Asia Pacific was selected by the world’s richest as the region with the best medium-term outlook for commercial business and investment opportunities, according to UBS's «Billionaire Ambitions Report 2022».

«Regionally, [billionaires] are primarily looking to Asia Pacific economies such as Southeast Asia and India, where economic growth remains robust. North America, with its huge domestic market and vibrant entrepreneurial culture, also remains a popular region,» the report said.

China Opportunity

Interestingly, the world’s second-largest economy – China – was not the leading pick within the region with 42 percent of respondents selecting it as the top market for business and investments, compared to 58 percent for APAC ex-mainland China.

«While still ahead of the rest of the world, mainland China lags these regions somewhat. Meanwhile, surprisingly few are drawn to Western Europe considering its position as one of the world’s major economic blocs,» the report added.

Energy Sector

By industry, billionaires chose energy (44 percent) as the best sector for medium-term opportunities, «possibly due to today’s supply constraints and the accelerating secular transition to renewables». While valuations have fallen, respondents also continued to favor tech (32 percent) and healthcare (32 percent).

In terms of risk, geopolitics was the most common answer, closely followed by inflation.

Billionaire Population

In March 2022, there were 2,688 billionaires worldwide worth $12.7 trillion, down from 2,755 individuals with $13.1 trillion in 2021. APAC was the region with the largest billionaire population globally at 1,084 with a total wealth of $4.2 trillion, compared to 1,143 individuals and $4.7 trillion a year ago. 

The report is based on surveys, questions, and information from the UBS Evidence Lab on over 2,500 billionaires across 75 markets.