10-21-2020, 10:53 AM
China’s billionaires see biggest gains ever, adding more than $1.5 trillion to their fortunes
- China minted 257 billionaires over the past year, bringing the total to 878, according to the Hurun Rich List 2020, which tracks wealth in China.
- China’s billionaires added $1.5 trillion to their wealth, bringing the total worth of China’s billionaires to $4 trillion, the report said.
- China’s soaring stock markets, a flood of initial public offerings and surging growth in the tech sector have all helped to fuel the country’s latest wealth boom.
A spate of IPOs and robust tech growth helped China’s billionaires add $1.5 trillion to their wealth, bringing the total worth of China’s billionaires to $4 trillion, according to a new report, which described the increase as the country’s fastest growth ever.
China minted 257 billionaires over the past year — averaging five new billionaires a week — bringing the total to 878, according to the Hurun Rich List 2020, which tracks wealth in China. That total would exceed the 788 billionaires in the U.S., as measured by Wealth-X. (Wealth-X and others, however, use different methodologies for China and put China’s billionaire count lower than that of the U.S.)
“The world has never seen this much wealth created in just one year,” said Rupert Hoogewerf, Hurun Report chairman and chief researcher. “China’s entrepreneurs have done much better than expected. Despite Covid-19, they have risen to record levels.”
China’s soaring stock markets, a flood of initial public offerings and surging growth in the tech sector have all helped to fuel the country’s latest wealth boom. Jack Ma, co-founder and former executive chairman of Alibaba, topped China’s billionaire ranking for the third year in a row, with $59 billion. He saw his fortune increase 45%, due mainly to the upcoming IPO of fintech giant Ant Group.
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