China is churning out a new billionaire every five days

Almaty. October 27. Silkroadnews - China is churning out a new billionaire every five days, Business Insider reports.
“The US might be the wealthiest country in the world, but it's not churning out the most billionaires. That title goes to China, which added 67 new billionaires in 2016, or one about every five days, according to a report on billionaires by UBS and PwC released,” the report said.
“According to the Asian billionaires we interviewed for this report, a combination of geopolitical stability in Greater China, rising Chinese real estate prices, infrastructure spending, the growing middle class and buoyant commodity prices all joined together to boost wealth,” it reads.
It is reported that for the first time in Asia there were more billionaires (637) than in the U.S. (538). Still, in the United States there is still a higher concentration of wealth among billionaires, yet, in the next three to four years, Asia will outgrow the U.S. in terms of this reading as well.
The technology is said to be the major driver of wealth in Asia. John Matthews, co-author of the report, said that Asian countries are better at deploying and integrating new technologies, which for the most part is first conceived by companies in the United States.
““Asia is the land of implementation and integration,” Matthews said. For instance, the US gave birth to new finance apps like Venmo and PayPal, but it’s in Asian countries where such apps have scaled the most. “People don’t use cash or credit cards in China, they use apps,””, the publication says.
Nevertheless, Matthews notes that the wealth of billionaires in Asia is very volatile, as it is so closely linked to the public markets.
“Only 40% of billionaires [in the US] have their wealth tied to public markets, compared to 70% in Asia,” the agency quoted him saying.