The billionaire community in China is morphing into an altogether different beast. Previously it created wealth by following the west’s business models and lifting them to the next level. Today it is developing its own business models, seizing opportunities at an unprecedented pace and moving rapidly into new business sectors.
This is unquestionably the economic story of our times. It is extraordinary to reflect that China only introduced private enterprise some 30 years ago. By 2006, the country boasted 16 billionaires. That figure rose to 373 last year, according to the UBS/PwC Billionaires Insight Report.
The drivers of this phenomenon are manifold, but they are best understood within the context of three broad themes.
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