The 2020 Hurun Global Rich List was released on Wednesday, February 26, 2020, and has shown that China produced more than three times as many new billionaires than the US in the last year. Despite China, the world’s second-largest economy was severely hit by the widespread eruption of the coronavirus, it gained fortunes in industries including drugs and online entertainment.
Hurun Global Rich List, an indicator that shows the ranking of the world’s wealthiest people, which established in London in 1999 is strongly present in China and India.
New Chinese Billionaires
According to the 2020 Hurun Global Rich List released on Wednesday, the Greater China region, which included Hong Kong and Taiwan, had created as many 182 new billionaires for the year ended on January 31, 2020. Comparing to the US figures which added 59 new billionaires, China exceeded the US more than thrice.
With this newly listed people, China has now a total of 799 billionaires. A report explained that China had been able to boost its stock valuations due to the increase of revenues of the companies that were associated with online education, online games, and vaccinations despite the challenges and threats of the virus outbreak.
Since the employees of Chinese companies were focused to work from home due to virus quarantines and travel restrictions, the demand for online services has surged that led to producing a new billionaire such as Robin Li Yanhong of Baidu, Inc. (Baidu), the parent company of the popular online video platform, iqiyi.
Moreover, the entrepreneurs of Chinese firms that linked to healthcare services specializing in vaccinations have emerged a prolific business including An Kang of Hualan Biological Engineering and Jiang Rensheng of Zhifei Biological Products. New Chinese billionaires included Cheng Xianfeng of drug maker Yifan Xinfu Pharmaceutical and Shen Ya of online discount retailer Vipshop.
Combined Strength of the US and India
Referring to the large increase of the Chinese billionaires, Rupert Hoogewerf, the founder and chairman of the Hurun Report, stated, “China today has more billionaires than the US and India combined,” comparing to the total number of 629 US billionaires and 137 billionaires in India. As the report mentioned, tech stocks in China surged 77% and Chinese pharma companies gained 37% surpassing a 16% rise in world stocks for the fiscal year that ended January.
The British accountant, who began publishing the list in 1999, explained, “A boom in tech valuations and strong stock markets across the US, India, and China propelled the billionaires to record heights.” Analyzing the source of revenues of the last year, analysts declared that technology sector remained the major source of wealth which was followed by property, manufacturing, capital, and retail service provider.
Jack Ma, the founder of a Chinese e-commerce giant, Alibaba Group, has topped in China’s richest ranking with $45 billion and stepped up to World’s ranking in No. 21. However, the top-ranked spots of the richest people list was dominated by American tycoons who led tech companies such as Amazon.com Inc., Microsoft Corp., and Alphabet’s Google LLC.
According to the latest report, Beijing, being the resident of 110 billionaires, remained the world’s billionaire capital for the fifth year against 98 richest people in New York and followed by Shanghai overtaking Hong Kong in the third place.
I’m Roshan, a journalist, blogger and music lover. I like covering global news related to finance, business, and technology. Focusing on the collection of true and reliable information, I rely on working by conducting interviews with business leaders and talking to the inside sources of companies.
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