China is producing new billionaires, especially female billionaires, much faster than any other country in the world, although America’s upper class still controls more wealth than their Chinese counterparts.
As of 2022, there are more billionaires in China – 1133, and in the USA – only 716.
Compared to last year, that’s more, though the US still ranks first in the production of billionaires and companies with far more international influence, according to Axios.
Together, China and the US contributed to 55 percent of the “famous” billionaires worldwide over the past year, according to Hurun’s 2022 Global Rich List.
In addition, New York is no longer among the top three cities with the most billionaire residents after Shenzhen jumped the Big Apple to third place.
All three of the largest cities are now in China, with Beijing in first place with 144 billionaires, followed by Shanghai with 121 and Shenzhen with 113 billionaires, respectively.
Zhong Shanshan, founder and chairman of bottled water company Nongfu Spring, is China’s richest man with $60.5 billion in the bank.
However, the American super-rich still hold more real world value than their Chinese counterparts: they control 33 percent of the total wealth of the world’s billionaires, while China owns just 27 percent.
China’s prosperity is linked to the growth of several industries, especially real estate, manufactured goods, and health care.
The richest man in the Far East is Zhong Shanshan, CEO of Nongfu Spring bottled water company. His fortune is 60.5 billion dollars.
Shenzhen, China, has now overtaken New York to become the third city in the world with the most billionaires on the planet (113). Over the past year, China has produced more billionaires (1,133) than anywhere else, including the US (716).
A view of bottled Nong Phu spring in a Chinese supermarket. China’s notable rise to the top spot as the nation with the most billionaires is largely due to growing industries such as real estate, technology and food service.
THE RICHEST CITIES IN THE WORLD
1 Beijing: 100 billionaires
2 Shanghai: 121 billionaires
3 Shenzhen: 113 billionaires
4 New York: 110 billionaires
5. London: 101 billionaires
6 Hong Kong: 85 billionaires
7. Mumbai: 72 billionaires
8. Hangzhou: 68 billionaires
8 San Francisco: 62 billionaires
10. Moscow: 58 billionaires
Source: Hurun report.
In second place is Zhang Yiming, founder of ByteDance, who owns TikTok, the world’s largest video-based social media platform. His net worth is $59.4 billion according to Forbes 100 richest people in China.
In third place is Robin Zeng, founder and chairman of battery maker Contemporary Amperex Technology. The fortune of the 54-year-old businessman is $50.8 billion.
However, experts say these estimates do not reflect the real economic strength of both countries.
Referred to in academia as “true economic firepower,” this value, said Rupert Hoogewerf, principal researcher and chairman of the Hurun Report, takes into account the value of companies — more so than the total assets owned by individuals.
The combined market value of the four largest US companies, namely Apple, Microsoft, Amazon and Alphabet (Google’s parent company), corresponds to the value of China’s 500 most valuable non-state companies.
‘[The vast majority] some of the wealth on the world’s wealth list associated with China comes from Chinese consumers [dollars]Hoogewerf told Axios.
Billionaires in the US have mostly made their money from global technology companies as well as financial services and entertainment companies. The richest people in America in 2022 are: Elon Musk – CEO of Tesla and Space X – with a net worth of $248.8 billion; Jeff Bezos – founder of Amazon – with a fortune of $ 241 billion; and Bill Gates, who owns Microsoft and has a net worth of $133.8 billion.
Space X and Tesla CEO Elon Musk is the richest person in the world, surpassing Jeff Bezos with $248.8 billion, according to Forbes.
China also has a reputation for having the most female billionaires in the world over the past 16 years. As of 2022, 60 to 70 percent of female tycoons live there.
The reason for this may be due to the country’s former one-child policy from 1980 to 2016, which provided women with more career opportunities.
Cultural norms, including multiple generations of the same family living under the same roof or relatively close together, could also help, as it gives women more people to care for their children while they are at work.
Longfor Properties CEO Wu Yajun is considered one of China’s top businesswomen with a net worth of $18 billion, while Hengli Petrochemical Company CEO Fan Hongwei is worth $23 billion. According to the SCMP, Yang Huiyan, 39, vice chairman of Chinese real estate company Country Garden, is China’s richest woman, with $34 billion in her name.
10 richest people on the Forbes list of billionaires
1. Elon Musk (USA) – $248.8 billion Founder of Tesla and Space X
2. Jeff Bezos (USA) – $187.7 billion chief executive officer of amazon
3. Bernard Arnault (France) – $169.3 billion CEO of luxury goods company LVMH
4. Bill Gates (USA) – $133.8 billion Microsoft founder
5. Warren Buffett (USA) – $126.3 billion owner of Berkshire Hathaway
6. Larry Page (USA) – $115 billion co-founder of Google
7. Larry Ellison (USA) – $111.4 billion Chairman, CTO and co-founder of software giant Oracle
8. Sergey Brin (USA) – $110.9 billion Google co-founder, controlling shareholder
9. Steve Ballmer (USA) – $96.5 billion former CEO of Microsoft from 2000 to 2014.
Mukesh Ambani (India) – $84.5 billion Chairman, Managing Director of Reliance Industries, India’s most valuable company by market value.