The Peterson Institute for International Economics (PIIE), a non-profit financial and economic research organization based in Washington, DC, recently released a study on the wealth acquisition of billionaires in all countries in the world.
The study projected five categories as indicated in the legend of the featured infographic from howmuch.net: Inherited, Company Founders, Owners and Executives, Political Connections and Resource Related, and the Financial Sector.
The areas with subdivided percentages are the major economies while others are the countries with lower share of world’s billionaire.
Perceptibly, the world’s largest economy is the United States, which holds a 30.2% share of billionaires globally.
The US has 32% of America’s billionaires are company founders, while 28.9% inherited their wealth.
The second largest economy is China, holding 9.2% of billionaires in the world.
According to the report, the fast economic growth brought about by the upsurge of manufacturing sector produced more than 200 billionaires. Notably, around 40 percent of the said billionaires are company founders, which is quite a similar trend with Japan, which 63% company founders.
America has a noticeable opposite trend as compared on other the Western countries. The study revealed that a number of billionaires from major European economies inherited their money.
For instance: Denmark, with a whopping 83.3%; and Germany, with 64.7% of inherited wealth. On another note, this trend is also found in South Korea, with 74.1% of billionaires inherited assets.
Where Philippine billionaires stand
On a global scale, the Philippines holds 0.6% of billionaires.
This year, 21 magnates made it to the esteemed Forbes billionaire list. As per eCompareMo’s recent tally, the billionaires in the country have major stakes in real estate and retail industries as their major sources of income, alongside power and banking finance sectors.
Out of the 21 enlisted billionaires in the Philippines, 52.38% are company founders and 23.81% have inherited assets. On the other hand, 14.29% are company executives and 9.52% acquired wealth from the financial sector.
It is also worth noting that 16 out of the 21 billionaires are of Chinese descent and are self-made billionaires.
The Chinese competitiveness and financial domination, however, is not just evident in Asia. The number of Chinese billionaires has grown in a fast-paced rate in a worldwide scale, most of them being company owners or executives.