:00:00. > :00:13.Now on BBC News all the latest business news live from Singapore.
:00:14. > :00:22.Rising wealth in Asia. What is driving the growth and how are they
:00:23. > :00:27.investing their riches? Singapore turns The 1`2`3 Kid technology to
:00:28. > :00:37.reduce reliance on foreign labour `` 3`D technology. Welcome to this
:00:38. > :00:40.edition of Asia Business Report. A new global report says Asia has
:00:41. > :00:49.almost as many millionaires as North America. The number in Asia has
:00:50. > :00:56.increased by 70% over the last year. Where is Asia's newfound wealth
:00:57. > :01:02.coming from? I spoke with the writers of the report alongside the
:01:03. > :01:07.Royal Bank of Canada. 2014 is the year that Asia will have a higher
:01:08. > :01:11.number of high wealth individuals than North America. When it comes to
:01:12. > :01:19.the size of the wealth, it should be in 2015. That is staggering. What
:01:20. > :01:24.are they putting in terms of their investments and where are they
:01:25. > :01:32.putting their money? We have seen a globalisation of investments last
:01:33. > :01:34.year, meaning that part of the portfolio they allocate outside the
:01:35. > :01:39.domestic market has increased massively. It was one quarter of the
:01:40. > :01:45.size of their portfolio and now it has come up to one third. For Asia,
:01:46. > :01:51.it goes to and America, Europe, all over the world. That globalisation
:01:52. > :01:56.is across all the world, though notably in Asia. When it comes to
:01:57. > :02:02.where they invest their money, outside of Japan in Asia, most of it
:02:03. > :02:09.is in real estate, in cash as well. And, in equities. Asia has the
:02:10. > :02:13.highest gaps between rich and poor, so the huge income inequality is
:02:14. > :02:20.growing. There's more money for the rich mean less for rest of us? What
:02:21. > :02:23.we see is that the high net worth individuals in Asia are
:02:24. > :02:30.entrepreneurs, they are younger than elsewhere. They create employment.
:02:31. > :02:34.They contribute to GDP, giving out in that way. They give the
:02:35. > :02:41.opportunity for others to get wealthier. One section of the report
:02:42. > :02:46.is focusing on the social impact. This is tremendously important for
:02:47. > :02:54.most. Notably, in Asia. They are concerned about giving their time,
:02:55. > :03:04.money, promoting health, education and child welfare. Taiwan's computer
:03:05. > :03:12.will start mass production of the Apple smartwatch. That is according
:03:13. > :03:16.to reporters. Apple is targeting the availability of the product by
:03:17. > :03:20.October. The contract is a boost for the company, considering its work
:03:21. > :03:27.for Apple has been based on laptops and iPods, the lines that are
:03:28. > :03:31.declining. Argentina 's stock market closed lower by 5% after the cabinet
:03:32. > :03:35.chief said there would be no delegation sent to the US to
:03:36. > :03:41.negotiate with bondholders over a $1.3 billion debt. Earlier, a US
:03:42. > :03:45.Supreme Court sided with bondholders, demanding Argentinians
:03:46. > :03:50.pay the amount in full, following the default on the national debt in
:03:51. > :03:55.2001, which came to a record $100 billion. More on that and other
:03:56. > :04:03.stories from around the world on our website. Singapore 's government
:04:04. > :04:08.plans to cut the number of foreign construction workers employed by up
:04:09. > :04:11.to 30% by 2020. It is ambitious. Foreign workers play a key role in
:04:12. > :04:16.the growth of the country for decades. Our correspondent reports
:04:17. > :04:24.on how 3`D technology is used to help achieve the goal. The pace of
:04:25. > :04:29.construction is relentless. This year, new projects worth $30 billion
:04:30. > :04:35.are in the pipeline. This is our mother most complex design country
:04:36. > :04:41.has seen. A $1 billion sports arena, a challenge to build. When
:04:42. > :04:46.you look at the trusses, you can see it one intersects differently. This
:04:47. > :04:52.is where 3`D modelling helps. This is what 3`D modelling looks like,
:04:53. > :04:55.allowing the team to inspect every angle of the design, even before the
:04:56. > :05:02.foundations were laid. Before the foundations were laid. You can see
:05:03. > :05:11.the whole picture in 3`D, with better design, because you have the
:05:12. > :05:23.built model in 3`D already. This was created by one of the many 3G tools
:05:24. > :05:29.now on the market. . It makes a significant difference, because you
:05:30. > :05:36.can do it on time and on budget. 3`D helped to cut costs and reduce the
:05:37. > :05:41.amount of steel needed by one third. 4000 people were employed, 80% were
:05:42. > :05:45.foreign workers. The government has been so impressed with what
:05:46. > :05:49.modelling has achieved, it is offering financial assistance and
:05:50. > :05:55.subsidies to developers who use it. The goal is to make Singapore more
:05:56. > :06:03.competitive and efficient, so it can reduce the number of foreign
:06:04. > :06:06.construction workers it uses. With good technology and processes, they
:06:07. > :06:09.not only cut down the foreign workers, they can build up
:06:10. > :06:14.competency and with that they can become more competitive. That might
:06:15. > :06:18.not be good news for the legions of foreign workers who make a living
:06:19. > :06:22.here. The government is determined to make 3`D technology a pillar of
:06:23. > :06:32.the country's expanding building industry.
