USA recently lost the coveted title of the billionaire capital of the world. Until a few weeks, USA was the billionaire capital of the world with the largest number of billionaires. But now China has surpassed USA. According to a report released Thursday, China minted 242 billionaires over the past year, leading to a nearly 70 percent jump in its billionaire population. The country’s 596 billionaires surpassed the number of billionaires in the United States, at 537…
So now China is having more rich people as compared to US despite talk about the Chinese slowdown. Credit for the rise, which comes despite China’s economic slowdown, goes to the country’s stock market, which has stumbled badly since June but is still considerably higher than last year. The benchmark Shanghai Composite Index is up roughly 41% compared with a year ago. Still, those fortunes could have been higher – the index was up about 60% in June from the start of the year before slumping. Hurun’s data are current as of Aug. 14, it said, meaning the survey doesn’t take into account a late August slump, though the firm said the drop wouldn’t significantly change the list.