The Fruits of Modern Capitalism

Swiss bank UBS just released its 2018 report on the world’s billionaires. A few factual highlights I thought would be of interest to you:

  • Globally, billionaire wealth increased by USD 1.4 trillion to USD 8.9 trillion in 2017, its greatest absolute growth ever, with China minting 2 billionaires a week.
  • Billionaires have driven almost 80% of the 40 main breakthrough innovations over the last 40 years. Approximately 70% are technology-related and 80% of the companies behind them are based in the Americas.
  • A new cohort of Chinese entrepreneurs is challenging Silicon Valley amid rising tensions over trade and intellectual property. With 50 unicorns produced in China and 62 in the U.S., the Chinese are proving restless innovators and disruptors.