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<keyword id="19895063" type="General" weightage="100" keywordseo="India" source="keywords">India</keyword> is well positioned to be a driver of greater wealth, according to a <keyword id="22444977" type="General" weightage="20" keywordseo="global-wealth" source="keywords">global wealth</keyword> report by <keyword id="19896306" type="General" weightage="20" keywordseo="Boston-Consulting-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Boston Consulting Group" meta.hostid="153" meta.entityid="Boston Consulting Group">Boston Consulting Group</keyword> (BCG). In 2023, India generated roughly $590 billion in new <keyword id="22367734" type="General" weightage="20" keywordseo="financial-wealth" source="keywords">financial wealth</keyword>, marking its largest increase in the history. India will add about $730 billion annually to the overall growth of the region through 2028. The report says <keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords">China</keyword> and India are positioned to drive global <keyword id="20231223" type="General" weightage="20" keywordseo="wealth-creation" source="keywords">wealth creation</keyword>, "Notably, China and India are positioned to drive wealth creation, having collectively generated $588 billion in financial wealth in 2023. India is expected to add about $730 billion annually to the overall growth by 2028," said Yashraj Erande, India Leader Financial Services, BCG. Financial wealth in the Asia-Pacific region grew by only 5.1% in 2023, predominantly due to a slowdown in wealth creation in China. However, the report anticipates a significant increase through 2028, with the Asian region likely to contribute nearly 30% of new financial wealth by 2028. The report also observed that global net wealth registered a growth of 4.3% in 2023, following a decline of 4% in 2022. Much of this growth was due to a rebound in the financial market, as financial wealth, a subset of global net wealth, rose by almost 7% after a 4% decline in 2022. Looking ahead, the report estimates that $92 trillion of financial wealth will be created over the next five years. It also noted that Generative AI (GenAI) will play a crucial role in the digital transformation of <keyword id="21006652" type="General" weightage="20" keywordseo="wealth-managers" source="keywords">wealth managers</keyword>, with use cases along the entire value chain. "The financial wealth market has seen an uptick in the last year since its slump in 2022. The trajectory has been fairly well but not as good as it was between 2014-2021. For the wealth creation market to go back to its previous era the condition should continue to be favourable" added Erande. The report also highlighted that financial wealth in North America and Western Europe bounced back in 2023. Supported by strong equity markets, North America was among the fastest-growing regions, accounting for over 50% of all new financial wealth in 2023. The recovery was not as strong in Western Europe, where financial wealth rose by 4.4%. "Wealth creation resumed in 2023--but even so, wealth managers cannot afford to stand still. To capitalize on growing global wealth, industry players, among others, will need to set a clear digital transformation strategy and leverage GenAI to manage costs and improve client experience," said Michael Kahlich, a managing director and partner at BCG and a co-author of the report. The report stated that the most remarkable growth dynamics emerged in the United Arab Emirates (UAE). The UAE is currently the world's seventh-largest booking centre and is expected to surpass the Channel Islands and the Isle of Man as the sixth-largest by 2028. Hong Kong's anticipated rise to become the top global financial hub was stalled by a temporary but significant slowdown in Chinese inflow. Singapore now appears to be in a position to challenge Hong Kong's rise over the long term. Switzerland remains the largest booking centre worldwide, growing in line with its historical average of 4.8% and gaining the most wealth in absolute dollar terms. However, Switzerland and other European cross-border booking centres, including the UK and Luxembourg, are growing at a slower pace than Singapore, the UAE, and the US. This shift is occurring mostly because of a stronger demand for geographic diversification, reflecting a continued surge in wealth generation in Middle Eastern and Asian markets.

India and China to drive new wealth creation globally, Asia to contribute 30% of new wealth, says BCG report

We all have watched the an episode or two of the animated character ‘Richie Rich’ and aspired to be like the little boy, who had a vault brimming with money at Mount Rushmore, a personal chef, robot (at a day and age when even the internet didn’t exist) and a dog, very appropriately named, Dollar. 
 
Everyone aspires to become super rich in less time and wants to lead a lifestyle where you can buy anything without even looking at the price tag. 
 
READ ALSO: <a href="http://www.businessinsider.in/These-are-7-things-that-only-billionaires-can-buy-and-you-cant-even-think-of-them/articleshow/54809251.cms?format=slideshow">These are 7 things that only billionaires can buy and you can’t even think of them</a> 
 
But, becoming rich is not an overnight affair and takes a lot of hard work. Apart from hard work, there are other things that makes a person a millionaire or even a billionaire such as smartness, an eye for detail, persistency, etc. 
 
