‘USA’ Dethroned: Home of the Billionaires No More as China Bags the Crown

The USA has been dethroned by China from being the home of the world's billionaires.

Over the past year, an incredible increase of about 70% of billionaires' population has been seen by China with over 242 additional men earning billions. The People's Republic, having 596 billionaires to date, surpassed the 537 billionaires of the US. This is according to the Hurun Rich List.

According to the list, if the billionaires from Hong Kong, Taiwan and Macao and Greater China are added, the number of Chinese billionaires would amount to 716.

Moreover, the list that has been released on Thursday stated that China produced nearly five billionaires per week during the year ended, August 14. This resulted in the addition of 242 billionaires within one year, which has been a world record.

"Despite the slow-down in the economy, Chinese stock markets were up significantly on last year. Shanghai and Shenzhen shot up 80% and 70% respectively on top of big rises last year, and the ChiNext doubled for the second year running, up 107% to add to a 104% rise last year. It is worth noting that by the time of the cut-off date of the list, stock markets were already 30% off their June's peak. As of the release of the list, however, stock markets have dropped a further 14%," the report stated.

The list was topped by Wang Jianlin, chairman of conglomerate Dalian Wanda, who snatched the spot back from Jack Ma of Alibaba.

To make to the Top 100 billionaires in China, one has to reach or surpass the cut-off US$3.2 billion, which is two times larger than five years ago and ten times of ten years ago.

The list also suggested that IT is the fastest growing source of wealth of the country with the growth of 43%. Manufacturing made 28% growth. And the lowest is real estate which is down to 16.1%. This suggests that despite the fear of economic crisis within China, the super rich still are able to benefit and prosper.

95% of the people in the list are self-made billionaires, and only 5% inherited their wealth.

Rupert Hoogewerf, Hurun Report Chairman and Chief Researcher, said "The China Rich List has the world's highest percentage of self-made entrepreneurs."

The list, however, is in huge difference with Forbes' calculations which stated that China only has 213 billionaires compared with 536 in the US. Still, to be able to craft 5 billionaires per week is an amazing stance. And US could have done better.

What do you think of the sudden surge of Chinese billionaires?