China Surpasses the U.S. in Billionaire Count, Reports Hurun Global Rich List
The recently published Hurun Global Rich List reveals that China now boasts the highest number of billionaires worldwide, eclipsing its closest rival, the United States. The report, released on Thursday by the Shanghai-based Hurun Group, indicates that China is home to 1,110 billionaires out of a global total of 4,020.
In a remarkable resurgence, China has added 287 billionaires since the previous year, effectively recovering from losses experienced over the last three years.
Rupert Hoogewerf, chairman and chief researcher of Hurun Group, commented on the situation, stating, “The concentration of economic power continues,” as reported by the South China Morning Post.
Mentioning the broader economic landscape, Hoogewerf remarked, “Billionaires are at world-record numbers, largely on the back of surging global stock markets, with AI leading the charge, and China’s going global.”
The role of artificial intelligence in wealth creation in China cannot be overstated. The sector was instrumental in generating two new billionaires: Yan Junjie of MiniMax, valued at $3.6 billion, and Liu Debing of Knowledge Atlas Technology JSC, known as Zhipu, with a fortune of $1.2 billion.
More broadly, AI has produced a staggering 114 billionaires globally, including 46 newcomers, establishing itself as the most prolific generator of new wealth.
The substantial emergence of billionaires in China was primarily attributed to sectors such as industrial products, semiconductors, healthcare, and energy.
In the semiconductor field, Chen Weiliang of MetaX Integrated Circuits and Zhang Jianzhong of Moore Threads Technology commanded attention with fortunes of $4.7 billion and $4.6 billion, respectively.
Meanwhile, in healthcare, Au Yat-Gai of Regencell Bioscience emerged at the forefront with a net worth of $13 billion, illustrating the lucrative potential within the industry.
Significantly, about three-quarters of China’s billionaires were absent from the list a mere decade ago, underscoring the rapid transformations characterizing wealth creation.
Hoogewerf noted, “Wealth was created faster last year than at any point in the Hurun Global Rich List’s history. We saw a record of over 700 new faces – that’s two a day for every day of the last year.”
Globally, the billionaire count increased by a net of 578 over the past year. The United States maintained its position as the second in line with 1,000 billionaires—an increase of 130—followed closely by India with 308 and Germany with 171, surpassing the UK.
Among the wealthiest, the top positions remain firmly entrenched with U.S. tech magnates. Elon Musk, at an astounding $792 billion, Jeff Bezos of Amazon with $300 billion, and Larry Page of Alphabet at $281 billion, dominate the list. Musk has notably become the first individual to exceed a net worth of $700 billion.
At 54, Musk has reclaimed the title of the world’s wealthiest individual for the fifth time in six years, experiencing a surge in his net worth by 89%, primarily driven by Tesla’s stock performance—doubling to $411—and SpaceX gearing up for an unprecedented IPO.
City-wise, New York emerges as the global epicenter of billionaires, claiming 146 residents, followed by Shenzhen with 132, and followed by Shanghai, Beijing, and London. Hong Kong ranks seventh with 88 billionaires, including notable figures like Li Ka-shing and his son, Victor Li Tzar-kuoi, who are jointly ranked at 54th.
Lastly, the average age of billionaires around the globe stands at 65. The report also highlighted the presence of 42 billionaires originally from China who are now residing in Southeast Asia, particularly in Singapore, the Philippines, and Indonesia, as well as in the United States.
Source link: Timesofindia.indiatimes.com.
