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<ul><li><keyword id="45051" type="PERSON" weightage="20" keywordseo="Uday-Kotak">Uday kotak</keyword> kickstarted a financial consultancy to provide cheap loans to companies at the age of 23. </li><li>The 60-year-old Uday Kotak is the <keyword id="8199778" type="UNKNOWN" weightage="20" keywordseo="richest-banker">richest banker</keyword> in Asia with <keyword id="6383453" type="UNKNOWN" weightage="20" keywordseo="wealth">wealth</keyword> of $11.8 billion, according to forbes. </li><li> His net worth grew by 268% from $3 billion in 2010 to $ 11.8 billion in 2019, primarily because of the increased value of his shareholding in Kotak Mahindra Bank. </li></ul>If not for his father, Asia’s richest banker Uday Kotak would have been working for Hindustan Unilever. While HUL could have gained from it, that was not to be. Uday’s father Suresh Kotak, convinced him to open his own business at 300 sq. ft office space. The 23 year old kickstarted a financial consultancy to provide cheap loans to companies. When he started in 1985, the interest rates for loans were very high. On the other hand, depositors too gained next to nothing from banks and deposit rates were low. "I was shocked to find that triple-A-rated borrowers would get money at 17% when families I knew would only get 6% interest on their money," he told <a href="https://www.ft.com/content/28a81150-ebfc-11e3-ab1b-00144feabdc0">the Financial Times. </a> The idea to fix both these gaps, turned out to be revolutionary. Today, Kotak Mahindra Bank is the third most valued private bank in India, serving 14.5 million customers. It has over 1400 branches and $51 million assets as of 2019. ' <div type="Slideshow" msid="71516895" hostid="261" title="Uday Kotak, Asia's richest banker, multiplied his wealth four times in a decade" firstImageMsid="71517185" slideCount="6"></div>

Uday Kotak, Asia's richest banker, multiplied his wealth four times in a decade

British Prime Minister <keyword id="221875" type="General" weightage="80" keywordseo="Rishi-Sunak" source="Orion">Rishi Sunak</keyword> and his wife Akshata Murty have made their debut on the UK's '<keyword id="596197" type="General" weightage="80" keywordseo="Asian-Rich-list" source="Orion">Asian Rich List</keyword> 2022' topped by the <keyword id="840924" type="General" weightage="90" keywordseo="Hinduja-family" source="Orion">Hinduja family</keyword>. Sunak and his wife, whose father N R Narayana Murthy co-founded Indian IT major <keyword id="6354512" type="DOMAIN" weightage="20" keywordseo="infosys" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="infosys" meta.entityname="Infosys Ltd." meta.entityid="10960" meta.seoname="infosys-ltd">Infosys</keyword>, are ranked 17th on the list, with an estimated wealth of 790 million pounds. The combined wealth of this year's list sits at 113.2 billion pounds, an increase of 13.5 billion pounds over that of last year. The list is topped by the <keyword id="28125" type="DOMAIN" weightage="20" keywordseo="hinduja" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="hinduja" meta.entityname="Nxtdigital Ltd." meta.entityid="5318" meta.seoname="nxtdigital-ltd">Hinduja</keyword> family for the eighth consecutive time with an estimated wealth of 30.5 billion pounds, an increase of 3 billion pounds from the last year. Mayor of London Sadiq Khan presented a copy of the 'Asian Rich List 2022' to Ritu Chhabria, daughter of Gopichand Hinduja, Co-Chairman of the <keyword id="120582" type="General" weightage="100" keywordseo="hinduja-group" source="Orion">Hinduja Group</keyword> at the 24th annual Asian Business Awards at the Westminster Park Plaza hotel on Wednesday night. Hinduja Group is an Indian transnational conglomerate. The group is present in eleven sectors. Addressing the gathering, Chief Guest Oliver <keyword id="14278602" type="General" weightage="80" keywordseo="dowden" source="Orion">Dowden</keyword>, MP, Chancellor of Dutchy of Lancaster, said: "every year, we see the British Asian Community continue to grow in stature which comes as no surprise to me personally." "Throughout my life, I have seen first-hand the hard work, determination and entrepreneurship of the British Asian community. And, of course, in my latest job, I have a British Asian Boss, my very good friend Mr Rishi Sunak, the United Kingdom's first-ever British Asian Prime Minister," Dowden said. Sunak made an impressive comeback to become the UK's first Indian-origin Prime Minister on October 25, seven weeks after he had lost the race for 10 Downing Street to Liz Truss. The 42-year-old investment banker-turned-politician is the youngest British Prime Minister in 210 years and also the UK's first Hindu Prime Minister. "I want to say thank you. The British Asian business community is widely recognised as one of the most successful entrepreneurial groups ever. It is a remarkable story of building businesses creating jobs and amassing wealth. And as outlined in this year's Asian Rich List, Asian entrepreneurs have enriched Britain in all aspects of our national life," Dowden said. This year's Asian Rich list boasts 16 billionaires from the UK, one more than the last year with most of the billionaires seeing their wealth increase or stay the same as last year. Sri <keyword id="1834928" type="General" weightage="50" keywordseo="prakash-lohia" source="Orion">Prakash Lohia</keyword> and his family have seen the biggest increase in wealth on this year's list, a rise of 4 billion pounds to 8.8 billion pounds. Lakshmi Mittal and his son Aditya (12.8 billion pounds) and Prakash Lohia and family (8.8 billion pounds) and Nirmal Sethia (6.5 billion pounds) are other richest on the list. Shailesh R Solanki, the Executive Editor of Asian Marketing Group (AMG) and the host of the event, said: "The Asian Rich list is carefully compiled by a team of experts and it is the definitive guide to Asian wealth in Britain." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/radiation-emitted-from-mobile-towers-has-no-ill-effects-on-human-health-experts/articleshow/95743681.cms">Radiation emitted from mobile towers has no ill effects on human health: Experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/germany-relaxes-schengen-visa-rules-for-indians/articleshow/95757566.cms">Germany relaxes Schengen visa rules for Indians</a>

