More Billionaires in Asia Than in US

For the first time in history there are more billionaires in Asia than in the United States. But, the amount of wealth among American billionaires is still higher than in Asia. There are a total of over 1500 billionaires in the world today , 10 % more than last year.  According to a new business report, one new billionaire pops up every second day.

The overall wealth of American billionaires reached $2.8 trillion last year, while Asian billionaires accumulated a total of $2 trillion.  If the trend continues,   within four years , Asian billionaires will have overtaken America . The combined wealth of the world’s billionaires has  increased to over $6 trillion.

The new Asian billionaires come mostly from India and China. Most of them make their money in consumer industries and technology. Especially in China,  billionaires are younger than elsewhere. Some haven’t even reached the age of 30 yet.

The new billionaires in Asia are investing large sums of their money in sports. They are buying whole sports teams in their home country as well as in Europe. Art and museums are other areas of interest for the new billionaires.

 

Li Ka-shing, one of the richest people in Asia
Li Ka-shing, one of the richest people in Asia – Image: EdTech Stanford University School of Medicine

Words

  • according to … =  as reported by …
  • accumulate = to get more and more money over a period of time
  • amount = here:how much money in total
  • billionaire = a person who has more than a thousand million dollars
  • combined = here: all billionaires in the world together
  • consumer industries = factories and companies that make everyday things that people need
  • especially = above all
  • increase = to go up
  • invest = to buy or spend money on something because you will need it later on
  • pop up = appears, comes up
  • overall = total, all in all
  • overtake = here: to have more than others
  • reach = climb up to ; increase to
  • sum = amount
  • trillion = 1,000,000,000,000
  • wealth = the money or valuable things that a person owns
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