READ ALSO: <a href="http://www.businessinsider.in/3-ways-in-which-you-can-become-a-billionaire-in-just-three-years/articleshow/54483183.cms">You can easily become a billionaire in three years! Here's how</a> 
 Guru of several management bestsellers, Dr. Radhakrishnan Pillai, during Tedx Talks, spoke about 5 more easy ways about richness and <keyword id="6383453" type="ORGANIZATION" weightage="20" keywordseo="Wealth">wealth</keyword>. 
 
Only creating wealth is not enough and you should know how to manage and distribute money. Even Richie Rich did a lot of charity! 
 
If you work on these 5 steps and continue with your idea and passion, no one can stop you from acquiring as much wealth as you want and you never know if you become the next Bill Gates or a Ratan Tata. 
 
Here are the 5 ways 
 
 
(Images: Indiatimes)

These
are the 5 easy ways to become filthy rich in no time

<ul class="summary-list"><li>Americans of all backgrounds underestimate the <keyword id="6383453" type="UNKNOWN" weightage="60" keywordseo="wealth">wealth</keyword> gap that exists between white and Black families, a <a href="https://journals.sagepub.com/doi/full/10.1177/1745691619863049">2019 national survey</a> of over 1,000 US adults shows. </li><li>For every $100 in wealth held by a white family, a Black family has just $10, per research from the Fed's 2017 <a href="https://www.federalreserve.gov/econres/notes/feds-notes/recent-trends-in-wealth-holding-by-race-and-ethnicity-evidence-from-the-survey-of-consumer-finances-20170927.htm">"Survey of Consumer Finances."</a></li><li>Yet, the average American thinks that for every $100 in wealth held by a white family, a Black family has $90, the survey found. </li><li>Some 97% of Americans underestimate the racial wealth gap, Michael Kraus, social psychologist at the Yale School of Management, told Business Insider. </li><li>This could be because Americans hold a rosy ideal of our country's past, or because they think progress is always linear, he said. </li><li>To address the wealth gap, people must educate themselves on modern systems of inequality.</li></ul>They say to fix a problem, first you have to recognize that it exists. When it comes to the racial wealth gap — that might be an issue. The disparity in money between white and Black Americans has become one of many important topics of public conversation amid the Black Lives Matter movement, but it's a problem that's been around for decades. From <a href="https://www.washingtonpost.com/us-policy/2019/04/04/how-souths-slave-owning-dynasties-regained-their-wealth-after-civil-war/">slaveholders accumulating massive wealth</a> to the decimation of Tulsa's "<a href="https://www.theguardian.com/commentisfree/2020/jun/19/tulsa-1921-massacre-trump-violence-legacy">Black Wall Street</a>" to <a href="https://www.brookings.edu/blog/up-front/2020/02/27/examining-the-black-white-wealth-gap/">Jim Crow laws</a>, Black people have been routinely denied the opportunity to create wealth in the same way white people have. And many Americans are still unaware of just how bad it is, ongoing research from Yale University shows. That presents a huge problem if there's to be any hope in fixing it. The median white family had more than 10 times the wealth of the median Black family in 2016, according to <a href="https://www.federalreserve.gov/econres/notes/feds-notes/recent-trends-in-wealth-holding-by-race-and-ethnicity-evidence-from-the-survey-of-consumer-finances-20170927.htm">the Fed's 2017 "Survey of Consumer Finances.</a>" In other words, for every $100 in wealth held by a white family, a Black family has just $10.Yet, a series of ongoing studies by the Yale School of Management reveal that Americans are largely unaware of this. Most Americans think that for every $100 in wealth held by a white family, a Black family has $90. "Americans — they're inaccurate about the racial wealth gap's magnitude," Michael Kraus, social psychologist at the Yale School of Management, told Business Insider. "Our national survey found that 97% of Americans are overestimating racial equality." Kraus and his colleagues have been surveying Americans since 2016 in an ongoing survey. Their largest, <a href="https://journals.sagepub.com/doi/full/10.1177/1745691619863049">national survey of over 1,000 Americans</a> was conducted in Sept. 2019. The racial and ethnic breakdown of the sample group of respondents was designed to be roughly representative of the country's population, in line with <a