China now has more billionaires than US

A staggering 242 new Chinese billionaires were minted over the past year, propelling the country ahead of America for the first time, according to Hurun Report's annual China rich list.

China now leads with 596 billionaires, compared to 537 in the U.S.

"Despite the slowdown in the economy, China's richest have defied gravity, recording their best year ever, and creating more wealth than any country has ever done before in a year," said Rupert Hoogewerf, chairman of Hurun Report.

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