Biography & Early Wealth Journey
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In 2017, the United States added 53 billionaires to its population, according to the study. That's an increase of about four percent, and brings the total number of billionaires in the US to 585 (in case you're interested, the report also lists the total wealth of the new additions as $125 billion). China, on the other hand, produced twice that many billionaires, with 106 people joining the rank of billionaire in China in 2017. But, in a twist that the report says can serve to illustrate "the risks of doing business in China," 51 former billionaires saw their fortunes diminish to the point where they no longer qualify as billionaires, leaving a balance of 55 new billionaires in the country – still more new additions than the US had, but only by two.
That brings the total number of billionaires in China to 373, which still gives the US a comfortable lead in the billionaire race. But China's performance becomes even more impressive when you consider where they were just a few years ago – In 2006, China was home to just 16 billionaires.