Foreign media: A new report by UBS shows that about 98% of super-rich individuals with assets of $100 million or more in China are first-generation entrepreneurs, and they are generally younger, reflecting strong wealth creation capabilities.
Represented by Wang Ning, the founder of Pop Mart, who is 38 years old, newly minted billionaires are mostly concentrated between the ages of 40 and 50, which is younger than other regions. According to the report, there were 470 billionaires in mainland China this year, second only to the 924 in the United States.
Technological innovation is an important driver of wealth growth, with figures such as Wang Chuanfu, the founder of BYD, listed as key promoters. However, analysts point out that if state control is strengthened and there is a lack of a "failure tolerance mechanism," it may to some extent suppress entrepreneurial spirit and innovative vitality.
Original article: toutiao.com/article/1851499519693836/
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