The Nikkei Asian Review on October 7, reported that the wealth of China's ultrarich had jumped 41% from April 2019 to the end of July 2020, helping the country's richest citizens to collectively break the $1.5 trillion mark and boost global billionaire wealth to a record high. According to a new report by UBS and PwC, China now has a record 415 billionaires who control a combined wealth of $1.7 trillion. In April last year, China had 389 billionaires with a combined net worth of $1.2 trillion. Data compiled by Bloomberg showed that about two dozen company founders had joined the billionaire club in the first half of the year. Amy Lo, co-head of wealth management for Asia-Pacific at UBS, said at a news conference (October 7) that Chinese wealth creation is "linked very much to innovation and technology."