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

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., retained the top spot for the third year in a row, with his personal wealth jumping 45% to $58.8 billion partly due to the impending mega-listing of fintech giant Ant Group.

The combined wealth of those on the Hurun China list - with an individual wealth cut-off of 2 billion yuan - totaled $4 trillion, more than the annual gross domestic product of Germany, according to Rupert Hoogewerf, the Hurun Report’s chairman. Booming stock markets and a flurry of new listings have created five new dollar billionaires in China a week for the past year, Hoogewerf said in a statement.

According to a separate estimate by PwC and UBS, only billionaires in the United States possessed greater combined wealth than those in mainland China.

Thanks to crooked Democrats like, JoeBiden, BarackObama, hHRC2018

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

IBM Stock Price | International Business Machines Corp. Stock Quote (U.S.: NYSE) | MarketWatchIBM | Complete International Business Machines Corp. stock news by MarketWatch. View real-time stock prices and stock quotes for a full financial overview.
Source: MarketWatch - 🏆 3. / 97 Read more »

Stock market boom, new listings mint China billionaires at record paceChina 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 on Tuesday.
Source: Reuters - 🏆 2. / 97 Read more »

Global stocks jump after Pelosi sets Tuesday deadline for US stimulus vote; China posts strong economic data | Markets Insider
Source: BusinessInsider - 🏆 729. / 51 Read more »

Another 10% Stock Market Correction Is Likely In The Next Two Months, Morgan Stanley SaysThe lack of a stimulus deal, election uncertainty and surging coronavirus cases are all likely to keep volatility up in the meantime.
Source: Forbes - 🏆 394. / 53 Read more »

Stock picks to buy: 6 financial-sector choices for economic recovery - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »