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

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More wealth has been created this year than in the previous five years combined. FMTNews China

Jack Ma has retained the top billionaire spot in China for the third year in a row.

Jack Ma, founder of Alibaba, retained the top spot for the third year in a row, with his personal wealth jumping 45% to US$58.8 billion partly due to the impending mega-listing of fintech giant Ant Group. More wealth was created this year than in the previous five years combined, with China’s rich-listers adding US$1.5 trillion, roughly half the size of Britain’s GDP.

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

 

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