China continued to mint more billionaires over the past year, driven largely by technology, with a two-horse race developing in the country's internet sector, according to the latest Hurun rich list.
The mainland minted 41 fresh U.S. dollar billionaires over the past year, for a total of 358 who have amassed a total of $963 billion, the report said.
It's second only to the U.S., which spawned 72 new billionaires, pushing its total to 481, based on a "snapshot" of data on January 17.
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Globally, the Nine-Zero Club's total membership rose by 414 to 1,867 with a cumulative piggybank of $6.9 trillion, larger than the gross domestic (GDP) product of the world's third largest economy, Japan, Hurun said, although it noted its data may undercount the sometimes elusive club members.
The jingle in the piggybanks is getting a big boost from technology players, overtaking real estate as the key driver of wealth creation globally, and China was no exception, the report found.
The Year of the Horse has spurred a "two-horse race" between Chinese technology billionaires.