2016 was a mammoth year for the Chinese elite. In a recent report by PwC and UBS, for the first time ever there are more billionaires in China (637) than there are in the United States (538).
Last year alone, China added 67 new billionaires to their portfolio, which equates to one every 5 days.
John Matthews, co-author of the report attributes the Asian market’s unique integration of technology into every aspect of life as the primary driver for wealth in China.
Speaking with Business Insider, Matthews said that “Asia is the land of implementation and integration, people don’t use cash or credit cards in China, they use apps.” The report also stated, “according to the Asian billionaires we interviewed for this report, a combination of geopolitical stability in Greater China, rising Chinese real estate prices, infrastructure spending, the growing middle class and buoyant commodity prices all joined together to boost wealth.”
