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China Created More Billionaires Last Year Than The Rest Of World Combined

by : Saman Javed on : 03 Mar 2021 17:16
China Created More Billionaires Last Year Than Rest Of World CombinedPA Images/Shutterstock

More people in China became billionaires in the past year than the rest of the world combined, according to a new report.

As per the Hurun Global Rich List, published yesterday, March 2, a total of 259 people in China joined billionaire status in 2020.

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This accounted for more than half of the 414 people were who became billionaires across the globe in the past year.

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The report also found the total of self-made billionaire women rose to 231, up 51 from the previous year. More than two-thirds of this figure is made of up of Chinese women.

As a result of the ongoing coronavirus pandemic, countries across the world implemented national lockdowns, travel restrictions and social distancing measures. In June 2020, the World Bank estimated that this would result in a 5.2% contraction in global GDP.

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The report’s chief researcher, Rupert Hoogewerf, said that despite the disruption caused by the coronavirus, 2020 saw the biggest wealth increase of the past decade.

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‘A stock markets boom, driven partly by quantitative easing, and flurry of new listings have minted eight new dollar billionaires a week for the past year. The world has never seen this much wealth created in just one year, much more than perhaps could have been expected for a year so badly disrupted by coronavirus,’ Hoogewerf said.

‘Despite the Trade War with the USA, China added 259 new billionaires, to become the first country in the world to top 1,000 ‘known’ dollar billionaires with 1,058, more than the combined total of the next three countries of the USA, India and Germany. In the last five years, China has added 490 billionaires, compared with 160 in the US,’ he added.

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The report placed Elon Musk, who added $151 billion to his net worth in the past year, at the top of its list. The bulk of Musk’s wealth comes from his 21% share in Tesla, which is worth an estimated $800 billion. Additionally, SpaceX, of which Musk owns 52%, added $13 billion in value in 2020.

Elon MuskPA Images

Despite the number of new billionaires coming out of China, the list of the top 10 richest people in the world is dominated by US billionaires. The only Chinese billionaire to make the list is Zhong Shanshan, with an estimated worth of $85 billion.

Shanshan is the founder of Nongfu Spring, a bottled water company. He is also the majority owner of Beijing Wantai Biological Pharmacy.

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2020 also saw the rise of billionaires from green industries. The report estimates that those heading up renewable energy firms increased their wealth by 75% in the last year. Lin Bin, the head Chinese electric vehicle maker Nio and CEO of Xiaomi, saw his wealth increase by $10 billion.

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Credits

Hurun Global Rich List
  1. Hurun Global Rich List