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

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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 on Tuesday.

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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