The Americas region still holds the top spot for the size of billionaire wealth, rising by 12 per cent last year to $3.1 trillion, driven by tech and consumer sectors, but the pace of increase is slowing, while that of China is accelerating, figures show.

An annual study of billionaires by ,” the report said.

“The number of new US billionaires is far lower than five years ago. The net number of billionaires grew by just 22 in 2017, down from 87 in 2012,” it said. However, there may be a reason why US new wealth is under-reported: the “stealth wealth” factor, or greater emphasis on owning unlisted companies, rather than those quoted on the stock market, in recent years. This situation may even apply in Europe, the report continued.

In Western Europe, billionaire wealth rose by 19 per cent to $1.9 trillion last year, but this partly reflected the 15 per cent rise in the value of the euro against the dollar over that timeframe. 

In Brazil, where the country is recovering from recession, wealth expanded by a mere 2 per cent to $176.7 billion last year, the report added.

(Editorial comment: beneath the headlines, what is clear is that there will be considerable demand in Asia for ideas on how to manage intergenerational wealth transfer and set up family offices and similar structures. The US industry, with a century or more of experience behind it, is particularly well suited to advise Asian families about this. A potentially important business opportunity for North American family office firms and advisors is providing education and support. As far as the other figures are concerned, what they show is that Asia is catching up with the US fast, but that there is still a huge pool of wealth in which wealth managers can earn a profitable living.)