My column in Mindanao Daily - the Mindanao wide circulated publication
Some people have money to burn! Every time, I observe them, I feel that their money is going down their drain. Yes, "money talks". The more money you have, the more you might become avaricious. Every time, we have to dig deeper into our pockets, we might longing to be like those people, who don't see the difference between a 500 or 1,000 bill.
On the other hand, the number of billionaires worldwide rises rapidly.
Last year saw the rise of some 200 additional billionaires who contributed to boosting the collective wealth of the super rich. A fresh report -just on my desk- showed that growth was led by the world's second-largest economy, China.
The number of billionaires rose to 2,158 in 2017, Swiss banking giant UBS and consultancy PwC said in a report last Friday (October 26, 2018). It showed that a total of 199 new billionaires were created over the year globally.
Their collective wealth increased by 19 percent to the staggering total of $8.9 trillion (€7.83 trillion), led by growth in China.
Nearly a third of the new billionaires gained their wealth through some form of innovation, while the rest did so by scaling up businesses in the Asia-Pacific region, the report noted.
According to the Billionaires Insight Report, "China's billionaire entrepreneurs are leading their country's economic transformation, and by extension that of the rest of Asia."
It added that over little more than a decade, they had created some of the world's largest companies, raised living standards and made fortunes at an unprecedented pace.
UBS and PwC emphasized that there were already more billionaires in Asia than in the United States, and they were on course to be wealthier than their US peers within three years.
"A new cohort of Chinese entrepreneurs is challenging Silicon Valley amid rising tensions over trade and intellectual property," the survey argued. "They are developing new business models, moving rapidly between sectors."
"Ongoing urbanization and productivity growth would help the young entrepreneurs at the forefront of China's wealth creation continue to reach the ranks of the billionaires in the coming years," the report concluded.
Yes, money can give you a wonderful sleep, and you might stay in one of the most luxurious beds - but being awake, while your poorest neighbor sleeps better and more peaceful on the floor. There are many sayings about money. I like this one: Money can buy books but not brains. You might study a lot and get a lot of experiences; it's just a pity, if you don't use them at the right time for the right people in your surroundings.
