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Asia Scoops Top Spot For Largest Number Of Billionaires - Report

Chrissy Coleman, Asia Correspondent, 4 March 2013

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Asia is home to the most billionaires, with Chinese-born tycoon, Li Ka-Shing of Cheung Kong Holdings, keeping his title of the region’s richest man, thanks to a cool $8 billion boost to his wealth compared to last year.

According to the Hurun Global Rich List 2013, released late last week, there are 608 billionaires in Asia, 404 in North America and 324 in Europe.

By country, the US took the top spot with 409 billionaires, followed by China, which boasts 324 – together these nations, with the first and second largest economies of the world respectively, account for about half of the globe’s billionaires.

Where the money is

Moscow is the billionaire capital of the world, home to 76 billionaires, edging out New York which has 70.  Hong Kong and Beijing followed, taking fourth and fifth place respectively, and findings showed that five of the top ten cities for billionaires are in Greater China.

The top three industries fuelling the Mainland’s riches are real estate, manufacturing and investments. Significantly all Chinese billionaires are self-made and the average age is 58 years old, five years younger than the average of the full list. 

India

India ranks number 6 with 53 billionaires.  Health care is the preferred money-making sector, followed by technology, media, telecommunications and real estate. Mumbai is headquarters to most billionaires, followed by Delhi and Bangalore, the report said.

Hurun names Mukesh Ambani ($20.5 billion, rank 27) as the richest Indian. Ambani is also the owner of the world's most expensive home which, with 27 floors, nine elevators, six floors for parking and three helipads, reportedly set him back a cool $1.8 billion. Another Indian, 2011 Emmy Award winner, Subhash Chandra ($3.1 billion, rank 450), credited with launching India's satellite television revolution, was once a onetime rice trader in Haryana.

As wealth managers across the world would have observed, India also has a high number of billionaires residing overseas, including LN Mittal (London), S P Hinduja and Family (London), Micky Jagtiani (Dubai), Anil Agarwal (London), Aloke Lohia (Bangkok), Kavitha Ram Shriram (California), Romesh T Wadhwani (California), Manoj Bhargava (Michigan), Sri Prakash Lohia (London), and Vinod Khosla (California). MA Yousuf Ali of Emke Group of Companies is a new entrant to the list, residing in Dubai.

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