The combined fortunes of China’s billionaires swelled to nearly USD1.8 trillion, with electric-vehicle (EV) maker BYD’s Founder Wang Chuanfu and bubble tea chain Mixue’s bosses among the biggest drivers of that growth, according to a UBS report. Backed by a booming tech sector and surging asset prices, the wealth of mainland China’s billionaires jumped 22.2% year-on-year to USD1.77 trillion in the 12 months to early April. With 70 new entrants, mainland China’s billionaire count rose to 470 from 427 – second only to the United States globally. The technology sector is expected to continue to drive wealth creation in the region, said Amy Lo, Chairperson of UBS Global Wealth Management Asia and CEO of UBS Hong Kong.
“Asia-Pacific markets are broadly benefiting from the artificial intelligence (AI) trend and technological developments,” Lo said. “China’s policy focus on quality growth through innovation and tech localization is expected to support the entire industry and its founders.” Wang Chuanfu and Lu Xiangyang, Founders of BYD – the world’s largest EV maker by units sold – recorded the tech sector’s second-biggest wealth gain after SpaceX Founder Elon Musk, who topped the list. Brothers Zhang Hongchao and Zhang Hongfu joined the ultra-rich club after Mixue raised USD444 million from its Hong Kong share sale in March. The stock has surged more than 56% to HKD416.60 since its debut.
Hong Kong’s billionaire population reached 76 in 2025 after five people joined the list and three dropped out. The city’s ultra-rich held USD328 billion in total wealth, up USD2 billion from last year. UBS expected that heirs in mainland China, Hong Kong and Taiwan are to inherit at least USD407 billion over the next 15 years. Hong Kong-based heirs were projected to receive the largest share, USD180.4 billion, while those in mainland cities like Beijing and Shanghai may inherit at least USD135.3 billion. The Asia-Pacific region had a higher proportion of female self-made billionaires than others. Globally, self-made billionaire wealth reached a record USD15.8 trillion in 2025, up 13% year-on-year, marking the highest annual increase since 2021. The UBS report was based on an online survey of 87 billionaire clients conducted between July 10 and September 25 across 47 markets, the South China Morning Post reports.
