259 billionaires were created in China last year - more than the rest of the world combined, Beijing tops the world city billionare list for 6 years

[xizhimen]

259 billionaires were created in China last year - more than the rest of the world combined, Beijing tops the world city billionare list for the sixth year running

The size of China's exclusive billionaire's club has almost doubled in the past five years.PHOTO: AFP

• PUBLISHED
  March 2 2021

BEIJING (AFP) - More than 200 billionaires were created in China last year as booming stock markets and a flood of new listings offset the ravages of the coronavirus pandemic, according to a global tally released on Tuesday (March 2).

The size of China's exclusive billionaire's club has almost doubled in the past five years as the world's number two economy continued to outpace most others, and its ability to mostly avoid the worst of the coronavirus meant it was one of the few to expand in 2020.

And the Hurun Global Rich List showed 259 people breaking into the billion-dollar bracket - more than the rest of the world combined - taking .

In comparison, second best performer the United States saw 70 new billionaires created, taking its total to 696.

Leading the Chinese pack was Zhong Shanshan of bottled water giant Nongfu, who entered the list for the first time with an $85 billion fortune, putting him number one in Asia and into Hurun's global top 10. Mr Zhong, a former construction worker, made his cash following a $1.1 billion initial public offering in Hong Kong last year.

However, a clampdown on ecommerce giant Alibaba saw tycoon Jack Ma fall down the pecking order. The one-time darling of China's entrepreneurs has come under pressure from regulators, who have reigned in Alibaba and fintech arm Ant Group on anti-trust issues.

Three individuals globally added more than US$50 billion (S$66.6 billion) in a single year, the survey found: Tesla's Elon Musk, Amazon's Jeff Bezos and Colin Huang of Pinduoduo, one of China's fastest-growing ecommerce players.

Overall, China continues to lead the world's wealth creation, Hurun's report said, adding 490 new billionaires in the past five years compared with the 160 added in the US.

Hurun Report chairman Rupert Hoogewerf said that even with the pandemic chaos, the past year saw the biggest wealth increase of the past decade due to new listings and booming stock markets.

"Asia has, for the first time in perhaps hundreds of years, more billionaires than the rest of the world combined," he added.

The report also flagged a shift in Hong Kong, pointing out that the city's entrepreneurs are now being "dwarfed" by their counterparts in the mainland - only three Hong Kong tycoons make it into the China top 50.

Six of the world's top 10 cities with the highest concentration of billionaires are now in China, with Beijing top of the heap for the sixth year running.

259 billionaires were created in China last year - more than the rest of the world combined

China now has 1,058 billionaires, the first country to break the 1,000 mark. Read more at straitstimes.com.

www.straitstimes.com

 

[xizhimen]

I doubt that China can be still called a communist country...

 

[KurtisBrian]

Having lifeless parasitic supposed rich elites works fine until one of those supposed "billionaires" says, "Let them eat cake".

 

[Viet]

259 billionaires were created in China last year - more than the rest of the world combined, Beijing tops the world city billionare list for the sixth year running

The size of China's exclusive billionaire's club has almost doubled in the past five years.PHOTO: AFP

• PUBLISHED
  March 2 2021

BEIJING (AFP) - More than 200 billionaires were created in China last year as booming stock markets and a flood of new listings offset the ravages of the coronavirus pandemic, according to a global tally released on Tuesday (March 2).

The size of China's exclusive billionaire's club has almost doubled in the past five years as the world's number two economy continued to outpace most others, and its ability to mostly avoid the worst of the coronavirus meant it was one of the few to expand in 2020.

And the Hurun Global Rich List showed 259 people breaking into the billion-dollar bracket - more than the rest of the world combined - taking .

In comparison, second best performer the United States saw 70 new billionaires created, taking its total to 696.

Leading the Chinese pack was Zhong Shanshan of bottled water giant Nongfu, who entered the list for the first time with an $85 billion fortune, putting him number one in Asia and into Hurun's global top 10. Mr Zhong, a former construction worker, made his cash following a $1.1 billion initial public offering in Hong Kong last year.

