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Stock market boom, new listings mint China billionaires at record pace | Malay Mail

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SHANGHAI, Oct 20 — China is minting new billionaires at a record pace despite an economy bruised by the coronavirus pandemic, thanks to booming share prices and a spate of new stock listings, according to a list released today. The Hurun China Rich List 2020 also highlights China’s accelerated...

Tuesday, 20 Oct 2020 12:18 PM MYT

The Hurun China Rich List 2020 also highlights China’s accelerated shift away from traditional sectors like manufacturing and real estate, towards e-commerce, fintech and other new economy industries. The combined wealth of those on the Hurun China list — with an individual wealth cut-off of 2 billion yuan — totaled US$4 trillion, more than the annual gross domestic product of Germany, according to Rupert Hoogewerf, the Hurun Report’s chairman.

“The world has never seen this much wealth created in just one year. China’s entrepreneurs have done much better than expected. Despite Covid-19 they have risen to record levels.”

 

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