India ranks 3rd in the list with 111 billionaires.
China ranks No.1 with 568 billionaires which is 90 more than last year in 2016, according to Hurun Global Rich List 2016.
The combined net worth of Chinese billionaires is $1.4 trillion which is similar to the GDP of Australia.
The sector which has generated the most number of billionaires in China is Real Estate that 117 of them followed by Manufacturing and Tech with 94 and 68 respectively.
Led by Beijing, 5 Chinese cities make the top 10 cities for super wealth creators, according to the report. Beijing, Hong Kong, Shanghai, Shenzhen and Hangzhou are home to 100, 64, 50, 46 and 32 billionaires respectively.
China is the number 1 in the world in terms of generating self-made billionaires akin to “rags to riches”. Wang Jianlin, 61, of Wanda was the richest Chinese with $26 billion, just ahead of Li Ka-shing, 87. Jack Ma of Alibaba was fourth with $21 billion.
The United States lost to China to be rank second on the list with 535 billionaires which is less by 2 from last year.
The combined wealth of the US billionaires is $2.4 trillion which is just a little less than the GDP of France.
Technology overtook investments to become the main source of wealth for American billionaires, followed by retail. "Tech, investments and retail made up 122, 105 and 52 billionaires respectively," according to the report.
New York has the highest concentration of billionaires, with 93, followed by San Francisco and LA on 28 and 21 respectively. Average age of US billionaires dropped to 60, primarily because of the death of 13 billionaires with an average age of 84, according to the report.
India stands in number 3 position with 111 billionaires which is 14 more than last year. Manufacturing, pharma and tech are the preferred sectors with 22, 20 and 15 billionaires respectively.
Mumbai is headquarters to most of the Indian billionaires. Mukesh Ambani retains his position as the richest person in India with total net worth $26 billion.
Countries following India are Germany, United Kingdom, Russia, Switzerland, France, Brazil and Japan.
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