China is now home to the most billionaires In the World; its just a matter of time before the have the most millionaires too. Interestingly China is also home to World’s second most Millionaires and is creating them at a faster rate than the America. Presently, China has more than one million millionaires. A stunning new report from UBS and PricewaterhouseCoopers established that one new billionaire was being created every week. If that is not stunning then we don’t know what is; note this is all going on during a supposedly severe recession.
Wang Jianlin of Dalian Wanda, one of China’s top real estate developers, overtook Jack Ma. Wang, is now worth $34.4 billion, a 52% increase over the previous year.
Hoogewerf, chief researcher at Hurun, stated that they are only able to identify roughly 50% of the country’s billionaires;t 15% of China’s wealth is hidden. “Think of it like an iceberg, the tip of it is much smaller than the whole,” he said. “We do our best to find [hidden money], but they go to such extraordinary lengths to hide it.”
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