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03-10-2011, 01:13 AM #1
China, Russia drive growth in world's billionaires
CORRECTED-UPDATE 2-
China, Russia drive growth in world's billionaires
By Michelle Nichols
NEW YORK, March 9 (Reuters) - Rising global commodities prices and Asia's economic boom led to a big increase in the number of billionaires in Russia, China and Brazil in 2011.
China nearly doubled its number of billionaires to 115, while Russia and Brazil posted two-third jumps to 101 and 30, respectively, Forbes said in its annual list of the world's richest people.
It was the first time any country outside the United States, which has 413 billionaires, had more than 100. Moscow is now home to the most people on the list with 79 billionaires, easily outstripping New York, which has just 58.
The world's richest man, Mexican tycoon Carlos Slim, retained his crown for the second year in a row and made more money than any of the other 1,209 billionaires in the past year: $20.5 billion, taking his fortune to $74 billion.
Russia's billionaire growth was attributed to a commodities boom. Brazil also benefited from higher commodity prices, as well as stricter disclosure rules and a stronger currency. In China and India, which has 55 billionaires after adding six, strong economies helped create wealth from a range of sectors.
"The bottom line is BRICs, commodities and Asia Pacific," Forbes Chief Executive Steve Forbes told a news conference on Wednesday. "There is a global commodities boom. But as we should have learned ... commodities can go up very sharply, they can go down very sharply."
The Reuters Jefferies CRB commodities index rose 17 percent last year and is up another 8 percent this year as copper and gold hit record highs, grains are near their 2008 peaks and, most recently, oil surged beyond $100 a barrel.
Brazil, Russia, India and China produced half the world's 214 new billionaires, double last year's 97 newcomers.
http://www.reuters.com/article/2011/03/ ... 8520110310NO AMNESTY
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