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