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IT sector creating more billionaires in China: report

IT sector creating more billionaires in China: report

By Zhang Zhongkai.

Shanghai — The information technology (IT) sector is generating more billionaires in China as the country’s innovation-driven economic transition accelerates, a report showed.

About 11.7 % of the country’s 1,819 people with wealth over 2 billion yuan (about US$281 million) made their fortune in IT, up from 10.3% last year, according to the 2019 LEXUS-Hurun China Rich List released 10 October by the Hurun Research Institute.

The IT sector has overtaken investments to become the third-largest source of wealth for entrepreneurs on the list, while manufacturing is still the most important source of wealth, followed by real estate. Pharmaceuticals continued its rise, up from 7.1% to 7.6 %, and the service industry also maintained rapid growth, rising from 5.1% to 5.7%.

A total of 11 people born in the 1990s made the list, one more than last year. The proportion of women dropped slightly to 27.2 % from 28.7% last year, the report showed. (Belt & Road Weekly Vol.4 No.38).


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