SINGAPORE (Aug 27): Asia is, without a doubt, home to a fast-growing number of the world’s richest people. For the first time, Asian billionaires have outnumbered their US counterparts, on the back of the rise of China’s entrepreneurs. A new billionaire is created in Asia every other day, according to UBS and PwC in a joint report on the billionaire set. There were 162 new billionaires in Asia in 2016, compared with 39 in the US and 24 in Europe. However, while the US still commanded most of the wealth, Asia is likely to overtake it in four years, if the current trend of growth continues.

Mukesh Ambani, chairman of conglomerate Reliance Industries, is Asia’s richest man. He is worth US$44.3 billion ($60.7 billion), according to some estimates. Following close behind is Alibaba Group Holding founder Jack Ma, who is reportedly worth US$44 billion.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $99.9/year*

The latest reporting and analysis from business and investments to news and views on social issues.


  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply


Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook