20/06/2014 Asia Business Report

scheme it replaced. Now on BBC News all the latest

business news live from Singapore. Rising wealth in Asia. We find out

what is driving the growth and how there is investment of riches.

help reduce reliance on foreign help reduce reliance on foreign

labour. Welcome to Asia Business Report. A

new global report says Asia now has almost as many millionaires as North

America. That is more, the number has increased by 70%. Where is the

growth coming from? 2014 will be the year when Asia has more

millionairess than North America. When it comes to the size of

wealth, it will be bigger than 2015. What are they doing in terms of

their investments? There are two things that are important. We have

seen a globalisation of investments. The portfolio that they allocate

outside of the domestic market has increased massively. It was a

quarter of the size of your portfolio before and now it has come

up to a third. For Asia, it goes to America, European investments, all

over the world. That globalisation has affected everywhere, but notably

Asia. When it comes to where they invest their money, outside of Japan

most of it is in real estate and cash. And in equities. We also know

that Asia has one of the highest gaps between rich and poor. Does

more money for the rich mean less money for the rest of us? I do not

think so. The high earning individuals in Asia are

entrepreneurs. They create employment. They contribute to GDP.

They have the opportunity for others to get wealthier as well. One

section of the report focuses on the social impact. This is of tremendous

importance in Asia. We are concerned to keep time and money to promote

health and promote education and welfare.

New York City's, America's financial capital, home to Wall Street and

some of the wealthiest people in the world. Some are struggling to make

ends meet, though. The income gap is severe and appears to be widening. A

programme in Newark is trying to give young African`American women a

chance at making it big. `` New York. By teaching them coding.

It is a hot Sunday afternoon in New York. Instead of enjoying the Sun,

these women are spending their entire weekend by their computer

screens. This is a competition where students use code to build a

computer programme. We thought of an application. This 12`year`old and

her team worked the computer language that makes this programme

work. Coding is very interesting. Some people have a love for

different languages. Coding is like my different language. People may be

French and they might like to speak Spanish. I am English and I like

coding. Often people come at too Wall Street to make their fortune.

Increasingly, many are making it big with this. Through apps and other

digital tools. Now some people believe that technology is the best

new path to prosperity in America. This country is about equal

opportunity, not equal outcomes. As long as everyone has a chance, then

you can make a fortune. It could be a couple hundred million, it could

be 10 million. It is probably your fastest route to wealth. Nurturing

the passion is not easy. It is more than an hour's drive to get to any

evidence. But it is a sacrifice her mother is willing to make. At this

stage there were no other programmes that gave her the opportunity to

even learn. It is best that she is in a classroom setting. I think it

does give an advantage and fixes the gap a little bit. It is that

inequality gap that has many worrying about America's future. But

she has a possible ticket in her back pocket. She can code.

That report is part of our new series taking a look at the next

generation of billionaires around the world, who they are likely to be

and why many of them are likely to be from the least expected

backgrounds. Singapore's government plans to cut

the number of foreign construction workers employed here by up to 30%

by 2020. It is an ambitious target. Foreign workers have played a key

role in the country's growth and development for decades. We look at

how 3`D technology is being used to help achieve the goal.

The pace of construction in Singapore is relentless. New

projects worth $30 billion in the pipeline. But this is among the most

complexes is the country has ever seen. It is a $1 billion sports hub.

It was a challenge to build. Everything is curved. When you look

at the trestles, you can see everyone intersect is a different

matter. This is what 3`D modelling looks like. It allowed the team to

inspect every angle of their design. Even before the foundations were

made. In 2`D you cannot see everything. You have the opportunity

to see the whole picture. You have a better image and a better design,

because you have a built model. The technology was created by one of the

many 3`D tools now on the market. It is being used to build the World Cup

stadium in Brazil and China's biggest building. It makes a

significant difference, whether you are working on the signature project

or any enhancement to the urban landscape. You are able to do that

on time, on budget. 3`D modelling helped cut costs and reduce the

amount of steel needed for the roof by a third. 4000 staff were employed

to build the facility. 80% were foreign workers. Singapore's

government has been so impressed with what 3`D modelling has been

able to achieve, it is offering financial assistance and subsidies

to all developers who use it. The ultimate goal is to make Singapore

more competitive and efficient so it can reduce the number of foreign

construction workers it uses. Be not only cut down the transit workers,

they can build up local competency. We can become more competitive. That

may not be good news for the legions of foreign workers who make a living

in Singapore. But the government is determined to make 3`D technology a

pillar of the country's expanding building industry.

These counts are worn by actresses and celebrities around the world on

the red carpet. But unlike other fashion brands such as Prada, it is

still run by the man himself. And his family. We caught up with his

son`in`law and asked him just how it is to compete against the big

players. There are sometimes when I look at

the advertising budgets and the ability to command real estate that

some of the conglomerates that can do that I am envious of. But we

offer a proposition to people that is a bit different than some of the

bigger conglomerates. Our family approach is something that not only

applies to people who are in our family, but all the people who work

with us. By and large, our status as an independent gives a massive

amount of advantage. You can see more of that interview on BBC World

News at the Times you see on your screen.

A quick look at the markets. We have seen new highs for many embassies

around the region. But there have been subdued. Australian stocks saw

their biggest one`day gain in six months.

That is it for this edition of Asia Business Report. Thank you for

watching. Here are the headlines: President

Obama says the United States will send up to 300 military advisors to

Iraq to help combat the threat of the militant Islamist group, ISIS.

Luis Suarez scored twice for Uruguay as they beat England 2`1. The defeat

leaves England on the verge of being knocked out of the World Cup.

The prime minister