Europe has slipped behind Asia as a hub for billionaires after failing to keep pace with the “entrepreneurial explosion” in digital and finance sectors, according to a report.
The overwhelming majority of billionaires lived in the US and Europe until 1980, with a minority of entrepreneurs creating their own wealth, according to the UBS/PwC 2015 Billionaire Report.
But the US and Asia have become the main centres of great wealth creation over the past decade, with Europe “faring less well”.
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