China Is Producing New Billionaires Faster Than Any Other Country
According to Axios, China is producing new billionaires, particularly female billionaires, significantly faster than any other country in the world.
Axios’ report states that China now has a total of 1,133 billionaires, a figure which is growing approximately three times faster than the US’ billionaire population. Presently, the US had 716 billionaires.
The three cities with the largest billionaire populations are now all in China, with Shenzhen recently bumping New York City from third place. Nonetheless, Axios’ report shows that billionaires in the US are still wealthier than those in China. America’s billionaires control approximately 32% of the combined wealth of all the “known billionaires” in the world. Meanwhile, China’s billionaires account for around 27% of this wealth.
The report also highlights the difference between how Chinese and US billionaires made their fortunes. In China, real estate, industrial products, and healthcare are reportedly behind most of the country’s billionaire wealth. Meanwhile, in the US, top billionaires’ fortunes come primarily from global tech providers, financial services, and the entertainment industry.
When it comes to producing the most female billionaires, China takes the top spot. Over the past 16 years, 60-70% of the most successful self-made female billionaires in the world had been Chinese citizens.
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