BUSINESS Latest Rich List signals evolving economy

BUSINESS

Latest Rich List signals evolving economy

By Ding Yining | SHINE

19:32, October 20, 2020

File photo

This year's Rich List records 1,921 individuals seeing their wealth grow, up from 949 last year.

The combined wealth of China’s richest individuals added US$1.5 trillion to a total of US$4 trillion, according to the latest Hurun China Rich List.

The 22nd edition of the Hurun China Rich List was based on calculations as of August this year, as stock markets boomed and a flurry of new listings created new billionaires in China in the past few months.

"The total amount of wealth created this year by members on the rich list exceeds those made in the previous five years combined," said Rupert Hoogewerf, Hurun Report chairman and chief researcher.

"This points to a clear sign that the structure of the economy has evolved, moving away from traditional sectors like manufacturing and real estate, toward the new economy.”

Jack Ma retained top spot on US$58.8 billion with a 45 percent wealth increase pending the imminent initial public offering of Alibaba financial affiliate Ant Group.

Meituan's Wang Xing saw his wealth quadrupling to US$25 billion after winning market share in the food delivery sector from Alibaba.

The ranking covered more than 2,300 members with 2 billion yuan or more, including Chinese-born entrepreneurs or overseas executives who made their wealth mainly in China.

Business leaders in the manufacturing sector contributed 23.8 percent of the rich list while health care overtook real estate to become the second most popular industry, making up 10.9 percent of rich individuals on the list.

This year 1,921 individuals saw their wealth grow, up from 949 last year, of which 743 were new entrants, up from 192.

There are three new faces in the Top 10 this year, led by Zhong Shanshan, chairman of Nongfu Spring, followed by SF Express' Wang Wei at No. 4 and Qin Yinglin, of pork producer Muyuan, at No. 10.

The listing includes 878 billionaires, up 257 from last year. It also had 743 new faces of which five jumped straight into the Top 100.

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