:00:00. > :00:16.scheme it replaced. Now on BBC News all the latest
:00:17. > :00:22.business news live from Singapore. Rising wealth in Asia. We find out
:00:23. > :00:26.what is driving the growth and how there is investment of riches.
:00:27. > :00:33.help reduce reliance on foreign help reduce reliance on foreign
:00:34. > :00:41.labour. Welcome to Asia Business Report. A
:00:42. > :00:49.new global report says Asia now has almost as many millionaires as North
:00:50. > :00:59.America. That is more, the number has increased by 70%. Where is the
:01:00. > :01:09.growth coming from? 2014 will be the year when Asia has more
:01:10. > :01:17.millionairess than North America. When it comes to the size of
:01:18. > :01:24.wealth, it will be bigger than 2015. What are they doing in terms of
:01:25. > :01:29.their investments? There are two things that are important. We have
:01:30. > :01:34.seen a globalisation of investments. The portfolio that they allocate
:01:35. > :01:39.outside of the domestic market has increased massively. It was a
:01:40. > :01:45.quarter of the size of your portfolio before and now it has come
:01:46. > :01:53.up to a third. For Asia, it goes to America, European investments, all
:01:54. > :01:58.over the world. That globalisation has affected everywhere, but notably
:01:59. > :02:01.Asia. When it comes to where they invest their money, outside of Japan
:02:02. > :02:08.most of it is in real estate and cash. And in equities. We also know
:02:09. > :02:14.that Asia has one of the highest gaps between rich and poor. Does
:02:15. > :02:22.more money for the rich mean less money for the rest of us? I do not
:02:23. > :02:28.think so. The high earning individuals in Asia are
:02:29. > :02:35.entrepreneurs. They create employment. They contribute to GDP.
:02:36. > :02:40.They have the opportunity for others to get wealthier as well. One
:02:41. > :02:48.section of the report focuses on the social impact. This is of tremendous
:02:49. > :02:53.importance in Asia. We are concerned to keep time and money to promote
:02:54. > :03:02.health and promote education and welfare.
:03:03. > :03:06.New York City's, America's financial capital, home to Wall Street and
:03:07. > :03:13.some of the wealthiest people in the world. Some are struggling to make
:03:14. > :03:19.ends meet, though. The income gap is severe and appears to be widening. A
:03:20. > :03:23.programme in Newark is trying to give young African`American women a
:03:24. > :03:30.chance at making it big. `` New York. By teaching them coding.
:03:31. > :03:35.It is a hot Sunday afternoon in New York. Instead of enjoying the Sun,
:03:36. > :03:42.these women are spending their entire weekend by their computer
:03:43. > :03:50.screens. This is a competition where students use code to build a
:03:51. > :03:56.computer programme. We thought of an application. This 12`year`old and
:03:57. > :04:02.her team worked the computer language that makes this programme
:04:03. > :04:06.work. Coding is very interesting. Some people have a love for
:04:07. > :04:11.different languages. Coding is like my different language. People may be
:04:12. > :04:22.French and they might like to speak Spanish. I am English and I like
:04:23. > :04:26.coding. Often people come at too Wall Street to make their fortune.
:04:27. > :04:33.Increasingly, many are making it big with this. Through apps and other
:04:34. > :04:39.digital tools. Now some people believe that technology is the best
:04:40. > :04:43.new path to prosperity in America. This country is about equal
:04:44. > :04:52.opportunity, not equal outcomes. As long as everyone has a chance, then
:04:53. > :04:56.you can make a fortune. It could be a couple hundred million, it could
:04:57. > :05:07.be 10 million. It is probably your fastest route to wealth. Nurturing
:05:08. > :05:12.the passion is not easy. It is more than an hour's drive to get to any
:05:13. > :05:18.evidence. But it is a sacrifice her mother is willing to make. At this
:05:19. > :05:24.stage there were no other programmes that gave her the opportunity to
:05:25. > :05:34.even learn. It is best that she is in a classroom setting. I think it
:05:35. > :05:39.does give an advantage and fixes the gap a little bit. It is that
:05:40. > :05:46.inequality gap that has many worrying about America's future. But
:05:47. > :05:54.she has a possible ticket in her back pocket. She can code.
