China is minting a billionaire every 3 days as the tech boom unlocks ‘stealth wealth’

China is minting a billionaire every 3 days as the tech boom unlocks ‘stealth wealth’, by Meghan Morris.

The world added 332 billionaires last year, with their cumulative wealth increasing 19% to a record $US8.9 trillion, according to an annual survey from UBS and PwC.

What’s behind this phenomenon? Explosive wealth creation in China.

“China is where we’re seeing unbelievable and unprecedented growth,” said John Mathews, the head of ultra-high-net-worth Americas for UBS Global Wealth Management. For the first time, billionaire growth in Asia Pacific outpaced that of the US last year.

In 2006, there were just 16 Chinese billionaires. But in 2017, the tally hit 373 – one-fifth of the global total. The US still leads regionally, with 585 billionaires.

hat-tip Stephen Neil