China's super-rich got $1.5 trillion richer during pandemic

Marco Green
October 21, 2020

"The world has never seen this much wealth created in just one year", according to Hurun Report's chief researcher Rupert Hoogewerf in a statement.

Jack Ma, co-founder and former executive chairman of Chinese e-commerce company Alibaba Group, expands his wealth in 2020 by nearly 45%, according to the Hurun Report. "Pony Ma started the year as No. 1, Zhong Shanshan was No. 1 for an hour on the day of his IPO in September, but Jack Ma took the official prize on the China Rich List".

Facing the pressure of US sanctions, Huawei Technologies Chief Executive Ren Zhengfei saw his assessed wealth decrease 10% to $2.8 billion. China's entrepreneurs have done much better than expected. "Regardless of Covid-19 they've risen to document ranges".

The richest girl on the checklist was Yang Huiyan of real-estate developer Nation Backyard. She was No. 6 at $33 billion, up 29 percent from previous year.

Hoogewerf said that the rapid rebound in Chinese stock prices and a slew of new listings contributed to the biggest wealth increase in the 22 years since the China list was first launched.

This yr, the coronavirus boosted the fortunes of Alibaba's Ma and different Web entrepreneurs because the shutdown of the Chinese language financial system to battle the virus propelled demand for on-line procuring and enterprise instruments.

Eric Yuan of California-based video conference platform Zoom rose more than $10 billion to $16.2 billion. Chen Xiangdong of tutoring platform Genshuixue rose eightfold to $11.eight billion.

Ma, 56, retired as Alibaba chairman a year ago and also is a shareholder in Ant Group, a payments service spun off from Alibaba. It is preparing for a public share offering after being valued at $150 billion in a 2017 private financing round, which will add to Ma's fortune.

Zeng Yuqun of battery producer CATL tripled to $17.6 billion.

The wealth of Mr He Xiaopeng surged 80 per cent to US$6.6 billion after the listing of his electric vehicle maker Xpeng Motors in NY during the summer. Li Xiang of Li Auto made it into the Top 300 with $3.5 billion while Li Bin of Nio was close behind at $3.45 billion.

Business leaders who tumbled down the list included Ren Zhengfei, founder of Chinese tech giant Huawei. USA. export controls imposed in a feud with Beijing over expertise and safety threaten to cripple its gross sales of smartphones and switching gear.

Wang Xing, founder of food delivery app Meituan, quadrupled his wealth and jumped 52 places to 13th in the list with $25 billion, while Richard Liu, the founder of online shopping platform doubled his money pile to $23.5 billion.

Eric Yuan, founder and CEO of USA -based Zoom Video Communications, also made it to the list, tying for No. 30 with a net worth of $16.2 billion.

Other reports by Click Lancashire

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