Economy

China’s 157 billionaires are world’s youngest

ChinaThe first-ever global study on billionaires revealed that China’s 157 billionaires are the youngest in the world, at the average age of 53.

The Wealth-X and UBS Billionaire Census showed that nearly 90 percent of China’s billionaires are self-made—the highest percentage in any country—while another five percent inherited their wealth, and the remaining six percent inherited and increased their wealth.

“Wealth-X is pleased to partner with UBS for this inaugural report on the world’s billionaire population,” Nick Griffith, the head of North Asia at Wealth-X, said. “This is our second collaboration with UBS, demonstrating a true partnership between the global leader in wealth management and the world’s leading provider of intelligence on the ultra-wealthy.”

China boasts the second largest billionaire population after the U.S., which is home to more than 500 billionaires with a combined net worth of over $2 trillion. China’s billionaires are predominantly male, with an average net worth of $2.4 billion and 10 percent liquidity.

Between July 2012 and June 2013, China’s billionaire population increased by 10 people—a 6.8 percent increase. The combined net worth of the country’s billionaires rose one percent to $384 billion during the period.

Chinese cities with the most billionaires include Beijing with 26, Shanghai with 19 and Shenzhen with 16 billionaires.

“UBS has had the privilege of serving the world’s most successful families for more than 150 years, and we are delighted to partner with Wealth-X in presenting the first Wealth-X and UBS Billionaire Census,” Simon Jin, the president of UBS (China), Ltd., said. “In China, most billionaires are entrepreneurs who remain heavily involved in their family businesses. UBS is uniquely positioned to meet the demands of this highly sophisticated clientele by offering integrated services across our wealth management, investment bank and global asset management businesses.”

Twelve countries in addition to China and the U.S. were ranked in the study, including Germany, India, the United Arab Emirates, Brazil, South Africa and Australia.

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