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September 18, 2014
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Super rich: Young China outshines India, US has oldest billionaires, says report

PTI [ Updated 20 Nov 2013, 06:46:14 ]
Super rich: Young China outshines India, US has oldest billionaires, says report
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New Delhi: At 53 years, China's billionaires are the youngest in the world, while the average age of India's super rich people is 63 years, a year older than the global average of 62, says a report.





According to the Wealth-X and UBS Billionaire Census 2013, the average age of China's 157 billionaires is nine years younger than the global average.

In terms of age, billionaires from the United States are the oldest as the average age of the ultra-rich people there is 67 years, followed by Canada and Germany (66 years).

Among others, the average age of billionaires in Hong Kong, Saudi Arabia and Brazil is 64 years, while for India, Switzerland and South Africa it stands at 63 years.

At 57 years, billionaires of United Arab Emirates are the second youngest in the world.

The report, a global study on this ultra wealth tier, noted that nearly 90 per cent of Chinese billionaires made their own fortunes, the highest percentage of self-made billionaires in any country.

Only 5 per cent inherited their wealth, and the remaining 6 per cent inherited and grew their wealth.

In case of India, 47 per cent of billionaires are self made, while 19 per cent inherited their wealth and the rest 34 per cent of people inherited and grew their fortune.

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 USD 2 trillion.

As per the report, India has more number of billionaires than France, Saudi Arabia, Switzerland and Hong Kong and is home to the sixth largest group of super rich population in the world.

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

In terms of gender, 97 per cent of billionaires in India are male, while just 3 per cent are female and the average Indian billionaire has an average net worth of USD 1.7 billion, with a liquidity of 11 per cent.

China's billionaire population grew by 6.8 per cent between July 2012 and June 2013, of China's billionaires rose to USD 384 billion.

Meanwhile, the number of billionaires in India decreased by 5.5 per cent and the total billionaire wealth has fallen by USD 10 billion between July 2012 and June 2013.



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