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.

Li, chairman of Hutchison Whampoa and Cheung Kong Holdings, secured his position as the richest on the list after his wealth grew from US$21 billion to US$26 billion.

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.

China’s active initial public listing activities also bred new billionaires such as Shenzhen Hepalink Pharmaceutical Chairman Li Li and Rongsheng Petro Chemical Chairman Li Shuirong.

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.

via Striking it rich: Chinese billionaires are booming — Shanghai Daily | English Window to China New.

Itamar Medeiros

Originally from Brazil, Itamar Medeiros currently lives in Germany, where he works as Lead Product Design Strategist at SAP and promotes User Experience Design as visiting lecturer at Köln International School of Design. Working in the Information Technology industry since 1998, Itamar Medeiros has helped truly global companies in several countries (Argentina, Brazil, China, Germany, Hong Kong, India, Mexico, The Netherlands, Poland, United Arab Emirates, United States) create great user experience through advocating Design and Innovation principles. During his 7 years in China, he championed the User Experience Design discipline as User Experience Manager at Autodesk and Local Coordinator of the Interaction Design Association (IxDA) in Shanghai

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