China-based wealth research firm 'Hurun' has revealed that the country has outpaced the U.S. to become home to the largest number of billionaires in the world. This is despite the economic slowdown and other problems like corruption and the stock market crash that has been plaguing Chinese businesses for over a year now.

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The report claims that China now has 568 billionaires as compared to 535 billionaires in the U.S.. China leapfrogged the U.S. in August last year, adding a further 99 billionaires to the list since then. Beijing has also overtaken New York to become the new billionaire capital of the world.     

Hurun's report disclosed that China's real estate sector produced the largest number of billionaires - 117. Followed by the manufacturing sector with 94 billionaires, while the technology sector created 68 billionaires.

China has largest number of billionaires under the age of 40 and largest number of self-made female billionaires in the world, Hurun's report  stated.

Hurun's latest numbers are likely to be subjected to lot of scrutiny and debate as the prestigious Forbes Magazine is yet to disclose its billionaire ranking for 2016.  As per Forbes 2015 report, China was way behind the U.S. in terms of the number of billionaires.

China had 335 billionaires as compared to 536 billionaires in the U.S. in 2015, according to Forbes.      

Currently, China's no 1 billionaire is real estate tycoon Wang Jianlin, who reportedly owns asset worth up to $24.2 billion, followed by Alibaba owner Jack Ma, who has a net worth of $22.7 billion.   

TagsChinese Billionaires, china