BUSINESS Total wealth of 400 richest Chinese soars


Total wealth of 400 richest Chinese soars

By Sun Chi |

11:33, November 05, 2020

Tourists gather at the downtown area of Shanghai. (Photo: agencies)

The total wealth of the China's 400 Richest surged to $2.11 trillion, from $1.29 trillion a year earlier, Forbes China said on Thursday as per its latest China's 400 Richest 2020, adding that the novel coronavirus pandemic did not slow the pace of fortune creation in China.

Nearly two-thirds of the entrants saw their wealth rise in the past year, and the threshold to be listed this year rose to $1.55 billion from $1 billion a year earlier.

Forbes said, experiencing the latest round of wealth blowout, China is on a faster track to surpass the US, the world's leader in creating wealth post-World War II. China's mega-rich on the top 400 saw their total wealth grow $820 billion from a year earlier. On the contrary, the mega-rich in the US on the top 400 list released by Forbes US in September saw a net increase of $240 billion.

The vitality of China's eco-system for wealth is also remarkable: 68 entrants are newcomers on the China's list but only 18 on the US list.

Technological industry leaders create huge fortune, and initial public offerings is another major drive, especially in technological and healthcare fields, Forbes said.

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