Hope King, in her Axios article, discusses the concepts of how China is producing new millionaires – especially female billionaires – must faster than any country in the world, including the United States. Their article, “China is making billionaires much faster than the U.S.”, begins as follows:
China has been producing new billionaires — especially female billionaires — much faster than any other country in the world.
Yes, but: The U.S., second by a large margin, produces billionaires and companies with much bigger global influence.
By the numbers: China and the U.S. together have produced 55% of the world’s “known” billionaires, according to Hurun’s 2022 Global Rich List.
China has more total billionaires: 1,133 to the U.S.’ 716. And its billionaire population is growing about three times faster than America’s, according to Hurun.
The three cities with the biggest billionaire populations are now all in China: Shenzhen just overtook New York City for third place.
But America’s billionaires are still wealthier than China’s. They control about 32% of the combined wealth of all the “known billionaires” in the world, while China’s billionaires account for about 27% of that wealth.
To see the full article, click: “China is making new billionaires much faster than the U.S.”
Posted by Mallory Wentz, Associate Editor, Wealth Strategies Journal.