:06:33. > :06:38.The World Cup football is on, though for many fans around Asia, watching
:06:39. > :06:40.on TV is too expensive. Many scattered around the system and
:06:41. > :06:47.watch pirated streams of their matches. There were more than 18,000
:06:48. > :06:52.illegal broadcast games over the internet during the 2010 World Cup.
:06:53. > :06:58.The problem is just as serious now. The CEO of a company specialises in
:06:59. > :07:07.piracy control and he has spoken to our correspondent. Streaming are
:07:08. > :07:12.challenging. For the Germany and Portugal game, we detected 110
:07:13. > :07:18.streaming sites worldwide. Not all published their view figures, though
:07:19. > :07:26.eight of them did and those totalled 660,000 viewers. If you extrapolate
:07:27. > :07:31.that to the full 110 sites, it is 9 million viewers on those streaming
:07:32. > :07:35.sites. It is an incredible number. It detracts from the amount of
:07:36. > :07:49.legitimate revenue that the rights holder, who has paid FIFA, has come
:07:50. > :07:52.from. What loss does this amount to? If you take the Singapore package
:07:53. > :08:02.for the World Cup, currently in this World Cup, 112 Singapore dollars for
:08:03. > :08:07.the bundle of games. You times that by the number of people, 9 million,
:08:08. > :08:10.and you have a big loss. They are different costs around the world,
:08:11. > :08:15.though it gives you a sense of the magnitude that is missed out on. How
:08:16. > :08:24.do you stop it? Is it impossible to stay a step ahead of these online
:08:25. > :08:28.hackers ? There is no silver bullet. Though, we can disrupt it to make
:08:29. > :08:35.the pirating model an economic and make, more importantly, the
:08:36. > :08:39.experience one that they don't want to watch `` uneconomic. No one wants
:08:40. > :08:43.to miss the crucial goal because we disrupt the service. It causes
:08:44. > :08:48.people to drift towards legitimate services. Not everyone will, because
:08:49. > :08:53.not everyone can afford it, but at the same time, it will move the
:08:54. > :08:56.problem away and we will be able to get more of the revenue back to
:08:57. > :09:05.those that legitimately holds the rights. Oscar della Renta gowns are
:09:06. > :09:12.warned by actresses and celebrities around the world and among other
:09:13. > :09:22.brands, such as Prada, Oscar is run by the man himself. And, his family.
:09:23. > :09:25.Our correspondent caught up with the son`in`law of the designer and asked
:09:26. > :09:32.how hard it is to compete with the big players. There are times when I
:09:33. > :09:36.look at the advertising budgets and the ability to command real estate
:09:37. > :09:43.that some of the conglomerates can do, that I am envious of. By and
:09:44. > :09:56.large, a proposition to people that is different. Our family approach is
:09:57. > :10:01.something that not only applies to our family, but those who work with
:10:02. > :10:08.us. Our independent company attracts people and we are happy proceeding
:10:09. > :10:16.as a family owned business. You can watch more of that interview on BBC
:10:17. > :10:20.World News at the times you see on your screen. A quick look at the
:10:21. > :10:26.market. We saw huge gains earlier and interest rates might remain near
:10:27. > :10:29.zero around the world, driving markets to new highs. They are all
:10:30. > :10:38.in decline now, succumbing to profit taking. That is it for this edition
:10:39. > :10:43.of Asia Business Report. I'm Mike Embley. The top stories
:10:44. > :10:45.this hour: President Obama says the United States will send up to
:10:46. > :10:51.three`hundred military advisors to Iraq to help combat the threat of
:10:52. > :10:52.the militant Islamist group, ISIS. Luis