American Dominance in Tech Wealth Creation Upended by Asian Wave
Asia-Pacific is home to a rise in new self-made billionaires.
Colin Huang, chief executive officer and founder of Pinduoduo.
Photographer: Qilai Shen/BloombergA shift is underway among the world’s richest young entrepreneurs.
Six of the world’s 10 wealthiest self-made billionaires age 40 and under are from the Asia-Pacific region, according to the Bloomberg Billionaires Index. Four are Chinese and two are Australian. Just three are from the U.S., which used to dominate the list.
“From a technology perspective, in the past five years China has come on in leaps and bounds,” said Allan Chu, head of technology, media and telecom for greater China at Credit Suisse Group AG. “You’ve seen startup companies develop into technology giants and it’s created a lot of wealth for the founders.”