China fact of the day home market effect

China has overtaken the US as home to the most dollar billionaires, according to the latest Hurun Rich List, with Wang Jianlin, the real estate tycoon, overtaking Jack Ma, Alibaba’s founder, as the mainland’s wealthiest person.

Mr Wang also overtook Li Ka-shing, the Hong Kong tycoon, as the richest person in Greater China. Hurun values Mr Wang, 61, at $34.4bn, up 52 per cent from a year earlier, versus $32.7bn for Mr Li and $22.7bn for Mr Ma. Mr Wang topped the mainland list in 2013 but lost the title to Mr Ma last year.

China added 242 dollar billionaires in 2015, bringing its total to 596, against 537 in the US, according to the annual ranking of China’s wealthy. If Hong Kong, Macau and Taiwan are included, the Greater China total reaches 715.

That is from Gabriel Wildau at the FT.  As with the United States, much of this is paper wealth, although for China that may matter more, at least if you believe the Chinese government props up various asset prices more than the American government does.


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