A new report about the status of billionaires underscores the rise of the wealthy in China despite the lackluster performance of the world's richest in increasing their wealth in 2015. Published by UBS and PricewaterhouseCoopers last Tuesday, the report claims that due to China's surging economy, Asia is able to create a billionaire every three days.



Asia's entrepreneurs dominate the list of new billionaires, according to the report. One hundred and thirteen Asians, 80 from China, joined the billionaire ranks in 2015, which accounts for 54 percent of the global total.



The report also reveals that China is on a fast track to creating new billionaires: In 2014 and 2015, China accounted for 69 percent and 71 percent of Asia's new billionaires. The proportion was only 35 percent in 2009.



Those in the technology, real estate, consumer and retail sectors have been greatly invigorated. But does the expanding billionaire club mean China is on a healthy and sustainable growth path?



Peking University released a report earlier this year warning that China's wealth and income inequality is getting worse. The study found that one-third of China's wealth is owned by the top 1 percent of households, and the poorest 25 percent only account for 1 percent of the country's wealth. For years, China's Gini co-efficient, a measure of inequality, has stubbornly remained above the level of 0.4, which indicates severe inequality.



The growth in the number of Chinese billionaires, which although displaying the stamina of the Chinese economy in one respect, has actually shed light on the risks that might destabilize Chinese society.



Concentrations of wealth at high-levels can push any country to the brink of social disorder.



Like China, the US also has a high Gini coefficient above 0.4 despite having the world's largest GDP. But the US has paid a high price, at least twice, for its ignorance over controlling wealth concentration. In 1928, an the eve of the Great Depression, the income share of the top 1 percent in the US reached as high as 23.9 percent. The year 2007 marked the historic recurrence when the proportion climbed to 23.5 percent.



China, as well as many Asian countries, is not learning enough from these lessons. The much-praised performance and prospect of surging economies needs down-to-earth and pertinent re-evaluation. More concrete measures must be introduced to ensure the balance between producing wealth and narrowing the gap between the rich and poor.