Wealth stakes rise as China gains a billionaire a week

A new billionaire was created in China almost every week in the first quarter of this year, according to a report jointly released on Tuesday by UBS AG and PricewaterhouseCoopers.

James Chang, managing partner of financial service consulting at PwC China, said the rapid growth of Chinese billionaires was mainly caused by the booming Internet and mobile Internet industries, and the rise of the country's capital markets.

China is encouraging the public to establish their own businesses and be more innovative, which is encouraging and allowing more young people to create wealth, Chang said.