China overtakes U.S. in number of billionaires

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                                China overtakes U.S. in number of billionaires

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China has overtaken the United States as the country with the most billionaires, according to a survey released on Thursday, despite a slowdown in growth in the world’s second-largest economy.

The number of U.S. dollar billionaires in mainland China more than doubled to 596 from last year’s 242, according to a list of China’s superrich published by Hurun Reports Inc. That compares with 537 American billionaires, it said.

“Despite the slowdown in the economy, China’s richest have defied gravity, recording their best year ever, and creating more wealth than any country has ever done before in a year,” said Hurun Report chairman Rupert Hoogewerf.

China’s booming information technology industry was the fastest-growing source of wealth, with the number of individuals from the industry on the list jumping 43 per cent on last year.

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