China’s rapid economic development has produced more high-net-worth individuals in a shorter period than anywhere else in history. In the past year alone, 41 people in China have joined the ranks of the US-dollar billionaires, according to the Hurun Report on wealth, bringing the country’s total to 358, second only to the United States’ 481.
All of China’s billionaires have emerged in the past decade. Real estate has been the driving force behind the wealth of a quarter of those individuals, the report said. The technology sector has also brought its share of riches. The stock floatation of internet retail giant Alibaba on Friday was expected to further swell the ranks of China’s billionaires.