Most of China's New Billionaires for 2018 Are from the Technology Sector

World | November 13, 2019, Wednesday // 16:56|  views

Technology entrepreneurs in China are taking advantage of the digital economy boom in the country, amassing a huge fortune in 2018, according to a report.

21% of the 56 new Chinese billionaires for 2018 came from the technology sector, while only 7% came from the real estate industry, an industry that traditionally creates the richest Chinese entrepreneurs.

"As the digital economy's impact on traditional businesses grow, technology entrepreneurs are replacing traditional giants such as manufacturing and the real estate sector," said a spokesman for consulting firm PwC China.

The report includes entrepreneurs whose worth is over $ 1 billion.

China manages to maintain its second position in the world by the number of billionaires. In 2018, 325 billionaires were registered in the country with a total net worth of $ 982.4 billion.

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Tags: China, billionaires, technology sector


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