Over the last decade, China has been able to grow its economy in a rapid pace. This has resulted in a huge increase in the number of millionaires in China. Thousands of chinese citizens have become rich and some have become very rich. In 2019, China was adding 2 new billionaires per week. The recent IPO mania has increased that number to 3 new billionaires per week. This is expected to continue to increase the amount of money that Chinese will spend on overseas real estate.
Read all the details about the new billionaires in China here on Bloomberg.