China is producing new billionaires, especially female billionaires, much faster than any other country in the world, Axios reported.

The US, in second place by a wide margin, produces billionaires and companies with far more global influence. China and the US together produced 55% of the world's famous billionaires, according to Hurun's 2022 Global Rich List.

China has more billionaires with 1,133, the US has 716. All three cities with the most billionaires are now in China, with Shenzhen overtaking New York in third place.

But American billionaires are still richer than Chinese ones. They control about 32% of the combined wealth of all the "famous billionaires" in the world, while Chinese billionaires account for about 27% of this wealth.

Real estate, manufactured goods and healthcare are behind the big money in China.

The wealth of the leading billionaires living in the US comes mainly from global technology providers, as well as financial services and entertainment.

Among the most successful female self-made billionaires in the world, 60-70% are Chinese - a figure that has remained constant over the past 16 years.