Beijing has also overtaken NY to become the new billionaire capital of the world.
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“Despite its own slowdown and falling stock markets, China minted more new billionaires than any other country in the world past year, mainly on the back of new [share] listings”, Rupert Hoogewerf, chairman of Hurun Report, said.
According to the latest research more billionaires now live in the Chinese capital of Beijing than previous titleholder New York City.
Hurun found that the richest man in China is still Wang Jianlin, with an estimated worth of $26bn (£18.8bn). Yet it said billionaire growth globally is slowing along with the economy. Additionally, it was discovered that China is home to proportionally more self-made billionaires than in the US.
The combined wealth of the billionaires’ club expanded by 9 percent to 7.3 trillion USA dollars, higher than the GDP of Germany and the United Kingdom put together. With a net worth of $37 billion, Michael Bloomberg shot into the top 10 for the first time on the back of a rise in sales at his media group.
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China has the largest number of self-made women, with 93 of 124 self-made women billionaires worldwide, according to Hurun. Hong Kong and Shanghai rounded off the top five with 64 and 50 billionaires, respectively. Gates continues to lead Buffett in terms of net worth with $80 billion to Buffett’s $68 billion.
Beijing welcomed 32 new billionaires a year ago to overtake NY with four new billionaires. Investor Warren Buffet and Spanish fashion magnate Amancio Ortega come second and third.
Real estate was responsible for the majority of Chinese billionaires at 117, followed by manufacturing at 94 and technology at 68. A global slowdown, the strengthening USA dollar, and an oil price drop hurt the rest of the world’s billionaire production, he added.
Hoogewerf said if they based their report in the market’s health last summer, the total of Chinese billionaires would be nearly 150 instead of just 100.
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‘People will look at China the same way that people looked at Stanford or Silicon Valley in the 1990s’.
