China produces billionaires really fast - October 30, 2016

China produces billionaires really fast

The takeover of Asian billionaires is no news, we have written about it several times on our blog, but it turns out their number is growing faster than it was known. UBS and PricewaterhouseCoopers found out that Asia produces a billionaire every 3 days, while China on its own makes one in 5 days. This makes the Eastern region the fastest of the world in this regard.

As Business Insider stated based on the report: “113 Asian entrepreneurs who reached billionaire status last year, 80 of them are from China”. They also mention “that’s more than half of the world’s total count”.

UBS-PwC also showed the best industries to get rich fast: 19% of the new billionaires came from technology, 15% of them from consumer & retail and another 15% of them from real estate.

The report has interesting data concerning other parts of the world as well. For example, there are 41 new billionaires in the US, but “36 dropped out of the group”, so the number there basically stagnates.

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The report also states that in spite of the growing number, the billionaires’ wealth is going down.

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According to UBS-PwC, the US still leads the race for billionaires, but Hurun Report (sort of East Asian Forbes) stated almost a year ago that China took the lead with 596 billionaires, while in the US there are “only” 537 of them. This is probably due to the different methods used in the calculations, but we can still see that Asia grows a lot faster (1% vs 7%) lately than the US.

What’s more, Capgemini found that Asia’s millionaires control more wealth already than North Americans do. There is another important number in which China took the lead over the US: they have the biggest middle-class for a while now.