Russia and China drive growth in billionaires

Now Reading:

Russia and China drive growth in billionaires

Text size Aa Aa

Latest research suggests Moscow is the place to go to meet a billionaire, but if you want to make a billion yourself, then head for Asia.

Forbes magazine has brought out its annual list of the world’s wealthiest people.

With a 74-billion dollar fortune, Mexican telecoms magnate Carlos Slim is number one for the second year running.

Microsoft founder Bill Gates is second, with 56 billion dollars to his name, and investor Warren Buffet is third on 50 billion dollars.

But overall, the figures suggest the Americas are losing out to faster-growing countries.

“In terms of Asia-Pacific, the number increase of billionaires was almost 40 percent. In terms of the BRIC’s (Brazil, Russia, India, China) you saw Russia go from 62 billionaires to 101, Brazil from 18 to 30. And so what this underscores is that there is dynamism in the world economy but it is not in the United States and it is not in Western Europe,” said the magazine’s Editor-in-Chief, Steve Forbes.

Russia’s exponential growth has been attributed to the commodity boom, while China’s has been put down to the benefits of a strongly performing economy.

The growth in wealth has also fuelled a demand for luxury goods, helping Europe’s richest man, LVMH owner Bernard Arnault, to go from 7th on the list to 4th.