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.

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