CCTV Script 27/05/15

— This is the script of CNBC's news report for China's CCTV on May 27, Wednesday.

Welcome to CNBC Business Daily, I'm Qian Chen.

There is no formula for becoming a billionaire. To paraphrase Tolstoy, each billionaire is a billionaire in his or her own way.

Yet a growing body of statistical and qualitative surveys provide some common patterns among billionaires that offer clues into the "billionaire personality" and what it takes to make extreme wealth.

UBS and PwC researched 1,300 of the world's billionaires through surveys, case studies and academic research, and interviewed 30 of them to find common personality traits.

Here are some findings.

While most of the new billionaires are based in the US, a large number of entrepreneurs accruing great wealth is emerging in Asia.

Indeed, the report expects Asia to become the centre of new billionaire wealth creation, due to a number of factors such as being home to younger entrepreneurs.

[TAN MIN LAN, APAC CHIEF INVESTMENT OFFICER , UBS] "What was surprising to me was the fact that if you look at Asian billionaires, 25% of the billionaires in Asia actually grow up in poverty. It's self-made. 25%. In Europe, the ratio is 6%, and is the US, is 8%. So I think it's a testment of an actual social mobility that we have seen in this part of the world for the last couple of decades."

In the US, the financial services sector is the dominant source of new fortune, spawning 30 per cent of self-made billionaires in the country since 1995.

Technology billionaires are twice as rich in the country, averaging $7.8bn in wealth compared with the financiers' average of $4.5bn.

While entrepreneurs in the US have amassed their fortunes by driving the global revolution in finance and technology, Asia's tycoons have spurred the region's industrial and consumer sector growth.

[TAN MIN LAN, APAC CHIEF INVESTMENT OFFICER , UBS] "One of the (reasons) is the rise in the middle class, urbanization, that does result in greater consumption of basic consumer goods. And also basic consumer servies. Now, going forward, I think a lot of this trend is going to persist."

Europe has slipped behind Asia as a hub for billionaires after failing to keep pace with the "entrepreneurial explosion" occurring in digital and finance sectors, according to the report.

UBS said we live in an age of opportunity and accelerated wealth creation, similar to the gilded age of the late 19th and early 20th centuries, but Europe has not participated in this second "gilded age" - an era of wealth creation following industrial innovation in the early 1900s - to such a degree.

In Europe the consumer industry dominates, constituting nearly half of the region's self-made billionaires, and in terms of average wealth, at $5.7bn.

Last but maybe not least, the report found that 82% of the billionaires have college degrees today.

So if you still think of Bill Gates, well, now think twice.

CNBC's Qian Chen, reporting from Singapore.


CLN RUN DOWN 05-27-2015

[Clare O'Connor, Staff Writer, Forbes]


search 'CCTV Clare O'Connor 1 in/out'

"I think you should what the space because who knows what, with the 2016 coming, whether Hillary Clinton is gonna take her place. I think she's the only person at this point, who could. 06:20:07 I mean, Merkel, say whatever you want about the debt crisis, but she's in charge of the Europe's most vibrant economy. So she will stay there, unless Hillary proves to be the fontrunner we think she is."

(joint by)

search 'CCTV Clare O'Connor 2 in/out'

"Well, I think it's probably not a huge suprise, but I thought it was wonderful to see Taylor Swift, millennium pop music icon that makes the list this year. She's been influential not because of her Album 1989 has been the biggest hit for the whole 2014, but she's also been making waves, I don't know if you remeber she yanked music app called Spotify. She's also influential on social media. I think it kinda show the new power sphere here with these millenniums on the list. I think in terms of women in Asia Pacific, there are a couple of names that are new to the list, like Jenny Lee, a partner at GGV Capital, she's actually the only women who makes the top 10 Forbes Midas List, which is our list of smart tech investors. So she's really the one to watch in what has traditionally been a man's world."

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