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China leads the way as world’s billionaires get even richer

/ 09:52 AM October 27, 2018

BERLIN — The rich got richer than ever before last year, with China leading the way.

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Swiss bank UBS said Friday that its annual study of the world’s billionaires found their combined wealth rose by $1.4 trillion to an eye-popping $8.9 trillion in 2017.

The number of billionaires around the global also increased, from 1,979 in 2016 to 2,158 last year.

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China alone saw two new billionaires emerge each week, highlighting the rapid rise of a class of super rich in the nominally communist country.

Many of the country’s 373 billionaires — almost one in five of the global total — are self-made tycoons, often involved in the technology and retail sectors.

The report forecast that, driven by China, billionaires in Asia-Pacific will be wealthier than their American counterparts within three years.

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