The total wealth of billionaires rose +17% in 2016, up from US$5.1 trn to US$6 trn. This was twice the 8.5% rise in the MSCI AC World Index, and far more than the 5.8% nominal GDP growth figure.

Four principal sectors were behind 2016’s resurgence – materials (+31%), technology (+23%), financial services (+16%) and industrials (+28%). In particular, the recovery in commodity prices helped to boost billionaires in the mining, steel and oil industries.

The research also showed that the US may soon lose its crown as home to the most billionaires. If current growth trends continue, the total wealth of Asia’s billionaires will overtake the US in four years. Asia’s economic expansion is creating, on average, a new billionaire every other day.

Philanthropy

The 1,542 billionaires on the UBS/PwC database own or partly own companies that directly employ at least 27.7 million people worldwide – roughly the same as the UK’s working population.

The survey also showed that billionaires are becoming more engaged in the arts and, increasingly, investing in sports clubs. Private museums are growing in number and public museums are receiving more funding, increasing the accessibility of art to the public.

The survey estimates that US$2.4 trn of wealth will be transferred over the next two decades, part of which will go to philanthropic causes.