There are now 2,189 billionaires globally with a combined wealth of $10.2 trillion, as the pandemic-induced stock market rally catapulted the net worth of the world’s uber wealthy to a new high.
As of July 2020, Asia-Pacific accounted for the highest number of ultra-high net worth individuals, with 831 (38%) of the super rich residing in the region, where billionaire wealth now totals $3.3 trillion, according to Swiss bank UBS’ new Billionaires Insights Report 2020. That compares to 762 (35%) across the Americas and 596 (27%) in Europe, the Middle East and Africa (EMEA).
The findings, based on interviews and data from 2,000 billionaires across 43 markets, saw Asia-Pacific retain its global position as “the engine of wealth growth,” UBS Global Wealth Management’s Anurag Mahesh said at the report’s launch Wednesday.
Mainland China emerged as the region’s top market for wealth creation, with 415 billionaires, followed by India (114), Hong King (65) Taiwan (40) and Australia (39). The U.S. is home to 636 billionaires, the study found.
Much of the billionaire wealth growth seen this year was closely correlated to the market recovery staged since April’s dramatic sell-off, since the assets of the ultra wealthy are typically tied up in the public companies they run or invest in.
However, from 2019 to the peak of the downturn in April 2020, Asian billionaire wealth emerged relatively unscathed, dropping 2.1% compared to 10.1% in EMEA and 7.4% in the Americas.
Manesh, Asia-Pacific co-head of UBS’s Global Family Office, said they could be partly related to the region’s dominance in two key industries — technology and health care — which have surged in the wake of the pandemic.
Asia-Pacific is home to the world’s highest share of tech and health-care billionaires, accounting for 181 (8%) of the total billionaire population, compared
Delivering truly next-generation network speeds has been a challenge for U.S. cellular carriers, as their low, mid, and high band wireless towers have thus far required seriously awkward speed and distance compromises. Today, T-Mobile said it has successfully tested the next piece of its 5G strategy: Carrier Aggregation (CA) technology that will dedicate 2.5GHz mid band spectrum to downloads and 600MHz low band spectrum to uploads, simultaneously improving T-Mobile’s 5G speeds and reach across the United States.
In prior cellular generations, downloads and uploads generally shared a single radio frequency, equivalent to wired phone calls that put talking and listening through the same cable. Using carrier aggregation, T-Mobile is enabling a single phone to have separate inbound and outbound radio connections, spanning two radio frequencies that have been synchronized to seamlessly provide service together. This will let T-Mobile’s mid band towers handle outbound traffic at their best speed while slower but longer-reaching 600MHz low band towers take care of uploads, which don’t typically need to be as fast as downloads.
T-Mobile’s announcement has broader importance for businesses and end users, particularly in the United States, as it offers a clear path to widespread adoption of 5G cellular technology. Rival carriers Verizon and AT&T initially launched 5G exclusively using high band millimeter wave hardware that was extremely fast but barely covered individual city blocks, precluding large-scale rollouts. T-Mobile initially responded with a nationwide low band 600MHz 5G network that was roughly as slow as 4G in some places but faster in others. The carrier then augmented its service in some locations with a 2.5GHz mid band layer capable of much greater speeds. Combining those two layers in this fashion gives the carrier — and its rivals — a roadmap for effectively using existing “sub-6GHz” radio spectrum to deliver 5G service across