China Birthed One Billionaire Every Five Days Last Year
Now has more billionaires in the country than the U.S.
In a recent report by PwC and UBS, it’s been found that for the first time ever there are more billionaires in China (637) than in the U.S. (538). In 2016 alone, China added 67 new billionaires, which is about one every five days.
John Matthews, a co-author on the report told Business Insider that one major driver of wealth in Asia was technology — which is deployed and integrated better in Asian countries even though they are usually first conceived in the U.S. “Asia is the land of implementation and integration, people don’t use cash or credit cards in China, they use apps,” he said. The report also stated, “according to the Asian billionaires we interviewed for this report, a combination of geopolitical stability in Greater China, rising Chinese real estate prices, infrastructure spending, the growing middle class and buoyant commodity prices all joined together to boost wealth.”
Let us know your thoughts on the situation and revisit our piece on how China buys streetwear differently from the rest of the world.
