China’s economic growth has been skyrocketing over the recent years. Reportedly, the country accounted to 71% of Asia’s new billionaires in 2015, a massive jump from 35% in 2009.
According to the report by UBS and PricewaterhouseCoopers frequency of people becoming billionaires in Asia is higher than any other region on the globe.
Out of 113 Asian entrepreneurs who hit the billionaire mark in 2015, 80 of them were from China. This accounts to more than half of of the entire world’s total count. To put things more in perspective, there is a new billionaire popping up every five days.
The report says that the China government has assigned top priority to innovation reform, promoting entrepreneurship and innovation among newcomers, no matter which part of county they have arrived from. This has allowed young Chinese entrepreneurs to flourish faster.
“Almost half of these came from the technology (19%), consumer & retail (15%) and real estate (15%) sectors. E-commerce businesses are in the ascendancy. At the same time, many of the country’s wealthy are diversifying out of their existing businesses into real estate. Moreover, China’s urbanization and increasing consumer spending have fostered an environment where businesses are growing fast,” the report UBS and PricewaterhouseCoopers said.
India along with Hong Kong had 11 billionaires each, the second highest in Asia.
