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 years in terms of number of billionaires, the census said.
Bankers believe that participation in capital markets, including IPOs, recapitalisations and MA deals, will surge if more wealthy families and...
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