href="https://www.census.gov/quickfacts/fact/table/US/PST045219">US Census data</a>. <h2>Americans think the racial wealth gap is closing, when it's actually gotten bigger</h2>Americans also believe that the wealth gap is closing, the national survey found. When in fact, it's gotten bigger over time. "The difference in median household incomes between white and Black Americans has grown from about $23,800 in 1970 to roughly $33,000 in 2018 (as measured in 2018 dollars)," <a href="https://www.pewresearch.org/fact-tank/2020/02/07/6-facts-about-economic-inequality-in-the-u-s/">the Pew Research Center said</a>. In Kraus's 2019 study, people were given 12 randomly ordered years and asked to estimate the wealth gap between white and Black Americans at those dates. For example, a person was asked to estimate the gap in 1963, in 2012, and in 1975. The vast majority of respondents answered in a way that showed the gap improving over time. "In fact, the wealth gap has gotten larger since 1963, the earliest time point we used. The result is that people are overestimating equality in 1963 by 40 percentage points. At the most recent time point, 2016, the estimates are off now by 80 percentage points," Kraus told the Yale University's academic <a href="https://insights.som.yale.edu/insights/the-wealth-gap-facing-black-americans-is-vast-and-vastly-underestimated">blog</a>. Why do people underestimate the racial wealth gap? Kraus and his research team are focusing on that question next. It could be a false understanding of progress, where people view it as linear, rather than a series of fits and bouts. "There's this belief that we're marching steadily toward progress, when in reality people have to give up things, there's struggle, there's retrenchment: periods where you have lack of progress, you have things becoming worse," Kraus told Business Insider. It's also because of how Americans view their country. "We would like to think about our country's history in terms of overcoming racial injustice rather than having it be a part of our everyday lives," he said. <h2>We can't move forward if we don't recognize modern systems of inequality </h2>Addressing the wealth gap will be near impossible if Americans continue to deny it exists, Kraus said.Black Americans still face racist lending practices from banks and financial institutions. Though the federal Fair Housing Act banned racial discrimination in lending in 1968, African Americans and Latinos continue to be denied mortgage loans at rates far higher than white people, <a href="https://www.chicagotribune.com/business/ct-biz-modern-day-redlining-20180215-story.html">Reveal, a publication of the Center for Investigative Reporting, found in 2018</a>. Reveal analyzed millions of Home Mortgage Disclosure Act records and found evidence of modern-day redlining practices, or the routine denial of credit to nonwhite people, in 61 metro areas.Black Americans also still face prejudice in the job market. They're <a href="https://www.businessinsider.com/personal-finance/fixing-racial-wealth-gap-will-take-more-than-financial-literacy-2020-7">underrepresented in high-paying jobs</a> and overrepresented in <a href="https://www.epi.org/blog/workers-of-color-are-far-more-likely-to-be-paid-poverty-level-wages-than-white-workers/">low-paying jobs</a>. Black people, especially Black women, are also <a href="https://www.businessinsider.com/how-poc-white-women-twist-themselves-white-male-corporate-america-2020-7">promoted less often</a> and <a href="https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/racial-wage-gaps-persistence-poses-challenge.aspx">paid less</a>. These discrepancies add up over time. White Americans can expect to earn a whopping $1 million more than their Black counterparts over their lifetime, <a href="https://www.mckinsey.com/industries/public-sector/our-insights/the-economic-impact-of-closing-the-racial-wealth-gap">a 2019 McKinsey study found</a>.In order to fix inequality, Americans need to get educated, and get honest. "If you believe that we automatically move toward equality you will be more likely to endorse the use of symbolic and cosmetic actions for justice. Only when you view racial justice as a constant struggle, one that we all might lose, can you see how much commitment is necessary for real change, and similarly, how cosmetic changes won't get the job done," Kraus said.

Americans grossly underestimate the racial wealth gap between Black and white families — and it's making it harder to achieve financial equality