UK's Asian Rich list: Hinduja family retain top spot, UK PM Sunak, his wife make debut

<ul class="summary-list"><li>Family offices can pay six-figure salaries but require intense dedication.</li><li>Selecting candidates often boils down to a "personality fit," recruiters said.</li></ul>People who work for family offices often juggle much more than just spreadsheets.Many ultra-wealthy people set up dedicated offices, which could have a handful or dozens of employees, to oversee their<a target="_blank" href="https://www.businessinsider.com/sergey-brin-wealth-management-jeff-bezos-family-offices-women-cios-2022-8"> investments</a>, philanthropy, and high-end toys, like<a target="_blank" href="https://www.businessinsider.com/biggest-yachts-owned-by-tech-billionaires-mark-zuckerberg-jeff-bezos-2024-5"> yachts</a>. An office might look after one person's money in one city or that of multiple generations across countries.Family office employees, in turn, can be paid on par with, or even better than, banking,<a target="_blank" href="https://www.businessinsider.com/private-equity-salaries-at-blackstone-apollo-kkr-bain-others"> private equity</a>, and other top finance jobs. But the unique nature of the job means headhunters are often looking beyond basic finance skills when scouting candidates for jobs.In recent years, Singapore has emerged as a global hotspot to set up family offices, thanks to its business-friendly environment and lack of <a target="_blank" href="https://www.businessinsider.com/singapore-attracts-ray-dalio-sergey-brin-family-offices-2021-2">capital gains tax</a>.Billionaires like Ray Dalio, the founder of Bridgewater Associates, and Google co-founder Sergey Brin have established family offices in the city-state. <a target="_blank" href="https://www.businessinsider.com/reliance-industries-mukesh-ambani-new-family-office-singapore-2022-10">Mukesh Ambani</a>, Asia's richest man, also expanded his wealth management operations to Singapore in 2022.Business Insider spoke to three recruiters for family offices, two of whom are based in Singapore, to find out which traits give a candidate the best shot of landing a job in a family office.<h2 id="250f7d12-74d8-46a4-828f-083dfef98f32">1. Jack of all trades</h2>Unlike many corporate jobs' clearly-defined responsibilities, family office staff — even executives — juggle a lot, said Paul Westall, the cofounder of Agreus Group."A chief investment officer of Goldman Sachs might not fit nicely into a family office because, at Goldman, they might have 10 analysts and two assistants, while in a family office, they do all the analysis and book their flights," Westall said.Jimmy Soh, a consultant at recruitment firm AP Executive, stressed the need to wear multiple hats and cultivate multiple specializations."Not only do you have to be an investment manager, but you also have to be a family council and any additional roles coming in like a concierge service," said Soh.One Hong Kong billionaire family asked Soh to hire an<a target="_blank" href="https://www.businessinsider.com/things-know-about-billionaires-wealthy-according-to-personal-assistant-2024-9"> executive assistant</a> with a $20,000 monthly salary. The candidate needed to be an accountant with an Ivy League degree who spoke three languages. The job description included planning the family's business and personal trips and managing their yacht and crew.<div type="image" title="Yacht Show Monaco" height="2620" width="4000" msid="113996580" hostid="261" sizebytes="1066772"></div>"Many families will say that the sky's the limit on the budget for these roles because they're looking for the best talent," said Soh. "They can indefinitely add more roles to the job description, which is how they justify this kind of salary."