A report by a banker revealed that China's high net worth individuals rose significantly in 2017, with signs that the Chinese rich will be richer than their American counterparts within three years.
A report by Swiss bank UBS and audit firm PwC said the number of billionaires in China rose from 318 to 373 last year, with a combined wealth of $ 1.12 trillion.
The report pointed out that 106 people have become billionaires in the past few years, but 51 of them fell from the list of wealthy, which raises questions about the risk of doing business in China, according to the BBC.
"Over the past decade, Chinese billionaires have created some of the largest and most successful companies in the world and have contributed to raising living standards," said UBS official Joseph Stadler.
According to figures, the number of billionaires in Asia is more than the United States, with indications that the wealthy Chinese will be richer than their American counterparts within three years.
According to figures released by the report, there were only 16 Chinese billionaires in 2016, but now China is one of five billionaires around the world.
An impressive report revealed that 97 per cent of Chinese billionaires are self-employed, many of whom have starred in sectors such as technology and retail.
The Americas remain home to the largest pool of billionaires, while in Western Europe, the number of billionaires has risen to 17 in 2007 to 414 in 2017.
