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Chinese Billionaires Double in Two Years

Nation now has 271, up from 130 in 2009
By John Johnson,  Newser Staff
Posted Sep 7, 2011 6:24 PM CDT

(Newser) – The US is still the land of the most billionaires, but China is gaining fast. It counts 271 dollar billionaires, up from 130 in only two years, reports the Telegraph. The leader of the pack is construction magnate Liang Wengen, whose worth is pegged at $11 billion. The US has more than 400 billionaires, though the richest of the rich can be found in Mexico.

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"This phenomenon is occurring all over the world," says an economist at Beijing's Renmin University. "And as China becomes more advanced, and improves its industries, it is only natural that a large share of the wealth will end up with the people at the top of the value chain." (Read more China stories.)

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