<h2 id="735b5822-dd6a-4c7c-9c35-3ee3c1b99fe1">2. Independence and all-hours commitment</h2>Family office roles also demand a high level of commitment.Phone calls could come at lunchtime — or in the middle of the night, Soh said."Most can be extremely demanding because they hire you for a specific role and can easily outsource the role to other firms," Soh said.In Asia, many family offices are still developing and roles are less defined than in Europe or the US. Candidates must often be willing to "<a target="_blank" href="https://www.businessinsider.com/lessons-hint-ceo-learned-doing-dirty-work-leader-2021-3">get their hands dirty</a> and work long hours for seven days a week," said Pierre Pineau, head of Agreus Group's Singapore office."Asian families, in general, expect you to be available 24/7, and that's not for everyone," said Pineau. "It's not about yourself. It's about what's best for the family office."The jobs can also require independence. Pineau said that in Asia's emerging markets, employees often work independently in one location while the family's main office is in another country.Westall said flexibility is key. He once hired a CIO whose job description included overseeing a family's investment in purebred racehorses. A top candidate — a former banker — had no experience in horses.<div type="image" title="Horse Racing Canada" height="3456" width="5184" msid="113996577" hostid="261" sizebytes="1371120"></div>"But then he got this job and rolled with it because he had to," said Westall. "Key people that last a long time in family offices build trust because when there's an issue, they resolve it with ideas from outside the box."<h2 id="1bba166f-2ad4-4b9b-8108-ea6b7b35d0a4">3. Managing multiple family members</h2>In family offices, technical brilliance alone isn't enough to secure a role. Working closely for one family means managing wealth and relationships."One of the main attributes family offices need is emotional intelligence — someone who can work with multiple people of different levels, from the son who's 16 and you need to explain certain decisions to him, to the wife, and the granddad," Agreus Group's Westall said.Candidates must also have the communication skills to navigate the dynamics and demands of different family members."You are presenting your work to people who might not be particularly financially savvy, unlike your peers at a bank," Westall said.AP Executive's Soh said that the "intangibles" — like interpersonal compatibility and standout personality traits— often make or break candidates."You might be extremely brilliant, but you might be a very hard person to work with or have some idiosyncrasies that might not gel well with the team," said Soh. "It comes down to your personality."Getting hired often hinges on<a target="_blank" href="https://www.businessinsider.com/personality-hires-bring-soft-skills-to-work-2023-11"> personality fit</a>, said Westall. Families might reject candidates for small details like how they walk or dress — but others are open to unconventional hires.Westall shared a story of a family office executive who started as a cleaner while he was in film school. He helped the family with a script they were writing and was eventually hired to oversee investments in the family's film business."Sometimes they are not always looking for someone with obvious experience, but someone who could add value in that family office," said Westall. "That's an unusual story, but there are some bizarre ways people can get into family offices."Do you have a story to share about working with or for high-net-worth individuals? Email this reporter at <a target="_blank" href="mailto:lwee@insider.com">lwee@insider.com</a>.

The top 3 skills you need if you want to land a job in a family office, according to industry recruiters

