Billionaires Are Quite Common in China

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China reportedly produces one billionaire every five days according to news. However, the UBS and PricewaterhouseCoopers say that the whole Asian region taken as one has been producing one billionaire in every three days – this rate according to them is greater than the other regions in the world.

In 2015, China holds 71 percent of the total number of billionaires in Asia – this was an increase of 35 percent from 2009’s records.  These results came from a gathered data on about 1,300 billionaires in the past two decade or so. In Asia, there are reportedly 113 entrepreneurs who became billionaires just last year.

Recent reports show that China may be facing stagnation soon as the country has seen decline in global performance. Experts recommend they implement reforms in order to attract more investors. Just this September, the government talked about making innovation reforms a priority. When Premier Li Keqiang met with tech companies, he said that equipping graduates with entrepreneurial knowledge and training them to be innovative will give them competitive edge, regardless of the place where they come from. So could this type of mindset be the secret why they have been consistently producing billionaires?

In comparison, Europe currently has 56 billionaires. Unlike the Chinese, many of these have inherited their business empires and the report did not change from the previous year – their total value is still at $1.3 trillion. Billionaire count in US is stagnant but some of these are new while others were ousted from their billionaire status.

Although it was not covered in the report, culture and governance must have something to do with the rate by which a country produces billionaires. For one, while other countries have the luxury of wasting their time, many Chinese students take the time to learn the English language, arming them to communicate effectively in other countries. The Premier Li Keqiang sentiments are not necessarily being promoted in other countries which could be the reason why there’s a huge gap – people are often encouraged to have an employee mindset instead of programming them to be their own entrepreneurs while still in schools.