China, Socialism & Consumer Behavior: Chinese billionaires are booming
People of Chinese origin have become the second largest group of billionaires behind the United States, Forbes China said recently.
Thanks to China’s robust manufacturing and property investment, 213 billionaires of Chinese origin reported a combined fortune of US$566.9 billion, making up 12.6 percent of the wealth of 1,210 dollar billionaires in the world.
China’s mainland is home to 115 billionaires, while Hong Kong has 35, and Taiwan 25. Almost all the billionaires in Malaysia, Thailand, Philippine, Singapore and Indonesia are of Chinese origin, the report said.
Manufacturing, property investment and financial services are three main drivers of individual wealth of people of Chinese origin, according to Forbes China.
But billionaires on China’s mainland are more likely get rich through manufacturing, those in Hong Kong prefer real estate and financial investment, and the Taiwan billionaires thrive in the electronics industry, the report said.
Unlike Western billionaires, who are usually focused on a specific industry, billionaires of Chinese origin are more likely to be engaged in a variety of industries.
Hong Kong is home to the three richest billionaires on the list – Li Kai-shing, Thomas and Raymond Kwok and family, and Lee Shau Kee, who have won a massive fortunes from the property market on China’s mainland, the report said.
Robin Li, the richest person on China’s mainland, built his fortune of US$9.4 billion through Baidu, China’s popular search engine.
Liang Wengen, chairman of Sany Group, one of China’s largest construction equipment manufacturers, became the second richest after the company’s share price surged last year.
In Taiwan, couple Cher Wang and Wenchi Chen made a fortune from their HTC phone brand.
The United States remains the biggest billionaire magnet on the planet, with 413.