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters</div></div></div>Here is what you need to know. 1. <a href="https://www.businessinsider.com/wework-reportedly-delayed-layoffs-because-its-short-on-cash-2019-10" data-analytics-position="1" data-analytics-module="hero">WeWork has reportedly postponed thousands of layoffs because it's too broke to pay workers severance. </a>The company reportedly could run out of cash by next month unless it gets new funding, and was planning on cutting jobs to save money.2. <a href="https://www.businessinsider.com/mckinsey-60-percent-world-banks-would-not-to-survive-downturn-2019-10?r=US&amp;IR=T" target="_blank" rel="noreferrer noopener" data-qa="message_attachment_title_link">Nearly 60% of the world's banks wouldn't survive an economic downturn, McKinsey says.</a> "A prolonged economic slowdown with low or even negative interest rates could wreak further havoc," the consultancy said.3. <a href="https://www.businessinsider.com/ubs-tightens-investment-banking-belt-as-earnings-slide-continues-2019-10?r=US&amp;IR=T">Swiss bank UBS is axing high-paying investment banking staff after a disappointing performance at the division prompted a 16% slide in third-quarter net profit.</a> Chief Executive Sergio Ermotti is running up against a number of headwinds in UBS's core markets, as wealthy clients hold back from trading, negative rates eat into margins and investment banking activity remains muted.4. <a href="https://www.businessinsider.com/pair-bankers-lovers-engaged-insider-trading-2019-10?r=US&amp;IR=T" target="_blank" rel="noreferrer noopener" data-qa="message_attachment_title_link">A pair of bankers and lovers allegedly took part in a massive insider-trading ring.</a> "Pops" and "Popsy" netted more than $1 million in cash, designer clothes, and other luxuries by selling inside information on deals, prosecutors said.5. <a href="https://www.businessinsider.com/china-us-made-progress-in-trade-talks-chinese-vice-foreign-minister-2019-10?r=US&amp;IR=T">China and the US have made progress in trade talks according to the Chinese vice foreign minister</a>. Le Yucheng made the comments on Tuesday, adding that as long as both sides respected each other, no problem could not be resolved.6. <a href="https://www.businessinsider.com/billionaire-ken-fisher-losses-top-18-billion-after-sexist-comments-2019-10?r=US&amp;IR=T" target="_blank" rel="noreferrer noopener" data-qa="message_attachment_title_link">Billionaire Ken Fisher's losses hit $1.8 billion after Fidelity reportedly drops him following his sexist comments. </a>Fisher has sparked backlash since he reportedly said at a conference that working to win clients was like "trying to get into a girl's pants."7. <a href="https://www.businessinsider.com/credit-suisse-china-overtakes-us-most-wealthy-people-in-world-2019-10?r=US&amp;IR=T" target="_blank" rel="noreferrer noopener" data-qa="message_attachment_title_link">China has overtaken the US to have the most wealthy people in the world</a>. There are 100 million Chinese among the richest 10%, compared to 99 million Americans, Credit Suisse has revealed.8. Stocks are pushing upwards Tuesday. In the US, futures underlying the S&amp;P 500 are flat and Nasdaq (+0.1%) futures are rising marginally. In Europe, the DAX (+0.3%) is up as is the Euro Stoxx 50 (+0.2%). Asian markets closed higher with the Nikkei (+0.3%), Shanghai Composite (+0.5%), and Hang Seng (+0.2%) all up.9. <a href="https://markets.businessinsider.com/earnings-calendar?utm_source=markets&amp;utm_medium=ingest">There are lots of earnings coming</a>. Chipotle, Hasbro, and United Technologies are reporting today.10. <a href="https://markets.businessinsider.com/economic-calendar?utm_source=markets&amp;utm_medium=ingest#date=07/02/2019&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">There is some interesting data out later.</a> Market watchers will be keeping an eye on what John Williams, the CEO of the Federal Reserve Bank of New York, has to say. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-are-heel-spurs-donald-trump-vietnam-deferments-jacqueline-sutera-2017-8">A podiatrist explains heel spurs, the medical condition Trump said earned him a medical deferment from Vietnam</a></h3> <div> </div> </div>

