UBS Billionaire Census 2013.

The report, the first-ever global study on this ultra wealth tier, also shows that nearly 90 percent of the country's billionaires made their own fortunes – the highest percentage of self-made billionaires in any country. The other 5 percent inherited their wealth, and the remaining 6 percent inherited and grew their wealth.

With 157 billionaires, China has the second largest billionaire population after the United States, which is home to 515 billionaires with a combined net worth of more than US$2 trillion.

China's billionaire population is predominantly male, and the average Chinese billionaire has an average net worth of US$2.4 billion, with a liquidity of 10 percent.

China's billionaire population grew by 10 individuals between July 2012 and June 2013, the period under study for the report, representing a 6.8 percent increase. The combined net worth of China's billionaires increased to US$384 billion, a 1 percent rise over the same period.

The Wealth-X and UBS Billionaire Census 2013 also reveals the top three cities where China's billionaires reside:

Twelve countries were surveyed for the Wealth-X and UBS Billionaire Census 2013, including the United States, Germany, India, the United Arab Emirates, Brazil, South Africa and Australia.

"Wealth-X is pleased to partner with UBS for this inaugural report on the world's billionaire population," said Nick Griffith, Head of North Asia at Wealth-X. "This is our second collaboration with UBS, demonstrating a true partnership between the global leader in wealth management and the world's leading provider of intelligence on the ultra wealthy."

"UBS has had the privilege of serving the world's most successful families for more than 150 years, and we are delighted to partner with Wealth-X in presenting the first Wealth-X and UBS Billionaire Census," said Simon Jin, President of UBS (China) Limited. "In China, most billionaires are entrepreneurs who remain heavily involved in their family businesses. UBS is uniquely positioned to meet the demands of this highly sophisticated clientele by offering integrated services across our wealth management, investment bank and global asset management businesses."

To download the Wealth-X and UBS Billionaire Census 2013, visit the report's microsite at www.billionairecensus.com

About Wealth-X

Wealth-X is the definitive source of intelligence on the ultra wealthy with the world's largest collection of curated research on ultra high net worth (UHNW) individuals, defined as those with net assets of US$30 million and above. Headquartered in Singapore, it has 12 offices in five continents. (www.wealthx.com)

About UBS

UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. Its business strategy is centered on its pre-eminent global wealth management businesses and its universal bank in Switzerland. Together with a client-focused Investment Bank and a strong, well-diversified Global Asset Management business, UBS will expand its premier wealth management franchise and drive further growth across the Group.

UBS is present in all major financial centers worldwide. It has offices in more than 50 countries, with about 35 percent of its employees working in the Americas, 36 percent in Switzerland, 17 percent in the rest of Europe, the Middle East and Africa and 12 percent in Asia Pacific. UBS employs about 61,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE). (www.ubs.com)

SOURCE Wealth-X