China's Billionaires Club Swells As Market Rally Offsets Virus Pain
Sumaira FH Published March 02, 2021 | 10:50 AM
Beijing, March 2 (UrduPoint / Pakistan Point News - 2nd Mar, 2021 ) :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 virus pandemic, according to a global tally released Tuesday.
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 China total to 1,058, the first country to break the 1,000 mark.
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. 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 $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 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.
Related Topics
Recent Stories
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
Dutch model Donny Roelvink embraces Islam
Experts raise concerns over introduction of 10-stick packs
Iranian president arrives in Karachi
Law Minister expresses Govt's resolve to address issue of missing persons
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
FM Dar not traveling to China: Foreign Office
PM takes notice of deliberate delay in tax cases
Iranian President visits Allama Iqbal’s mausoleum
Iranian President arrives in Lahore today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
More Stories From Miscellaneous
-
PDMA predicts gusty wind, rain with thunder, hails
5 hours ago -
Iranian president Raisi given guard of honour at PM House
2 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
2 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
2 days ago -
Cattle farming vital to alleviate poverty in rural areas
2 days ago -
Pakistan: A land of tourism, archeological wonders
3 days ago
-
Transforming education sector: from job hunters to job creators
5 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
9 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
9 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
9 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
12 days ago -
Radio Bahawalpur to broadcast Eid programs
15 days ago