China is producing new billionaires, especially female billionaires, much faster than any other country in the world.
Yes, but: The US, in second place by a wide margin, produces billionaires and companies with much more global influence.
By numbers: China and the US together produced 55% of the world’s “famous” billionaires, according to Hurun’s 2022 Global Rich List.
- There are more billionaires in China: 1,133 versus 716 in the US. According to Hurun, its population of billionaires is growing at about three times the rate of America’s.
- All three cities with the largest billionaire populations are now in China: Shenzhen just overtook New York for third place.
- But American billionaires are still richer than Chinese ones. They control about 32% of the combined wealth of all the “famous billionaires” in the world, while China’s billionaires account for about 27% of this wealth.
“True economic firepower” According to Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, it is better to measure the value of companies than rich people. And here the US has a huge advantage.
- The combined market capitalization of the four largest US companies – Apple, Microsoft, Amazon and Alphabet (Google’s parent company) – is equivalent to China’s 500 most valuable non-state companies, he said.
What they’re saying: “[The vast majority] some of the wealth on the world’s wealth list associated with China comes from Chinese consumers [dollars],” Hoogewerf told Axios.
- Real estate, manufactured goods and healthcare are behind the big money in China.
- The wealth of the leading billionaires living in the US comes mainly from global technology providers, as well as financial services and entertainment.
Worthy of attention: Among the most successful female self-made billionaires in the world, 60-70% are Chinese, and this figure has remained stable over the past 16 years.
- Here are a few reasons: The previous one-child rule meant that women had to take fewer career breaks. And the social structure in which families live together or close to each other has given women more opportunities to care for children.