There were more billionaires in Asia than in the United States for the first time last year – and half of them were Chinese, according to a report by UBS and PricewaterhouseCoopers. China had by far the highest number in the region, with 101 new billionaires added to the list for 2016 – taking the country’s total to 318, the South China Morning Post reports. There were 637 billionaires across Asia in 2016, up nearly 25% from the previous year. In the US, that number edged up 5% to 563. “Virtually all Chinese wealth has been self-made in the past two decades,” said James Chang, partner with PwC China. And unlike in the West, owners of conglomerates make up 23% of China’s rich club, according to the report. New billionaires could emerge from the country’s fintech and advanced manufacturing sectors in the future, Chang said.
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