Organizers claimed that nearly 2 million Hong Kong protesters took to the streets Sunday in a rally to demand the city's top official resign a day after she suspended — but...China Politicsread more
Heavy rains caused unprecedented delays in planting this year and contributed to record floods across the central United States.Agricultureread more
Stocks in Asia traded mixed on Monday as investors await a U.S. Federal Reserve meeting set to happen later in the week stateside.Asia Marketsread more
Although Cook did not mention companies by name, his commencement speech in Silicon Valley's backyard mentioned data breaches, privacy violations, and even made reference to...Technologyread more
In the survey, 66% of Democratic primary voters say they'd be enthusiastic or comfortable about Biden as their nominee to take on President Trump in the 2020 election. Just...Politicsread more
U.S. ambassador to Israel David Friedman called the gesture a "birthday present" to Trump, who turned 73 on Friday.Politicsread more
The outlook for Germany's economy and political stability are more uncertain than ever, writes Michael Ivanovitch.World Economyread more
Hong Kong democracy activist Joshua Wong walked free from prison on Monday after serving nearly five weeks for contempt of court, pledging to join a mass protest movement...China Politicsread more
The agreement, which is on the framework for the plan of adjustment, provide for more than a 60% average haircut for all $35 billion, a 36% haircut on pre-2012 general...Bondsread more
Target's registers were down on Saturday for several hours preventing customers from checking out.Retailread more
The newspaper wrote that Goldman's executive are hoping CEO David Solomon's changes to a firm that historically thrived in investment banking and trading will boost its...US Marketsread more
Asia is already the world's top region for billionaires. It's set to extend that lead even more in coming years.
A report released on Wednesday found that the number of billionaires in Asia is set to rise above 1,000 in the next five years. By 2023, the world's billionaire population is expected to reach 2,696 — with Asia accounting for a third of that figure.
Last year, according to the 2019 Wealth Report by London-based real estate agency and consultancy Knight Frank, Asia had 787 billionaires. That easily exceeded the 452 in Europe and 631 in North America, according to the data.
"Despite a darkening economic outlook, wealth creation will remain a constant in 2019," Liam Bailey, Knight Frank's global head of research, said in the report.
Asia, in particular, was highlighted to outperform — even as wealth growth slows globally. Of the 59 countries analyzed by Knight Frank, eight of the top 10 fastest-growing wealthy populations reside in Asian nations.
Countries in the region will see the biggest growth in "ultra-high-net-worth individuals" (UHNWI) — those valued at more than $30 million. India takes the lead with a projected 39 percent growth, followed by the Philippines and China. Romania and Ukraine were the only two non-Asian countries to rank in Knight Frank's top 10 for the growth of their wealthy populations.
"India and the Philippines, both coming from a lower base — developing markets — (have) huge possibilities for entrepreneurial growth," Nicholas Holt, Knight Frank's Asia-Pacific head of research, said in an interview with CNBC's "Squawk Box" on Wednesday.
"Huge drivers of urbanization, industrialization, et cetera, in some of these markets are going to drive the prospects for wealth creation," he added.
While a host of factors is spurring the growth of high-net-worth populations around the world, real estate is playing a large factor in Asia, according to Oliver Williams, head of GlobalData WealthInsight, a wealth research firm that provided data for the Knight Frank report.
"Growth in non-financial assets — that is, real estate — is one of the leading factors driving UHNWI growth," Williams is quoted as saying in the report.
However, the growing cost of real estate has spurred concerns globally about inequality and deepening wealth divides. So, Holt said, finding solutions to the housing affordability gap will remain a key priority for policymakers.
"(The gap is) certainly being addressed by cooling measures, home purchase restrictions in places like China, additional taxes — whether buying, holding or selling — or even stopping foreign buyers in New Zealand, " Holt explained. "This challenge will be a very important one for policymakers in the coming year."