Billionaire Ranks Swell as China’s Tech Titans and New Economy Surge

Mainland China’s billionaire class has strengthened its position as the wealthiest in the Asia-Pacific region, with collective assets rising to nearly US$1.8 trillion. A UBS report attributes much of this expansion to figures such as Wang Chuanfu, founder of the electric-vehicle producer BYD, and the leaders of the rapidly expanding bubble tea brand Mixue. Mainland billionaire wealth grew by 22.2 per cent year on year, reaching US$1.77 trillion in the 12 months to early April, supported by robust technology-sector performance and rising asset values.

The number of billionaires in mainland China increased from 427 to 470, placing the country second only to the United States. Hong Kong’s billionaire count reached 76 in 2025, with newcomers slightly outnumbering those who exited the list. Their combined net worth totalled US$328 billion, a modest rise from the previous year.

BYD founders Wang Chuanfu and Lu Xiangyang posted the second-largest global wealth increase in the technology sector, surpassed only by Elon Musk. Meanwhile, Mixue founders Zhang Hongchao and Zhang Hongfu entered the billionaire cohort after the company raised US$444 million in its Hong Kong listing, with its share price rising more than 56 per cent since launch. Hao Tang, a Hong Kong-based early investor in AppLovin, also saw substantial gains as the firm’s US-listed shares nearly doubled over the year.

Despite these advances, the Chinese market remained highly volatile. Twenty-four individuals fell below the billionaire threshold, and two passed away during the review period. UBS projected that heirs in mainland China, Hong Kong and Taiwan could inherit at least US$407 billion over the next 15 years, with Hong Kong heirs expected to receive the largest portion. Those in major mainland cities such as Beijing and Shanghai were projected to inherit roughly US$135.3 billion.

Globally, the wealth of self-made billionaires rose to a record US$15.8 trillion in 2025, reflecting a 13 per cent annual increase and the strongest growth since 2021. US billionaire wealth expanded 18 per cent to US$6.9 trillion, while the US billionaire population rose by 89 to 924, driven largely by the technology industry. India’s billionaires held US$888.2 billion, and Singapore’s amassed US$258.8 billion.

UBS noted that the Asia-Pacific region had a comparatively high share of female self-made billionaires. More than 40 per cent of surveyed billionaires planned to increase investment in emerging-market equities over the coming year, while one-third intended to expand their exposure to gold and other precious metals. Key concerns included tariffs, geopolitical tensions and policy unpredictability.

The report drew on an online survey of 87 billionaire clients across 47 markets between July and September. Asia-Pacific respondents represented over one-third of the sample, reflecting the region’s importance to UBS. According to UBS executives, technology—particularly artificial intelligence—will remain the primary driver of wealth creation in the region. Most Asia-Pacific billionaires viewed technological advancement as the most significant social challenge facing younger generations, and more than half of second-generation billionaires allocated capital to hedge funds, consistent with investment practices established in earlier decades.