With 76 Freshly Minted Billionaires, China Outpaces US In Wealth Creation

China minted 76 new billionaires this year to the Forbes’ annual billionaire ranking, three times more than the U.S., where 25 new billionaires were added to the list, followed by 13 from India and 5 from German.

A total of 195 new comers to the list were recorded this year, down from the 198 registered in 2016. The ranking this year is a snapshot of individual wealth taken on February 17, 2017, when stock prices and exchange rates were locked in from around the world.

The most notable newly minted Chinese billionaires is Lucy Peng, co-founder of e-commerce giant Alibaba Group. She has an estimated 2% stake in the company’s financial services arm, Ant Financial, which raised funds at a reported US$60 billion valuation last year. Peng, Ant’s executive chairman, is one of 21 self-made w...

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