According to the Hurun Report, China now has the largest number of billionaires in the world. In 2015, China’s billionaire count increased by 90 people. Other wealth research firms, however, report China in second place when it comes to number of billionaires. The Forbes 2015 China report recorded 335 billionaires in China and 536 in the United States. The Hurun Report found 568 billionaires in China and 535 in the United States.
Although Hurun’s China billionaire count differs significantly from that of other wealth research firms, Rupert Hoogewerf, the chairman and researcher of Hurun Report, told CNBC that the real number of billionaires in China is probably higher than they reported. There are two main reasons he thinks that: (1) Illegal billionaires would not report their income. (2) Some billionaires like to keep a low profile.
“For every billionaire that Hurun Report has found, I estimate we have missed at least two.” – Rupert Hoogewerf
According to the Hurun Report, real estate is the top source of wealth for China billionaires. 117 billionaires in China achieved their wealth through real estate. Coming in second place is the manufacturing industry with 94 billionaires. The technology industry is responsible for 68 China billionaires.
Interestingly, China has the largest number of billionaires under age of 40 in the world. China also has the most self-made female billionaires in the world.
Hoogewerf predicts that more people in China will become billionaires, particularly in the financial investment, manufacturing, and technology industries. It will be interesting to see the billionaire reports for China at the end of this year from both Hunan Report and other notable wealth research firms.
If you are interested in knowing more about China, download the first free chapters of my book here.
