• No products in the cart.

New report: China produces one billionaire almost every week


During the first three months of the year, China produced new billionaires almost every week, according to a new report. 


The 2015 Billionaires Report, jointly released by UBS and PricewaterhouseCoopers, said that Asia for the first time had more self-made dollar-billionaires than Europe.


In total, 917 self-made billionaires generated more than $3.6 trillion of wealth globally between 1995 and 2014. Asia accounted for 36%, second only to the U.S. 


“We are very optimistic that in the next five to 10 years [the number of] Asian billionaires will surpass the U.S, because of the high-growth opportunities in this part of the world,” Francis Liu, a managing director at UBS Wealth Management, told CNN. 


While members of the billionaire population typically exhibit similar character traits – namely, an appetite for clever risk-taking, an obsessive focus on business and a strong work ethic – they have built their wealth in different ways. 


In Asia, almost 20% of all self-made billionaires created their wealth from the consumer sector, followed by real estate that made up 13%. 


At a media briefing, Zhang Lijun, managing partner of PwC China Financial Service Consulting, said China’s wealth expansion is mainly due to the fever in setting up businesses and the booming capital market, Global Times said. 


In the U.S., however, the financial services sector was the top manufacturer of self-made billionaires, accounting for 30%. 


Self-made billionaire population in Asia is unique, the report said, because wealth creation in the region is more recent than in other parts of the world. Asian billionaires are generally younger than billionaires elsewhere, having an average age of 57, which is 10 years junior to U.S. and European billionaires. 


Besides, a significant proportion of Asian billionaire grew up in poverty, 25%, compared to only 8% in the U.S. and 6% in Europe. 


China’s frenzy stock market has also boosted wealth during the last quarter. The Shanghai Composite Index has doubled in value since November, and hit a seven-year high. Stocks in Shenzhen has doubled this year. 


According to the 2015 Forbes Billionaires List, the number of billionaires around the world expanded to record 1,826. Mainland China had a record 213 members on the list, partly lifted by the stock market rally. It’s an increase from 152 people last year and second only to the United States. 


Several economists have warned about a stock market bubble. The 2015 Billionaires Report also highlights the risk of China’s slowing economic development and a potential negative impact on wealth creation. At the press briefing, Chen Qing, president of UBS, urged Chinese investors to construct long-term strategies and diversify investments to other markets. 



0 responses on "New report: China produces one billionaire almost every week"

    Leave a Message

    Copyright ©right 2017 Chinlingo Inc. All rights reserved.  闽ICP备15003609号-2