Financial Services Sector Most Lucrative In U.S.


    The financial services sector is the best way to get super rich in the U.S., whereas the consumer sector is the leading route in Europe and Asia, says a report from UBS AG and PricewaterhouseCoopers (PwC). ‘The 2015 Billionaires Report’ found that 917 self-made billionaires have generated more than US$3.6 trillion of wealth globally in recent years. In the U.S., the financial services sector was the top source of wealth for self-made billionaires (30 per cent) and average wealth per billionaire in the sector averages US$4.5 billion. By contrast, almost half (49.5 per cent) of European billionaires and 20 per cent of Asian self-made billionaires were created by the consumer sector over the past two decades. With an average wealth of US$5.7 billion, the Europeans are wealthier than their Asian counterparts (US$3.2 billion), the report notes. The report says Asian billionaires are generally younger at an average age of 57, which is 10 years younger than the average billionaires in the U.S. and Europe. Furthermore, a significant proportion of Asian billionaires (25 per cent) grew up in poverty compared with eight per cent in the U.S. and six per cent in Europe. Thus, UBS and PwC say they anticipate Asia to be the centre of new billionaire wealth creation in the years ahead.