Here are the three sectors in China with the most billionaires ... and e-commerce is not one of them
Pharmaceutical biotech, property, and semiconductor and electronics manufacturing are the three sectors that had the most number of billionaires in China in 2017
Two of the three richest people in China may have been from the internet and e-commerce space in 2017, but the top three sectors by the number of billionaires are biotechnology, property, and semiconductor and electronics manufacturing, according to a survey released on Monday.
Alibaba owns the South China Morning Post.
The list was based on information pulled from Chinese stock exchanges, company announcements and overseas stock exchange filings of companies that were posted as of the end of December last year.
Biotech companies are indeed like cash cows
The mainland’s 1,000 richest people, with assets of at least 3 billion yuan each, held a collective 12.5 trillion yuan in 2017. However, this falls short of the US$2 trillion (12.6 trillion yuan) in net worth held by just 159 American billionaires last year, according to Bloomberg.