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2021-03-02

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China's billionaires club swells as market rally offsets virus pain

More than 200 billionaires were created in China last year as booming stock markets and a flood of n

China's billionaires club swells as market rally offsets virus pain

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Mr Zhong, a former construction worker, made his cash following a US$1.1 billion initial public offering in Hong Kong last year.\nHowever, 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.\nThree individuals globally added more than US$50 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 e-commerce players.\nOverall, 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.\nHurun 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.\n\"Asia has, for the first time in perhaps hundreds of years, more billionaires than the rest of the world combined,\" he added.\nThe 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.\nSix 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.","news_type":1},"isVote":1,"tweetType":1,"viewCount":46,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}