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, afigure which is growing approximately three times faster than the US’ billionaire population. Presently, the US has 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” 9 www.ceotodaymagazine.com MONTHLY ROUND - UP MacKenzie Scott Donates $3.8 Billion to 465 Charities Billionaire philanthropist MacKenzie Scott, who was formerly married to Amazon founder Jeff Bezos, has donated $3.8 billion to 465 charities since June. She has chosen organisations that she believes “support the needs of underrepresented people from groups of all kinds.” In a Medium post, Scott said her donations are intended to support all types of people. She made a point of noting that “helping any of us can help us all.” “It’s easy to think of different groups struggling within the same systems as not only separate but also opposing. Yet when we help one group, we often help them all,” Scott wrote. She also highlighted that efforts such as investing in workplace and education opportunities for women and girls lead to stronger economic growth. Approximately 60% of the organisations Scott donated to are led by women. “We don’t advocate for particular policies or reforms. Instead, we seek a portfolio of organisations that supports the ability of all people to participate in solutions. This means a focus on the needs of those whose voices have been underrepresented,” Scott said. 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 selfmade female billionaires in the world had been Chinese citizens.
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