New Delhi, Dec 18 () Reliance Industries has emerged as the biggest wealth creator during 2014-19 by adding Rs 5.6 lakh crore of wealth, according to a study.
 The top-100 wealth creators generated Rs 49 lakh crore during 2014-19, the highest-ever quantum of wealth added, according to Motilal Oswal's Annual Wealth Creation Study 2019.
 "After a gap of 7 years, Reliance Industries has once again emerged the biggest wealth creator over 2014-19. A total of Rs 5.6 lakh crore wealth created by Reliance is the highest-ever so far by a huge margin," it added.
 According to the study that was released on Wednesday, Reliance Industries, Indiabulls Ventures and IndusInd Bank are the biggest, fastest and most-consistent wealth creators, respectively.
 Indiabulls Ventures is the fastest wealth creator for the second time in a row, with stock returns at a whopping 78 per cent compound annual growth rate (CAGR).
 The study added that Bajaj Finance has the unique distinction of being in the top-10 biggest as well as fastest wealth creators.
 Also, IndusInd Bank is the most-consistent wealth creator by recording the highest CAGR of 49 per cent over the 10-year period of 2009-19.
 During 2014-19, Sensex's CAGR was only 12 per cent but the pace of wealth creation was at 22 per cent CAGR.
 "This reinforces the point that wealth creation happens in all kinds of market conditions," it said.
 The study by the financial services company further added that the financial sector has emerged as India's biggest wealth-creating sector over 2014-19 for the third consecutive year.
 The surge in wealth creation in the sector has been led by private banks and non-banking financial companies (NBFCs).
 Public sector undertakings' (PSUs) wealth creation performance remained weak during 2014-19. The number of PSUs in the top-100 wealth creators is only nine, namely IOC, BPCL, HPCL, Power Grid Corporation, Petronet LNG, Indraprastha Gas, LIC Housing, Bharat Electronics and NBCC.
 The total wealth destroyed during 2014-19 is Rs 8.6 lakh crore. Similar to last year's study, the financial sector has the unusual distinction of being the biggest wealth creator thanks to private banks and NBFCs and also the second biggest wealth destroyer thanks to state-owned banks.
 The Motilal Oswal's Annual Wealth Creation Study 2019 analyses the top-100 wealth-creating companies.
 Wealth created is calculated as change in the market capitalisation of companies between 2014 and 2019, duly adjusted for corporate events such as mergers, de-mergers, fresh issuance of capital, and buyback, among others. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/2019-fpi-inflow-data-insurance-and-tech-stocks/articleshow/72741166.cms" data-type="tilCustomLink" target="_blank">The amount of Indian insurance stocks foreign investors hold has grown ten-fold in just about a year</a>

The top three stocks in last five years — Reliance Industries, Indiabulls Ventures, and IndusInd Bank

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Edward Berthelot/Getty ImagesMany millennial millionaires live in Silicon Valley ZIP codes.</div></div></div><ul class="summary-list"><li>Most of America's <a href="https://www.businessinsider.com/where-are-rich-millennials-moving-top-states-2019-6">millennial millionaires</a> live in California ZIP codes, according to a <a href="http://blog.coldwellbankerluxury.com/a-look-at-wealth-millennial-millionaires/">new report by Coldwell Banker</a>.</li><li>These ZIP codes mostly stretch across Silicon Valley, highlighting the relationship between tech and wealth.</li><li>Only two ZIP codes aren't in California - one in Maryland and one in Michigan.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">V</a><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">isit Business Insider's homepage for more stories</a>.</li></ul>Nothing says rich like your ZIP code.A <a href="http://blog.coldwellbankerluxury.com/a-look-at-wealth-millennial-millionaires/">new report by Coldwell Banker</a> looked at the top 10 ZIP codes where America's 618,000 <a href="https://www.businessinsider.com/millennial-millionaires-baby-boomer-inheritance-wealth-transfer-2019-10">millennial millionaires</a> live.The Coldwell Banker Global Luxury program worked with wealth intelligence data and research firm WealthEngine to analyze the lifestyles of millennial millionaires, from wealth creation and property investments to spending trends. It defined millennial millionaires as those ages 23 to 37 with a net worth of more than $1 million.Read more: <a href="https://www.businessinsider.com/where-do-wealthy-millennial-millionaires-live-top-states-2019-10">The top 10 states where America's wealthiest millennials live, ranked</a>With nearly half of America's millennial millionaires living in California, it makes sense that all but two ZIP codes on the list are in the state: Namely those in Silicon Valley, from Cupertino to San Jose. This indicates the relationship between the tech industry and wealth creation.See below for the top 10 ZIP codes where America's millennial millionaires live.<a href="https://www.businessinsider.com/generation-z?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_hub&amp;itm_content=millennials&amp;itm_campaign=generation-z"></a>

The top 10 ZIP codes where America's wealthiest millennials live, ranked

<keyword id="3265600" type="UNKNOWN" weightage="100" keywordseo="Shree-Sai-Spaces-Creations">Shree Sai Spaces Creations</keyword> and <keyword id="1444395" type="UNKNOWN" weightage="100" keywordseo="Wasankar-Wealth-Management">Wasankar Wealth management</keyword> has come under <keyword id="35210" type="ORGANIZATION" weightage="100" keywordseo="sebi">SEBI</keyword> scanner for violating <keyword id="6357264" type="ORGANIZATION" weightage="100" keywordseo="capital-market">capital market</keyword> norms. SEBI has ordered attachment of bank accounts, demat accounts and mutual fund folios. 

