China is producing new billionaires at record pace in spite of an economy bruised due to coronavirus pandemic, all thanks to the increasing stock prices as well as a stock listings, as per the Hurun China Rich List 2020 that was released Tuesday.
The list also shows China drifting away from traditional segments increasingly such as real estate and manufacturing, towards fintech, e-commerce as well as other economy industries.
Alibaba founder, Jack Ma has retained topmost position for 3rd year consecutively, with Ma’s personal wealth increasing to $58.5 billion partly because of the mega-listing of Ant Group.
It’s expected that Ant will make more mega-wealth via what’s likely going to be world’s largest IPO, while it plans to increase approximately $35bn via one dual listing held in Hong Kong and Shanghai.
The merged wealth of the ones mentioned on Hurun China listing resulted in a total of $4 trillion, which is higher than the yearly GDP of Germany, as per the chairman of Hurun Report, Rupert Hoogewerf.
More of wealth was developed this year in contrast to the last 5 years combined, with the rich-listers of China adding to $1.5 trillion, which is almost 50 per cent of the Britain’s GDP.