Survey finds China passes United States in number of billionaires

China has toppled the United States in a count of its dollar billionaires for the first time ever, according to a Shanghai-based research firm.

The number of Chinese billionaires rose from 354 in 2014 to 596 in 2015, surpassing the 537 billionaires in the US, according to the China-based monthly magazine The Hurun Report that tracks the country’s richest figures, in similar fashion to USA publication Forbes.

This enabled China to surpass the USA as it looks to overtake America as the world’s largest economy.

According to Hurun, 16 of the 1,877 people on its rich list are in different degrees of trouble with the Chinese authorities, including seven under investigation, four awaiting sentencing and three who have disappeared altogether.

China’s economy grew by 7 percent in the quarter ending in July over a year earlier, down from last year’s 7.4 percent annual expansion and the lowest level since the 2008 global crisis.

“Despite the slowdown in the economy, China’s richest have defied gravity, recording their best year ever, and creating more wealth than any country has ever done before in a year”, said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report. Mr Wang’s fortune jump more than 50 per cent to $34.4 billion, helped by a surge in the stock price of a listed unit besides big boost in movie box office revenues in China. The ruling Communist Party however promises more market reforms to revitalise the state-owned enterprise into one that is led by domestic consumption. Mr Hoogewerf said it was important to note since the list was put together, stock markets are down a further 14 per cent. No. 2 was Jack Massachusetts, founder of e-commerce giant Alibaba, at $22.7 billion.

“Beverage King” Zong Qinghou of WaHaHa sits third with a net worth of a few 21 billion US dollars, up 8 percent year-on-year. Lei Jun of smartphone maker Xiaomi came fifth by doubling his wealth to US$14 billion.