China Land of the Billionaire

The combined net worth of the Chinese billionaires is 1.4 trillion similar to the GDP of Australia. Real estate generated the most billionaires (117) followed by Manufacturing and Tech with 94 and 68 respectively. Average age of the billionaires is 56. China is the No. 1 in the world in terms of generating self-made billionaires akin to ‘rags to riches.’ Wang Jianlin 61 of Wanda was the richest Chinese with 26 billion just ahead of Li Ka-shing 87. Jack Ma 51 of Alibaba was fourth with 21 billion.

Combined wealth of the Indian billionaires shot up by 16% to 308 billion. Average age is 64. Mumbai is headquarters to most of the Indian billionaires. Mukesh Ambani (26 billion rank 21) is the richest Indian.

‘Despite its own slowdown and falling stock markets China minted more new billionaires than any other country in the world last year mainly on the back of new listings” said Rupert Hoogewerf chairman and chief researcher of Hurun Report in a written statement. “Growth in billionaires for the rest of the world was held back by a slowdown in the global economy the strengthening of the US dollar and the drop in oil prices. The number of billionaires however has jumped 50% since 2013.’

Japan took 10th place wih 42 billionaires 3 less than 2015. Combined wealth of the Japanese billionaires cumulates to 111 billion. The preferred sector is TMT with 14 billionaires followed by retail with 9. Tokyo is the preferred city.

Even though 102 people fell off of the list from last year total wealth increased by 9% to 7.3 trillion more than the gross domestic product of Germany and the United Kingdom combined and nearly half that of the US. The average age is 64 and about 69% are self-made.

Bill Gates the former chief of Microsoft retains the No. 1 spot with a fortune of 80 billion. Investor Warren Buffett saw his wealth decrease by 8 billion to 68 billion. Of the decline 11% or 2.2 billion was a donation to the Bill and Melinda Gates Foundation.

Amancio Ortega the Spanish businessman and founder of the Inditex fashion group best known for its chain of Zara retail shops regained the 3rd spot this year.

And CEO Jeff Bezos shot into the Top 10 for the first time with a 24 billion or 83% increase to grab the fourth spot with 53 billion.

Overall 729 individuals saw their wealth decrease and 102 dropped off of last year’s list. Russian billionaires lost 130 billion on the back of a further 19% drop in the Russian ruble and with lackluster performance of mining metals and energy.

The post China Land of the Billionaire appeared first on Live Trading News.