loat in property market behind the increase in number of billionaires
Beijing: The billionaires club in China is growing. The number of billionaires has increased by 41 to 358 compared to last year.
According to the Hurun Global Rich List published on Tuesday, Mainland China, Hong Kong, Macau and Taiwan have the most number of billionaires in the world after the United States.
A buoyant real estate sector is the major driving force for Chinese billionaires. Beijing has mounted an effort to cool the real estate market to avoid risk of a bubble forming in the property market.
The Chinese billionaires accounted for 19 per cent of the world’s total. Worldwide, 414 new faces made to the list of billionaires, bringing the total number to 1,867.