Still, the USA maintains the largest concentration of billionaire wealth, with a combined US$2.8 trillion, driven by American billionaires' involvement in tech, financial services, and materials, the report notes. Much of that growth came in China and India, the source of three-quarters of the world's new billionaires.
- The new billionaires created in 2016 employ at least 2.8 million people.
And, it's younger people who are taking over the technology sector.
The International Monetary Fund recently said western governments should force the top 1% of earners to pay more tax to try to reduce risky levels of inequality.
"The problem is the power of interest on interest - that makes big money bigger and, the question is to what extent is that sustainable and at what point will society intervene and strike back?" The countries added 67 and 16, respectively, to their total billionaire count.
Billionaires' fortunes increased by 17% on average a year ago due to the strong performance of their companies and investments, particularly in technology and commodities. MSCI AC measures the performance of stock market across the world. "Through their own passion for arts and sports, they are playing an increasingly important role in enriching the cultural life of communities".
"You could say it is about ego and wanting to show off and sit in the front row", he said.
The world's super-rich hold the greatest concentration of wealth since the US Gilded Age at the turn of the 20th century, when families like the Carnegies, Rockefellers and Vanderbilts controlled vast fortunes. Private museums are growing in number and public museums are receiving more funding, increasing the accessibility of art to the public.
Someone has rightly said the rich person is getting richer and the poor person is getting poorer in today's world. Japanese billionaire Soichiro Fukutake is building a series of galleries to house his art collection on islands in Japan's Seto Inland Sea.
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.