Asset managers and private bankers are expanding rapidly in Asia, and a new report on China’s wealthiest citizens shows why. Hurun Report, a magazine, published its latest “China Rich List” yesterday. The publication counts 1,363 yuan billionaires (US$150m) in the Middle Kingdom, up from 1,000 last year. There are also 189 dollar billionaires “that we know of”, the magazine said. It reckons that there are actually around 400 dollar billionaires and 4,000 yuan billionaires in the country.
The rankings include plenty of trivia about China’s richest residents. The average yuan billionaire is 51 years old, more than a decade younger than their American or European equivalents. Just over 10% of those on the list have been appointed to government advisory posts. A similar share is made up of women, with the top three in China also the wealthiest in the world (see here for more). Less than 1% of those that made the list inherited their wealth. Two former rich listers are now in jail. The most billionaires were born in the year of the rabbit and the fewest in the year of the boar.