Global billionaire wealth reached a record high of US$10.2 trillion during the pandemic, driven by the super-rich in the United States and on the Chinese mainland, whose equity markets saw a V-shaped recovery between April and July, UBS and PwC said in a report on Wednesday.

The Chinese mainland’s billionaire wealth grew the fastest in Asia. Their wealth now accounts for nearly half of those held by the billionaire’s club in Asia-Pacific, and 17 percent of the global billionaire wealth

The combined wealth of the world’s billionaires swelled 27.5 percent during the period. The number of billionaires rose to 2,189 from 2,158 in 2017. 

The Chinese mainland’s billionaire wealth grew the fastest in Asia. Its number of billionaires broke the record to reach 415 in July, with their wealth surging 71 percent from that in April 2018 to US$1.68 trillion. Their wealth now accounts for nearly half of those held by the billionaire’s club in Asia-Pacific, and 17 percent of the global billionaire wealth.

Their wealth was up 41 percent during the April-July period, driven by the rally of the A-share equity market following the mainland’s effective control of the coronavirus since March. The Shanghai Composite Index has hiked 18 percent since April, while the Shenzhen Composite Index has risen nearly 30 percent during the same period.

Amy Lo, co-head of wealth management Asia-Pacific at UBS Wealth Management, attributed the stunning growth of mainland’s billionaire wealth to the boom of technology and innovative firms.

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Healthcare, materials, and entertainment and media were the top three sectors driving the growth. The pandemic has further accelerated the asset of technology and healthcare entrepreneurs.

Globally, technology billionaires’ total wealth rose to US$1.8 trillion, up 42.5 percent from 2018, while healthcare billionaires’ total wealth increased 50.3 percent to US$658.6 billion, boosted by drug development and research in diagnostics and medical technology.

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Healthcare billionaires are some of the past two years’ biggest gainers, especially the Chinese mainland’s health industry leaders, who have ridden a surge in its drug and medical devices industries, the report said.

In Hong Kong, the number of billionaires dipped slightly to 65, in line with the long-term average. Total billionaire wealth increased to US$356 billion from US$320 billion last year. Industrials, healthcare and technology were the three main sectors responsible for this growth.

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Lo remains positive for the long-term prospect of Hong Kong’s billionaire wealth. She said many US-listed mainland companies are headed to Hong Kong for a secondary listing, which will attract capital. 

edithlu@chinadailyhk.com