:05:55. > :05:57.That report is part of our new series taking a look at the next
:05:58. > :06:02.generation of billionaires around the world, who they are likely to be
:06:03. > :06:10.and why many of them are likely to be from the least expected
:06:11. > :06:13.backgrounds. Singapore's government plans to cut
:06:14. > :06:19.the number of foreign construction workers employed here by up to 30%
:06:20. > :06:21.by 2020. It is an ambitious target. Foreign workers have played a key
:06:22. > :06:29.role in the country's growth and development for decades. We look at
:06:30. > :06:32.how 3`D technology is being used to help achieve the goal.
:06:33. > :06:38.The pace of construction in Singapore is relentless. New
:06:39. > :06:41.projects worth $30 billion in the pipeline. But this is among the most
:06:42. > :06:49.complexes is the country has ever seen. It is a $1 billion sports hub.
:06:50. > :06:54.It was a challenge to build. Everything is curved. When you look
:06:55. > :07:02.at the trestles, you can see everyone intersect is a different
:07:03. > :07:06.matter. This is what 3`D modelling looks like. It allowed the team to
:07:07. > :07:12.inspect every angle of their design. Even before the foundations were
:07:13. > :07:21.made. In 2`D you cannot see everything. You have the opportunity
:07:22. > :07:28.to see the whole picture. You have a better image and a better design,
:07:29. > :07:32.because you have a built model. The technology was created by one of the
:07:33. > :07:41.many 3`D tools now on the market. It is being used to build the World Cup
:07:42. > :07:43.stadium in Brazil and China's biggest building. It makes a
:07:44. > :07:49.significant difference, whether you are working on the signature project
:07:50. > :07:54.or any enhancement to the urban landscape. You are able to do that
:07:55. > :07:58.on time, on budget. 3`D modelling helped cut costs and reduce the
:07:59. > :08:06.amount of steel needed for the roof by a third. 4000 staff were employed
:08:07. > :08:08.to build the facility. 80% were foreign workers. Singapore's
:08:09. > :08:13.government has been so impressed with what 3`D modelling has been
:08:14. > :08:17.able to achieve, it is offering financial assistance and subsidies
:08:18. > :08:21.to all developers who use it. The ultimate goal is to make Singapore
:08:22. > :08:28.more competitive and efficient so it can reduce the number of foreign
:08:29. > :08:35.construction workers it uses. Be not only cut down the transit workers,
:08:36. > :08:40.they can build up local competency. We can become more competitive. That
:08:41. > :08:45.may not be good news for the legions of foreign workers who make a living
:08:46. > :08:49.in Singapore. But the government is determined to make 3`D technology a
:08:50. > :08:58.pillar of the country's expanding building industry.
:08:59. > :09:02.These counts are worn by actresses and celebrities around the world on
:09:03. > :09:07.the red carpet. But unlike other fashion brands such as Prada, it is
:09:08. > :09:16.still run by the man himself. And his family. We caught up with his
:09:17. > :09:19.son`in`law and asked him just how it is to compete against the big
:09:20. > :09:28.players. There are sometimes when I look at
:09:29. > :09:31.the advertising budgets and the ability to command real estate that
:09:32. > :09:37.some of the conglomerates that can do that I am envious of. But we
:09:38. > :09:41.offer a proposition to people that is a bit different than some of the
:09:42. > :09:46.bigger conglomerates. Our family approach is something that not only
:09:47. > :09:52.applies to people who are in our family, but all the people who work
:09:53. > :10:02.with us. By and large, our status as an independent gives a massive
:10:03. > :10:08.amount of advantage. You can see more of that interview on BBC World
:10:09. > :10:13.News at the Times you see on your screen.
:10:14. > :10:20.A quick look at the markets. We have seen new highs for many embassies
:10:21. > :10:25.around the region. But there have been subdued. Australian stocks saw
:10:26. > :10:32.their biggest one`day gain in six months.
:10:33. > :10:39.That is it for this edition of Asia Business Report. Thank you for
:10:40. > :10:42.watching. Here are the headlines: President
:10:43. > :10:45.Obama says the United States will send up to 300 military advisors to
:10:46. > :10:52.Iraq to help combat the threat of the militant Islamist group, ISIS.
:10:53. > :10:58.Luis Suarez scored twice for Uruguay as they beat England 2`1. The defeat
:10:59. > :11:02.leaves England on the verge of being knocked out of the World Cup.
:11:03. > :11:03.The prime minister