In China there had reportedly been sixteen billionaires 12 years ago. This number alone has increased to 373, a staggering 2,200 percent.
The total wealth of billionaires around the world in 2017 was at an astounding $8.9 trillion, indicating a growth of at least 19%. China is at the head of the growth trend, adding an estimated two billionaires to the list per day. Along with this growth trend is the growing number of beneficiaries. During 2017 the number of beneficiaries has grown with an impressive overall percentage of 17%.
According to the study conducted by UBS, the highest growth percentage regarding wealth belongs to another demographic. The study reveals that the number of women who are billionaires have increased with 9% during 2017. Currently female billionaires make up one tenth of the world’s wealthiest.
The trend indicates that female billionaires from China consist mostly of entrepreneurial business women, while female billionaires from Europe consist mainly of beneficiaries. Upon inheriting billions, the latter group tend to invest in entrepreneurial ventures.
The report by UBS indicates that China only had sixteen billionaires a mere twelve years ago. The number has increased drastically to 373. Thanks to this massive increase, China now accounts for 20% of the world’s billionaires.
The study conducted by UBS also reveals that the US is facing a challenge thanks to China’s rapid increase and growth in technological advancement. This is, according to the report, the driving factor of China’s riches. China boasts some of the world’s largest tech companies, including Alibaba, Tencent and Baidu.
This is however not the only source of China’s increase in wealth and billionaires. Another notable contributor is the increase in start-ups, with the majority of China’s billionaires being self-made entrepreneurs. During 2017 the country had produced an impressive 98 billionaires, a number that’s way ahead of Europe and the US.