China’s billionaire population is on the rise.
Today, the country is home to 10 percent of the world’s almost 2,400 billionaires, according to the latest report from Wealth-X. But, perhaps more notably, a massive 94 percent of them are self-made.
Growth in China’s technology, consumer retail and real estate sectors over the past five to 10 years have made it easier for entrepreneurs to build their fortune, marking a massive surge in the country’s self-made billionaire population.
Just 2 percent of China’s 249 billionaires are the product of inheritance, according to the report. Meanwhile, 4 percent have reached the 10-figure milestone through a combination of entrepreneurship and inheritance. The rest have earned it through grit and hard work.
The figure stands in stark contrast to the global average. Overall, just 55 percent of the world’s billionaires are self-made, according to the intelligence agency’s figures. Thirteen percent of the world’s billionaires have gained their wealth through inheritance, while 32 percent have built it through a combination of inheritance and entrepreneurship.
What’s more, China’s billionaires are relatively younger than the global mean, with one-third aged under 50, compared to 14 percent globally. The average billionaire in China is 53-years-old while the average billionaire globally is aged 64.