According to a recently released Billionaire Census by Wealth-X and UBS, Chinese billionaires are pretty young, kind of. Of China’s 157 billionaires, the average age is 53 years old, not necessarily gāofùshuài material, but still nine years younger than the world average.
In China, 9 out of 10 billionaires are self-made, the highest percentage of any country. To be sure, self-made fortunes aren’t always made cleanly in China, as Bloomberg News documented in a 2012 investigative series on the extreme wealth of China’s leading political families, “Revolution to Riches.”
It’s no surprise, given the deep intertwinement of money and political power in China, that Beijing is home to the country’s highest number of billionaires, with 26. That’s followed by Shanghai, with 19 billionaires, and Shenzhen with 16. The UBS study calculates the combined net worth of China’s billionaires to be $384 billion, roughly equivalent to the entire annual gross domestic product of South Africa in 2012.
According to a recent People’s Daily report, young Chinese people are making up an increasing share of the country’s luxury good consumer group and will reportedly be the dominant luxury consumer group within the next five years, and this is mostly due to the fact that they are spending the money of their aforementioned self-made billionaire parents (see: fù’èrdài).
[Image Credit: bebouchard]