Mainland Chinese dollar billionaires are a new phenomenon. Today, there are just over 300; in 2000, there was only one.
Unlike in most of the rest of the world, where the newly hyper-wealthy are largely Internet entrepreneurs, Chinese billionaires come from many sectors – even some where we might believe that state-owned enterprises have all the advantages and dominate.
Less than a quarter are from technology sectors. It is not a surprise that many are from the real estate sector. But we also have billionaires in pharmaceuticals, in autos, in retail, and in basic materials.
I believe we have seen billionaires emerge in more sectors in China over the last decade than in any other major economy in the world.