10 things you need to know before the opening bell

Associated Press/John Locher<ul><li>Stocks jumped on Wednesday after former Vice-President Joe Biden won big on Super Tuesday.</li><li>Investors also bet that the Federal Reserve's surprise rate cut on Tuesday would herald further stimulus in response to the coronavirus threat.</li><li>However, analysts warned the selloff after the rate cut underlined the Fed's limited powers.</li><li>"Their 50-basis-point bazooka is merely a pop-gun in the face of a virus that doesn't care what the borrowing rate is," one strategist said.</li><li><a href="https://www.businessinsider.com/international?r=US&amp;IR=T">Visit Business Insider's homepage for more stories</a>.</li></ul>Global stocks surged on Wednesday as investors cheered former Vice-President Joe Biden pulling ahead in the race for the Democratic presidential nomination, and bet that the Fed's emergency rate cut on Tuesday foreshadowed further government stimulus.Biden <a href="https://www.businessinsider.com/california-house-super-tuesday-primaries-live-results-vote-counts-2020-3?r=US&amp;IR=T">won nine of the 14 states</a> that voted on Super Thursday and was projected to win a tenth at the time of writing. His main rival, Sen. Bernie Sanders, won three states and was expected to win four."Joe Biden's strong showing on Super Tuesday will have financial markets sighing with some, if not complete relief," said Chris Beauchamp, chief market analyst at IG, in a morning note."Bernie Sanders might not be such a shoo-in for the nomination now, reducing the risk of a radical (in US terms) occupying the White House," he added.The stock rally followed a mass selloff on Tuesday in response to the Federal Reserve's 50-basis-point cut to interest rates, as investors feared the new coronavirus would be more devastating for the global economy than they anticipated. The rate cut fueled demand for bonds, driving the yield on the benchmark 10-year US Treasury <a href="https://markets.businessinsider.com/news/stocks/10-year-us-treasury-yield-falls-record-low-coronavirus-selloff-2020-3-1028961213">down below 1%</a> for the first time in 150 years.Coronavirus - which causes a flu-like illness called COVID-19 - has <a href="https://www.businessinsider.com/china-virus-everything-we-know-deadly-2019-ncov-wuhan-spread-2020-1?r=US&amp;IR=T">infected more than 93,000 people</a>, killed at least 3,100, and spread to upwards of 75 countries. It has disrupted international supply chains, dampened consumer demand, and forced businesses in affected regions to temporarily close or reduce their opening hours.Here's the market roundup as of 10:30 a.m. in London (5:30 a.m. in New York):<ul><li>European equities rose with Germany's DAX up 1.2%, Britain's FTSE 100 up 1.6%, and the Euro Stoxx 50 up 1.3%.</li><li>Asian indexes closed broadly higher. China's Shanghai Composite rose 0.6%, South Korea's KOSPI rose 2.2%, and Japan's Nikkei rose 0.1%. Hong Kong's Hang Seng slid 0.2%.</li><li>US stocks are set to open higher. Futures underlying the Dow Jones Industrial Average, S&amp;P 500, and Nasdaq jumped between 2% and 2.2%.</li><li>Oil prices climbed, with West Texas Intermediate up 1.2% at $47.70 a barrel and Brent crude up 1% at $52.40.</li><li>The 10-year Treasury yield dropped to about 0.95%.</li></ul>Analysts warned that Tuesday's selloff underscored the limitations of monetary policy, as lower interest rates do little to mitigate public-health crises or alleviate disruptions to production and global supply chains."Investors are expecting central bankers to become the heroes that they are not meant to be," Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said in a morning note."For the Fed, and for all of us, the fact that their precious equity market tanked is deeply concerning," Michael Every, senior Asia-Pacific strategist at RaboResearch, said in a research note."Their 50-basis-point bazooka is merely a pop-gun in the face of a virus that doesn't care what the borrowing rate is," he added.<a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/amazon-ceo-jeff-bezos-richest-person-net-worth-billions-2018-12">Jeff Bezos reportedly just spent $165 million on a Beverly Hills estate - here are all the ways the world's richest man makes and spends his money</a></h3>

Stocks climb after Joe Biden wins big on Super Tuesday, but analysts warn the rate-cut selloff is a huge red flag