However, a clampdown on ecommerce giant Alibaba saw tycoon Jack Ma fall down the pecking order. The one-time darling of China's entrepreneurs has come under pressure from regulators, who have reigned in Alibaba and fintech arm Ant Group on anti-trust issues.

Three individuals globally added more than US$50 billion (S$66.6 billion) in a single year, the survey found: Tesla's Elon Musk, Amazon's Jeff Bezos and Colin Huang of Pinduoduo, one of China's fastest-growing ecommerce players.

Overall, China continues to lead the world's wealth creation, Hurun's report said, adding 490 new billionaires in the past five years compared with the 160 added in the US.

Hurun Report chairman Rupert Hoogewerf said that even with the pandemic chaos, the past year saw the biggest wealth increase of the past decade due to new listings and booming stock markets.

"Asia has, for the first time in perhaps hundreds of years, more billionaires than the rest of the world combined," he added.

The report also flagged a shift in Hong Kong, pointing out that the city's entrepreneurs are now being "dwarfed" by their counterparts in the mainland - only three Hong Kong tycoons make it into the China top 50.

Six of the world's top 10 cities with the highest concentration of billionaires are now in China, with Beijing top of the heap for the sixth year running.

259 billionaires were created in China last year - more than the rest of the world combined

China now has 1,058 billionaires, the first country to break the 1,000 mark. Read more at straitstimes.com.

www.straitstimes.com

That’s the side effect of cheap money. You borrow the money to almost zero costs then bet on the stock markets or buy properties. Asset prices are inflated. Rich people in China have good times.

 

[xizhimen]

That’s the side effect of cheap money. You borrow the money to almost zero costs then bet on the stock markets or buy properties. Asset prices are inflated. Rich people in China have good times.

Rich people are happy everywhere in the world, China cares more about how to make poor people less poor and happy.

 

[S10]

That's not a good thing. It means the income gap is growing.

China now has more billionaires than U.S despite having a smaller overall economy. That's serious wealth inequality that needs to be addressed soon.

 

[kingQamaR]

Just mind blowing

 

[cloud4000]

Mao is spinning in his grave as we speak.

 

[FairAndUnbiased]

Mao is spinning in his grave as we speak.

Nehru's powering the earth's magnetic field as his dream of a strong, independent and secular India is gone and what has replaced it is a weak, isolated fascist dictatorship.

 

[cloud4000]

Nehru's powering the earth's magnetic field as his dream of a strong, independent and secular India is gone and what has replaced it is a weak, isolated fascist dictatorship.

India is strong and independent but it was never secular but pseudo-secular. As for being weak, isolated, fascist, and a dictatorship, I find it quite funny a Chinese person would say this given that China is a one-party state. It might be even called a plutocracy given how many billionaires it has.

 

[TaiShang]

I doubt that China can be still called a communist country...

Ideology is man-made. If even allegedly divine religions can be reformed (rightly so), so can ideologies.

What led to the demise of the USSR was initial ideological rigidity and then reckless denialism. Managing ideological evolution is a key for a great power.

So, the growing list of the rich is a sign of growing wealth and ideological progress. All good.

 

[Raider 21]

Rich people are happy everywhere in the world, China cares more about how to make poor people less poor and happy.

Haha that's a good one.

 

[TaiShang]

Mao is spinning in his grave as we speak.

He dreamed about it. Otherwise, he could not have undertaken the daunting task of creating the new China.

It was Mao Zedong who did the primary difficult job of nation building, and ensured sovereignty. So, all the rest of the growth is based on that initial work.

 

[SecularNationalist]

Fake newj
China is a labour driven communist shit hole.
We indians have mukessh ambani

 

[TaiShang]

India is strong and independent but it was never secular but pseudo-secular. As for being weak, isolated, fascist, and a dictatorship, I find it quite funny a Chinese person would say this given that China is a one-party state. It might be even called a plutocracy given how many billionaires it has.

India is an oligarchic cast society wrapped in a corrupt model of democracy in Indian characteristics.