	The move is part of Sebi's efforts to recover dues worth over Rs 50 crore collectively from both the firms. 
 

	The regulator has ordered attachment of bank accounts, demat accounts and MF folios of Shree Sai Spaces Creations to recover Rs 39,22,03,162 due to the investors, whereas Wasankar Wealth management owes Rs 12,89,01,000. 
 

	The pending dues include fine imposed on them along with interest, charges, expenses and other costs. 
 

	The attachment order comes after the firms violated various capital market norms and also failed to comply with Sebi's earlier directive to refund investors' money along with interests. 
 

	While Shree Sai Spaces Creations raised money from public through 'collective investment schemes' (CIS) without getting regulatory approval, Wasankar Wealth management mobilised funds from 228 investors by issuing preference shares without complying with the public issue norms. 
 

	In two separate orders, Securities and Exchange Board of India (Sebi) has directed banks to attach all accounts including lockers held by the two companies and their directors. 
 

	Similarly, the regulator has directed depositories - NSDL and CDSL - to attach all demat accounts of the defaulters. 
 

	The watchdog has also asked for various details of the accounts held by the firms, including account statements.
 

	The markets regulator has been given powers to attach properties and bank accounts, among other things, of persons and entities which have failed to comply with directions involving payment of penalties and other dues.

	 
	 
	(Image credits: indiatimes)

Shree Sai Spaces Creations and Wasankar Wealth management come under SEBI scanner

A <a href="https://www.businessinsider.in/investment/news/bitcoin-ethereum-and-others-have-lost-nearly-40-percent-since-their-record-highs-but-investors-are-still-better-off-than-they-were-a-year-ago/articleshow/88823379.cms" data-type="tilCustomLink">cryptocurrency</a> CEO has become one of the richest people on Earth, CNN reported. Changpeng "CZ" Zhao, who runs the crypto exchange <a href="https://www.businessinsider.in/cryptocurrency/news/binance-boss-cz-is-reportedly-worth-96-billion-rivaling-mark-zuckerberg-and-thats-without-counting-his-personal-crypto-holdings/articleshow/88814400.cms" data-type="tilCustomLink">Binance</a>, has joined the ranks of the world's top billionaires, with an estimated net worth of at least $96.5 billion, according to new calculations from the Bloomberg Billionaires Index. Zhao's projected fortune now is just below that of Oracle founder Larry Ellison and surpasses that of Mukesh Ambani, the Indian tycoon whose fortune has also soared over the last two years. The ascent of the Chinese-Canadian entrepreneur is emblematic of the rapid creation of wealth in the fast-moving world of digital currencies. Last year, other crypto founders also enjoyed huge gains as the value of virtual coins rallied, with ethereum creator Vitalik Buterin and Coinbase founder Brian Armstrong both becoming billionaires. Sam Bankman-Fried, CEO of FTX, another <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> exchange that has been backed by Binance, pointed Tuesday to an "unprecedented amount of wealth creation that has occurred in the industry over the last few years", CNN reported. A Binance spokesperson told CNN Business that "CZ intends to give away most of his wealth, even 99 per cent of his wealth, just like other entrepreneurs and founders." Zhao launched Binance in 2017, gradually building it into one of the world's largest crypto exchanges, the report said.

