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The wealth of China’s super-rich has grown faster than ever

D.he super-rich China with assets of more than one billion dollars have become much richer this year despite Corona than they already have: their assets grew by a total of 1.5 trillion dollars (around 1.3 trillion euros). This is more than the sum of the growth over the past five years, according to the Hurun Report published on Tuesday. By August, 257 new billionaires were registered. The number of the super-rich in the Middle Kingdom grew to 878 people.

The publishing house of the same name publishes the Hurun Report once a year. Accordingly, the founder of the online group Alibaba, Jack Ma, is also at the top of the list of the super-rich in China this year. According to Hurun, his fortune grew 45 percent to $ 58.8 billion. Online retail is booming in the face of the corona crisis, and not just in China.

IPOs as a driver

In second place in the current ranking is Pony Ma with a fortune of $ 57.4 billion – he is the head of Internet giant Tencent. Zhong Shanshan, the founder of the drinking water bottler Nongfu, catapulted himself into third place with $ 53.7 billion after the IPO. He also owns parts of the vaccine manufacturer Beijing Wantai Biological. Especially in times of Corona, this creates course imagination. Since going public in Shanghai in April, the share has risen by almost 2,000 percent.

“The world has never seen so much newly created wealth within a year,” says the head of the Hurun report with Bliock Rupert Hoogewerf. This year’s rich ranking shows that China is moving more and more away from traditional sectors such as industry and real estate towards new lines of business.

$ 25 billion in food delivered

Eating right to the front door for the comfortable has been around for a long time. But the number of food services has grown rapidly in recent years, as has the interest of hungry customers. Corona creates even more demand here too. In China, the founder of Meituan food delivery company, Wang Xing, quadrupled his fortune to $ 25 billion in 2020. Richard Liu, who founded the online trading platform JD.com, doubled his money this year to $ 23.5 billion.

China has the corona pandemic largely under control, according to official reports. The economy is even growing strongly again. In 2020, the People’s Republic will be the only large economy that can achieve economic growth. The International Monetary Fund revised its forecast up to 1.9 percent last week.

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