The number of billionaires growing in China is on the rise. As many as 113 Asian entrepreneurs earned the status of billionaire last year. Surprisingly, 80 of them were from China (more than half of the world’s total count) which clearly indicates that the country produces a new billionaire after every 5 days.
One billionaire after 3 days in Asia
Every week, Asia produces a new billionaire. However, the ratio is much faster than the report.
According to a latest report from UBS and PricewaterhouseCoopers, a billionaire emerges from Asia after every 3 days. As a result, the region has outnumbers all the other continents in the world.
The report revealed that China had 35% of Asia’s billionaire in 2009. However, the percentage has not augmented to whopping 71% in 2015. The report has the credential of analyzing data and covering over than 1300 billionaires in the past 2 decades.
The government reserved innovation reform as the top priority during last September. Premier Li Keqiang stated in a meeting with tech companies:
“Promoting entrepreneurship and innovation will offer college graduates opportunities for fair competition no matter where in the country they come from”
Subsequently, it will open avenues which will expose young Chinese entrepreneurs to become rich at a rapid pace.
Here is the UBS-PwC:
“Almost half of these came from the technology (19%), consumer & retail (15%) and real estate (15%) sectors. E-commerce businesses are in the ascendancy. At the same time, many of the country’s wealthy are diversifying out of their existing businesses into real estate. Moreover, China’s urbanization and increasing consumer spending have fostered an environment where businesses are growing fast”
Billionaires in Asia, USA and Europe
According to the report, both Hong Kong and India had the highest number of fresh billionaires with 11 each.
On the other hand, Europe produced 56 new billionaires. It is pertinent to mention that most of the European billionaires inherited their wealth which did not notice any change from that of previous year at $1.3 trillion.
The report also revealed the number of billionaires USA produced last year. Although 36 dropped out of the group, 41 still achieved the status of billionaires. The count in USA was somewhat immobile.
Senior managing director of global private banking and wealth management at PwC, Steven Crosby while explaining the difference between USA and rest of the world’s billionaires stated:
“Of note, one key difference between US self-made billionaires and the rest of the world is that they tend to cash out or pass much of their wealth to philanthropies”
On the contrary, Europe has a stronger family dynasty culture. According to the report, the sole reason of this philosophy is shared vision and clear governance.