The latest edition of the ‘Hurun China Rich List’ includes 1,434 individuals with fortunes exceeding five billion yuan (approximately 601 million euros), marking an increase of 340 compared to last year, representing a 31% growth.
The combined wealth of these billionaires amounts to 30 trillion yuan (nearly 3.6 trillion euros), a 42% increase from the previous year.
Zhong Shanshan, founder of the bottled water company Nongfu Spring, remains at the top of the list, with his fortune rising 56% to 530 billion yuan (64 billion euros). This marks the fourth time Zhong leads the ranking.
Zhang Yiming, founder of ByteDance, the parent company of TikTok, dropped to second place despite increasing his wealth by 34%, to 470 billion yuan (56 billion euros).
Li Ka-shing, aged 97, and his son Victor Li Tzar-kuoi, aged 61, maintain their status as the wealthiest in Hong Kong, with a combined fortune of 235 billion yuan (28 billion euros), up 18% from last year, although they fell from sixth to ninth in the overall ranking.
The Hurun research unit has been compiling this list since 1999, covering billionaires from mainland China, Hong Kong, Macau, and Taiwan.
“This year’s list was surprising, achieving a record number, driven primarily by strong stock market performance and the emergence of new figures in the tech and export sectors,” stated Rupert Hoogewerf, chairman of Hurun.
The number of fortunes above 100 billion yuan (12 billion euros) rose from 26 to 41, a 59% growth. Meanwhile, the total number of people with wealth above one billion dollars (857 million euros) increased by 36%, reaching 1,021.
The appreciation in shares in Shanghai, Shenzhen, and Hong Kong reflected investor enthusiasm in sectors such as electric vehicles, biotechnology, and computing. Shenzhen’s index rose 54% and Shanghai’s by 36% until September. Hong Kong’s Hang Seng advanced by 42%.
China’s GDP grew 4.8% in the third quarter, less than the 5.2% recorded in the previous one. Trade tensions with the United States and problems in the real estate sector continue to affect economic recovery.
Nevertheless, Chinese companies with global ambitions, especially in the areas of batteries, healthcare, and mining, attracted market interest. By the end of September, 66 companies (majority from mainland China) raised 23.27 billion dollars (19.95 billion euros) through initial public offerings on the Hong Kong Stock Exchange, the highest figure worldwide this year.