Binance CEO Changpeng Zhao beats Mukesh Ambani to become Asia's richest person

<ul class="summary-list"><li>The economy is already in a "selective recession," according to JPMorgan's Matthew Boss.</li><li>Low-income consumers are pulling back on spending while top-earners are fueling the economy.</li></ul>The US economy is being split by a "selective recession," as some consumers see "huge" wealth creation while others struggle to get by, according to JPMorgan analyst Matthew Boss.The equity analyst pointed to the divide between low-income and high-income consumers. High-income consumers are thriving, evidenced by the $40 trillion worth of spending they're driving into the economy, which is around half of all consumer spending in the US, Boss estimated.Lower- to middle- income consumers, though, appear to be <a target="_blank" href="https://www.businessinsider.com/recession-outlook-economy-hard-landing-jpmorgan-forecast-low-income-wealth-2024-5">falling behind as the cost of living rises</a>, Boss said previously. The bottom 20% of consumers are contributing to just 10% of the economy's total spending, he said, citing national retail sales data."The backdrop that we face in our work is a selective recession, and what that means is you are going to have extreme volatility. We think the higher income consumer — a lot of wealth creation," Boss said in an interview with <a target="_blank" href="https://www.youtube.com/watch?v=uYFyBCHTv_k">CNBC</a> on Thursday. "The low-income consumer, that's the melting ice cube," he added.The richest Americans have significantly increased their wealth over the past four years. The top 10% of households have gained a whopping $30.5 trillion since 2022, while the bottom 50% of Americans have gained just $1.8 trillion in wealth, according to <a target="_blank" href="https://muse.insider.com/story/667eade15c62a271edc00c1a">Federal Reserve</a> data.That could be because the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-ownership-wealthiest-americans-one-percent-record-high-economy-2024-1">top 10% of Americans account for the vast majority of household stock ownership</a>, while <a target="_blank" href="https://www.dallasfed.org/research/economics/2023/0110#:~:text=Low%2Dincome%20households%20most%20stressed,few%20ways%20to%20reduce%20spending%20.">low-income households are generally more impacted by inflation</a>. 65% of households earning less than $25,000 a year said they found inflation to be "very stressful" — around 23 percentage points more than households with income of $75,000-$100,000.Middle-income consumers also say they're affected by the accumulated price increases over the past few years. Less than half of middle-income households rated their finances as "excellent" or "good," and 68% rated their ability to save as "not so good" or outright "poor," according to a second-quarter <a target="_blank" href="https://www.primerica.com/public/Fact_Sheet_Primerica_Financial_Security_Monitor_Q2_2024.pdf">survey</a> conducted by Primerica.Other forecasters have warned of a <a target="_blank" href="https://www.businessinsider.com/recession-outlook-us-economy-consumer-spending-hard-landing-inflation-slowdown-2024-6">consumer-led recession</a> as Americans pull back on spending. Overall, real retail sales have dropped 4% year-over-year in the first quarter — a possible sign that a <a target="_blank" href="https://www.businessinsider.com/recession-outlook-us-economy-consumer-spending-hard-landing-inflation-slowdown-2024-6">consumer recession</a> may already be here, according to top economist David Rosenberg.

The US economy is in a 'selective recession' as lower-income consumers struggle and high-income households see huge wealth creation, JPMorgan strategist says

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Shutterstock</div></div></div><ul><li>The total number of billionaires reached 2,158 last year, up 9% from 2016, according to a new report from UBS and PwC. </li><li>The growth was fastest in Asia, with China minting roughly one new billionaire every three days.</li><li>Asian billionaires will be wealthier than their American peers in less than three years. </li></ul>The rich are getting richer and more numerous.The world added 332 billionaires last year, with their cumulative wealth increasing 19% to a record $8.9 trillion, according to an annual survey from UBS and PwC. What's behind this phenomenon? Explosive wealth creation in China. "China is where we're seeing unbelievable and unprecedented growth," said John Mathews, head of ultra high net worth Americas for UBS Global Wealth Management. For the first time ever, billionaire growth in Asia Pacific outpaced that of the US last year.In 2006, there were just 16 Chinese billionaires. But in 2017, the tally hit 373 - a fifth of the global total. The US still leads regionally, with 585 billionaires, but wealth creation in the region is slowing. The US created 53 billionaires in 2017, compared with 87 in 2012. In China, 106 people became billionaires in 2017 (although a number dropped off the list from 2016). That comes out to roughly one new billionaire every three days. If current trends hold, Asian billionaires' wealth will surpass that of their American counterparts in three years. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Samantha Lee/Business Insider</div></div></div> That growth has been driven by self-made entrepreneurs in China, particularly in the technology industry. More than 300 Chinese companies went public last year, unlocking what UBS deems "stealth wealth," the difficult-to-measure wealth of individuals in private markets with little transparency. About 97 percent of Chinese billionaires are self-made, and, at 56 years old on average, they're about a decade younger than their North American counterparts.US entrepreneurs could play catch-up next year, though. Mathews said major anticipated initial public offerings in 2019, including <a href="https://www.businessinsider.com/uber-on-track-for-ipo-in-2019-public-2018-9">Uber</a>, could reveal more stealth wealth, potentially adding more billionaires to the US's count. Of the 53 new billionaires in the US last year, 30 were self-made. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/gary-shilling-warns-fed-tightening-could-trigger-recession-2018-9">The economist that predicted the housing crisis warns the Fed is engaging in behavior that's almost always caused a recession</a></h3> <div> </div> </div>