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.instagram.com/harrisonxjacobs">Harrison Jacobs/Business Insider</a></div></div></div><ul><li>The world's billionaire population grew to an all-time high of 2,754 people in 2017. </li><li>Three Asian countries had the strongest growth in total net worth in 2017: China, India, and <a href="http://www.businessinsider.com/category/hong-kong" target="_blank" rel="noopener">Hong Kong</a>.</li><li>As a city, Hong Kong added more billionaires than any other major city in 2017, bringing its total count to 93 - just 10 fewer billionaires than New York City.</li></ul> <a href="http://www.businessinsider.com/category/hong-kong" target="_blank" rel="noopener">Hong Kong</a> has been <a href="http://www.businessinsider.com/the-most-expensive-cities-to-live-in-around-the-world-in-2018-2018-1#1-hong-kong-china-the-least-affordable-housing-for-the-eighth-straight-year-with-a-median-multiple-of-194-the-highest-ever-reported-in-the-survey-up-from-181-last-year-12" target="_blank" rel="noopener">the world's most expensive city</a> for the better part of a decade, and it's only getting richer.In 2017, Hong Kong added 21 billionaires, bringing its total count to 93 - just 10 billionaires behind New York City, according to Wealth-X's latest <a href="http://go.wealthx.com/l/311771/2018-05-14/6z9zm" target="_blank" rel="noopener">Billionaire Census</a>. That's the city-state's largest annual billionaire gain to date. New York added just one billionaire in 2017.While Hong Kong's billionaire count as a country still pales in comparison to the United States - 93 people to 680 people, respectively - it probably won't be long before Hong Kong overtakes New York as the world's billionaire capital city.According to Wealth-X research, Hong Kong's surge in wealth was "driven by a strong domestic economic performance, the upturn in global financial markets (reflecting the region's status as one of the world's largest financial centers), and enhanced trade and investment links with mainland China."It's a rebound victory for Hong Kong, which experienced the largest decline in billionaire count of any major city back in 2016, thanks to a falling stock market.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Jenny Cheng/Business Insider</div></div></div>Li Ka-shing is <a href="http://www.businessinsider.com/heres-how-li-ka-shing-became-the-richest-man-in-hong-kong-2015-6" target="_blank" rel="noopener">Hong Kong's richest man</a> with a net worth around <a href="https://www.forbes.com/profile/li-ka-shing/?list=hong-kong-billionaires" target="_blank" rel="noopener">$35 billion</a>. He <a href="http://www.businessinsider.com/heres-how-li-ka-shing-became-the-richest-man-in-hong-kong-2015-6" target="_blank" rel="noopener">retired in March</a> from running CK Hutchison Holdings and CK Asset Holdings, the two massive conglomerates that he built in Asia's most famous <a href="http://www.businessinsider.com/the-life-of-li-ka-shing-2015-3?op=1" target="_blank" rel="noopener">rags-to-riches story</a>. The richest person in New York, <a href="https://www.forbes.com/profile/michael-bloomberg/?list=rtb" target="_blank" rel="noopener">Michael Bloomberg</a>, is worth around $53 billion.The next five <a href="https://www.forbes.com/hong-kong-billionaires/list/" target="_blank" rel="noopener">richest billionaires in Hong Kong</a> built their fortunes in real estate. It's no wonder the region is known for its steep cost of living - and home to the world's most expensive neighborhood. The Peak, as it's called, has been synonymous with wealth, luxury, and exclusivity since the colonial era, <a href="http://www.businessinsider.com/hong-kong-billionaire-jack-ma-alibaba-the-peak-2018-4" target="_blank" rel="noopener">reported</a> Business Insider's international correspondent Harrison Jacobs. It's the kind of neighborhood that consistently breaks records for the most expensive real estate in the world with residents like bankers, expats, business magnates, celebrities, and, more recently, Chinese millionaires and billionaires, Jacobs reported. In 2015, it was rumored that Jack Ma, the Chinese billionaire who founded Alibaba, <a href="http://www.scmp.com/business/companies/article/1849151/house-hong-kongs-peak-sold-hk15-billion" target="_blank" rel="noopener">purchased a $191 million mansion there</a>, but it has never been confirmed.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Jenny Cheng/Business Insider</div></div></div>Thanks in part to Hong Kong's gains, Asia's total billionaire population rose to 784, according to the Billionaire Census, surpassing North America's billionaire population (by 57 people) for the first time in history in 2017."Dynamic wealth creation [in Asia] was supported by improved emerging-market growth, more resilient currency movements against the US dollar, higher infrastructure spending, booming real estate prices, and robust demand from an expanding middle class," reported Wealth-X. The world's total billionaire population grew by nearly 15% to 2,754 people, and total combined wealth increased to $9.2 trillion, a 24% jump from the previous year thanks to strong global economic growth and big corporate earnings. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/worlds-richest-black-billionaires-forbes-africa-money-net-worth-video-jordan-winfrey-2017-8">Here are the world's richest black billionaires</a></h3> <div> </div> </div>

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Uday Kotak, Asia's richest banker, multiplied his wealth four times in a decade

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UK's Asian Rich list: Hinduja family retain top spot, UK PM Sunak, his wife make debut

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The top 3 skills you need if you want to land a job in a family office, according to industry recruiters

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10 things you need to know before the opening bell

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Stocks climb after Joe Biden wins big on Super Tuesday, but analysts warn the rate-cut selloff is a huge red flag

Theron Mohamed

Hong Kong could overtake New York as the world's billionaire capital very soon

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