A recent Forbes data shows that the Asia Pacific region, along with China, has the most number of billionaires. This recent surge came in a time when China and the United States are entangled in a bitter trade war.
The recent release, an unprecedented success, of "Crazy Rich Asians" has put various economic inequalities in the region into the main spotlight. The romantic comedy film also highlighted the growing trend of the super-rich in Asia.
Based on the latest data released by Oxfam, the number of super-rich in Asia, and Asia-Pacific, in particular, has finally surpassed that of Europe and North America.
On one hand, the Asia Pacific region is now known as the home to the greatest number of millionaires and billionaires in the whole world. On the other hand, it is also home to nearly two-thirds of the world's working class identified as poor. This stark contrast between the super-rich and the poor is just one of the latest string of controversies that the film "Crazy Rich Asians" shine a light on.
According to Oxfam head of inequality campaign in Asia Mustafa Talpur, the wealth inequality in the Asia Pacific region has finally reached alarming levels. This is true not only in Singapore, where the film "Crazy Rich Asians" is set but also in an alarming number of countries.
Based on the data released by Forbes, the United States still tops the list when it comes to the number of the super-rich with 585 billionaires. China is in close contention with 373.
According to Oxfam's analysis of the data released on the Credit Suisse Global Wealth Databook 2017, the Asia Pacific region when counted as a whole has more billionaire than the U.S. with 600.
Additionally, the Asia Pacific region is also home to the most number of high net people in the world. These are people who have more than $1 million on top of the value of their main residence. Data from a Capgemini report released this year shows that the region is home to 34.1 percent of high net worth individuals in the world. On the other hand, the United States accounts for just 31.3 percent
Between 2008 and 2012, China posted an impressive annual growth of between 8 percent and 11 percent. At around the same time, the United States and several European countries are struggling to keep their economies afloat due to the devastation brought upon by the financial crises.
Topping Asia's list of the super-rich is Ma Huateng, also known as Pony Ma. The Forbes 2018 report posts Ma as the 17th richest person in the world.
Mr. Ma is the chief executive officer of the Chinese tech giant Tencent Holdings. Among the companies under its portfolio is WeChat, the most popular messaging platform in China. Mr. Ma has an estimated net worth of $45.3 billion.
Also in Forbes' list of billionaires is Jack Ma. He is the chairman of Alibaba, the Chinese e-commerce giant and considered as one of the most valuable companies in the world. Jack Ma has an estimated net worth of $39 billion.