China is minting a billionaire every three days as tech boom unlocks 'stealth wealth'

It’s that time of the year when people run around, searching for ways to save tax. In this matter, Section 80 C of the <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> Act gets the most amount of attention from investors, as it allows tax exemption through some popular investment instruments. Premiums paid for life insurance policies, investments in <keyword id="762633" type="UNKNOWN" weightage="20" keywordseo="equity-linked-saving-schemes">Equity Linked Saving Schemes</keyword> (<keyword id="103549" type="CITY" weightage="20" keywordseo="ELSS">ELSS</keyword>), five-year fixed deposits, National Savings Certificates (NSC), Public Provident Fund (<keyword id="76579" type="CITY" weightage="20" keywordseo="PPF">PPF</keyword>) and investment in Sukanya Samriddhi Yojana are some such instruments. 
 
Among these, ELSS has the potential to beat the long-term returns from all other investment options. It also allows you to save tax up to Rs. 1.5 lakh under Section 80 C. Let’s understand what ELSS is and what are the associated benefits through this article. 
 
What is ELSS? 
Equity Linked Saving Schemes (ELSS) are open-ended mutual funds with at least 65% exposure to equity. Although there’s a high degree of risk involved in this investment, it is beaten down in the long run. The returns earned through ELSS funds have outperformed other investment instruments in the long run. 
 
According to the CRISIL - AMFI ELSS Fund Performance Index in December 2016, ELSS funds as a mutual fund category have returned 3.35% in the last year, 16.64% in three years, 17.71% in the last five and 10.61% in 10 years. 
 
The minimum investment in ELSS has to be Rs. 500, while there’s no limit on the maximum amount you can put in. ELSS comes with a lock-in period of three years and withdrawal cannot be done before the completion of the stipulated period. On completion of the stipulated period, you can either redeem your scheme or continue with it. Returns from ELSS is tax-free on completion of a year. 
 
Why is ELSS your best long-term bet? 
ELSS has proven to be beneficial in terms of saving tax and yielding returns. Following are the benefits of ELSS: 
 
• ELSS allows you to claim tax deduction of up to Rs. 1.5 Lakh under Section 80C of the Income Tax Act. The proceeds on redemption of the scheme after three years of lock-in is also completely tax free. 
 
• Compared to PPFs, NSC and fixed deposits, the lock-in period associated with ELSS is relatively shorter, indicating more liquidity. 
 
• The highest ranked ELSS funds have provided a CAGR of around 20% in the last five years – far more than options such as PPF and NSC which can provide returns in the range of 8-9%. Not just that, your ELSS returns are tax-free. 
 
• This scheme is highly affordable, as the minimum amount you can invest is only Rs. 500. If you don’t have a lump sum amount, you can even invest through Systematic Investment Plans (SIPs), depositing a small amount every month. 
 
• There is no fixed maturity period. Investors can stay invested as long as they want. 
 
• Investors earn dividends even during the lock in period and it is tax free. 
 
• The scheme forces you to stay invested at least for a period of three years without any interruptions. Moreover, if you opt for SIPs, you indulge in a more disciplined saving habit which ensures high capital growth. 
• 
ELSS and other instruments that allow exemptions under Section 80C 
 
Here is a comparative analysis of ELSS and other popular investment instruments:

Looking to save tax? Give an ELSS fund a chance – For tax savings & wealth creation

