Friday 14 October 2016

China now has more billionaires than the US


China now has more billionaires than America according to a latest survey.

A survey conducted by Shanghai publishers Hurun shows the world's second largest economy now has 594 billionaires, compared to 535 US billionaires.

China has become one of the world's major economic powers after massive market reform in 1979, now rivalling even the mighty US in sheer economic power.

Property magnate Wang Jianlin of Dalian Wanda tops Hurun's annual global rich list – with a staggering £26.4 billion fortune.

Dalian Wanda Group has made massive investments in the US movie industry, recently buying Legendary Pictures and forming a partnership with film giant Sony Pictures.

Jack Ma of online shopping leader Alibaba a total wealth of £25bn, a 41% increase on his wealth as reported in last year's list.

Pony Ma of internet and online gaming giant Tencent took the third spot with £20bn and

Yao Zhengua of investment and real estate firm Baoneng Group grew his wealth by a staggering 820% to £14bn.

Hurun chairman Rupert Hoogewerf said Mr Yao's growth represents China's growing economy.

"Yao's financial investment model represents the new wave of wealth creation in China," he said. "The first money made in China 20 years ago came from trading, followed by manufacturing, real estate, IT, and today, finally, it makes use of the capital markets for financial investments."

However, none of China's super-rich made it into the Global top 20.

Most of China's billionaires live in Beijing, followed by Shenzhen, Shanghai and Hangzhou.

Microsoft founder Bill Gates still tops Forbes' global list with £61bn.



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