Tuesday, October 20, 2020

The Chinese Billionaires

“The world has never seen this much wealth created in just one year. China’s entrepreneurs have done much better than expected. Despite Covid-19 they have risen to record levels.”

In the Hurun China Rich List 2020 Jack Ma, founder of Alibaba, retained the top spot for the third year in a row, with his personal wealth jumping 45% to $58.8 billion.

The combined wealth of those on the Hurun China list - with an individual wealth cut-off of 2 billion yuan ($299.14 million) - totaled $4 trillion, more than the annual GDP of Germany.

More wealth was created this year than in the previous five years combined, with China’s rich-listers adding $1.5 trillion, roughly half the size of Britain’s GDP.

Booming stock markets and a flurry of new listings have created five new dollar billionaires in China a week for the past year.  Only billionaires in the United States possessed greater combined wealth than those in mainland China.

Zhong Shanshan, who recently listed his bottled water maker Nongfu Spring Co. shot straight into the top 3 with $53.7 billion, trailing Tencent founder Pony Ma. The wealth of He Xiaopeng surged 80% to $6.6 billion after the listing of his electric vehicle maker Xpeng Motors in New York

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