Even the world's ultra-rich are feeling the pinch of a slowing economy. (Sort of.) Thanks to falling commodity prices, the stronger dollar, and the dilution of wealth in growing families, total billionaire wealth dropped by $300 billion to $5.1 trillion last year, according to <a href="http://uhnw-greatwealth.ubs.com/media/8616/billionaires-report-2016.pdf">a new report by UBS and PwC</a>. On average, their collective wealth fell to $3.7 billion from $4 billion."For the first time since the aftermath of the global financial crisis, billionaires' wealth grew at a slower rate than global GDP growth," John Mathews, head of ultra high net work at UBS Wealth Management Americas, said at a media briefing Thursday.<div class="KonaFilter image-container display-table"><div><div class="image on-image">UBS-PwC</div></div></div> Here is UBS-PwC:"After two decades of outperforming global stock markets, billionaires' fortunes failed to match them. They fell 5%, against a flat MSCI World Index (down 0.3%). Over the past 20 years, billionaire wealth has increased by a factor of seven, double the MSCI World Index's 3.5. Furthermore, in 2015, neither billionaires nor the stock market matched the economy's expansion. Global GDP grew 2.4%, down from 2.6% in 2014, according to the World Bank."Mining and energy billionaires were hit the hardest, with their average wealth drop by almost a fifth last year, according to the report. Those in the industrials sector shed 12% of their fortunes, while those in consumer and retail lost 8% in the same period.Technology and finance, which the researchers dubbed as "the motors of great wealth creation," have hit a wall. Billionaires in the former saw no change in their average wealth, while the latter saw a 3% decline, according to the report.<div class="KonaFilter image-container display-table"><div><div class="image on-image">UBS-PwC</div></div></div> A surprising number of families also dropped out of billionaires status in 2015. The report found that since 1995, 90% of billionaires' fortunes didn't make pass through to the second generation.There are two main drivers behind the fallout: dilution and market risks. When people live longer, inherited wealth may be spread across several generations, hence a much quicker dilution. Rich families' ability to navigate growing uncertainty and market volatility is key, said Michael Spellacy, global wealth leader at PwC US. "The monetary policy we've seen executed cross the globe has a powerful impact on helping our recovery progress, but also has unintended consequences, and has certainly fed into uncertainties about the future," Spellacy said. "The rising tide of populism is another big challenge."Notably, <a href="http://www.businessinsider.com/the-number-of-billionaires-growing-fastest-in-china-asia-2016-10">Chinese billionaires continue to thrive</a> on harder times. One billionaire pops up in Asia every three days, according to the report, with China accounting for the bulk of the new wealth creation. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/irs-emails-scam-fraud-2016-9">Beware of fraudulent IRS emails in your inbox</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="dybGc2NjE67Ac-pudypIo4PnDa5SUOA7" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The rich aren't getting richer these days

<ul><li>The buyback will include over 270 employees globally and eligible employees will participate in the repurchase and liquidate 40 per cent of their vested <keyword id="120103" type="General" weightage="100" keywordseo="esop" source="Orion">ESOP</keyword> units.</li><li>The company said that at 5x the book price of each unit, this programme provides liquidity options and will be a wealth-creation opportunity for the organization's leading employees.</li></ul>Data science and AI solutions company Tredence on Thursday announced its largest ESOP (employee stock ownership plan) buyback programme worth $30 million (about Rs 240 crore) on the heels of a Series B funding of $175 million from <keyword id="312345" type="General" weightage="50" keywordseo="advent-international" source="Orion">Advent International</keyword>. The buyback will include over 270 employees globally and eligible employees will participate in the repurchase and liquidate 40 per cent of their vested ESOP units. The company said that at 5x the book price of each unit, this programme provides liquidity options and will be a wealth-creation opportunity for the organization's leading employees. "The buyback programme will recognise and reward employees who strive every day to make Tredence the most indispensable analytics company on the planet," said <keyword id="6941917" type="General" weightage="50" keywordseo="shub-bhowmick" source="Orion">Shub Bhowmick</keyword>, CEO and Co-founder, Tredence. Tredence currently employs 2,000 people, with 80 per cent of the workforce in India. By the end of 2023, the company plans to expand its workforce to 3,000 and nearly 700 of new employees will be hired in India. Additionally, the expansion will create jobs in North America, Canada and the UK. The company also plans to open a near-shore delivery centre in Latin America. "This investment is a testament to our commitment to creating value for our employees and providing them with meaningful wealth-creation opportunities," said <keyword id="16449269" type="General" weightage="50" keywordseo="pratap-daruka" source="Orion">Pratap Daruka</keyword>, Chief Financial Officer, Tredence. In 2022, Tredence doubled its revenue while raising $175 million in Series B funding from Advent International to strengthen vertical capabilities and reach a broader customer base. Headquartered in San Jose, California, the company embraces a vertical-first approach and an outcome-driven mindset to help clients win and accelerate value realization from their analytics investments. SEE ALSO: <a href="https://www.businessinsider.in/science/news/china-clones-three-super-cows-to-produce-milk-by-the-gallons/articleshow/97570773.cms">Holy Cow! China clones three 'Super Cows' to produce milk by the gallons</a> <a href="https://www.businessinsider.in/tech/mobile/news/rumors-suggest-oneplus-is-testing-v-fold-and-v-flip-foldable-smartphones/articleshow/97448675.cms">Rumors suggest OnePlus is testing V Fold and V Flip foldable smartphones</a>

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