China Only Trails U.S. in Billionaires

According to the newly released Hurun Rich List there are 130 billionaires in China, up from a 101 a year ago, moving China to second place behind the U.S. in the number of billionaires. And it’s believed the actual number of billionaires in China may be double the 130 number, since many Chinese try to hide their actual wealth. Unlike other billionaires in other nations, only 1% of the list inherited their wealth (compared with 25% in the UK and 35% in the US), and most on the list made their money in real estate. What’s surprising about this statistic, is the growth in numbers in a year when most other countries saw a decline. It’s a sure sign that China is gaining dominance in the world economy. What’s sad about the numbers is true for both China and the U.S. and that’s wide disparity between the top tier and the bottom tier of earners.