Asia's capital markets set for billionaire boost

Asia’s billionaire wealth surged nearly 13% to $1.2 trillion during the last year, according to a census released by Wealth-X and UBS.

Asia's capital markets set for billionaire boost
Hong Kong tycoon Cheng Yu Tung bought $27 million worth of shares in Huishang Bank’s IPO.

The rapid growth of Asia’s billionaires in terms of number and wealth will benefit capital markets and investment banking business, according to UBS.

Asia’s billionaire wealth surged nearly 13% to $1.2 trillion during the past year, with the highest percentage rise of billionaire population across the world at 3.7%, according to a census released by Wealth-X and UBS on Wednesday.

The region will also overtake the US in the next five...

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