2020 Forbes China Rich List Members See 64% Wealth Boom During COVID-19 Pandemic

254

The top 400 members of the 2020 Forbes China Rich List have seen a surge in their collective wealth during the spread of the Novel Coronavirus.

The wealth of the top 400 list entrants increased by USD$1.29 trillion compared to last year to hit $2.11 trillion in total, for a YoY rise of 64%.

Almost two-thirds of list members posted an increase in their wealth levels over the past year, while the threshold for joining the list lifted to $1.44 billion as compared to $1 billion a year earlier.

According to a Forbes report this surge in wealth was driven by a boom in healthcare, e-commerce and tech IPO’s during the COVID-19 pandemic, as well as a loosening of capital market regulations and the rapid recovery of the Chinese economy.

“The gusher of new wealth and capital among China’s richest and savviest business leaders in the past year will almost certainly help the country achieve its ambitions in technology development and other areas,” wrote Russell Flannery, editor-in-chief of Forbes China.

“It also underscores China’s lure for global financial service companies in areas such as wealth management and investment banking.”

Alibaba founder Jack Ma topped the list for the third year after seeing a 72% rise in his fortunes to reach $65.6 billion, while Tencent CEO Ma Huateng came in second after seeing his personal worth increase by 53% compared to a year previously to reach $55.2 billion.

Richard Liu, CEO of e-commerce platform JD.com, saw his wealth triple to reach $20.3 billion, while Colin Huang, the chair of e-commerce platform Pinduoduo, posted a 44% increase in his net worth to $30.6 billion.

Top 20 Entrants on 2020 Forbes China Rich List

RankNameWealth (billion USD)Main companyAgeCity of residence
1Jack Ma Yun65.6Alibaba56Hangzhou
2Pony Ma Huateng55.2Tencent49Tencent
3Zhong Shanshan 53.9Nongfu Spring65Hangzhou
4Sun Piaoyang35Jiangsu Hengrui Medicine62Lianyungang
5He Xiangjian32.2Midea 78Foshan
6Wang Wei32.2S.F. Express50Shenzhen
7Colin Zheng Huang30.6Pinduoduo40Shanghai
8Yang Huiyan28.5Country Garden39Foshan
9Zhang Yiming27.7ByteDance36Beijing
10Hui Ka Yan27.1Evergrande Group62Shenzhen
11William Lei Ding26.7NetEase49Hangzhou
12Zhang Yong & Shu Ping26.2Haidilao /Singapore
13Pang Kang24.9Haitian Weiye64Foshan
14Qin Yinglin22.1Muyuan Foods55Nanyang
15Zuo Hui20.6KE Holdings49Beijing
16Wang Xing20.5Meituan Dianping41Beijing
17Richard Qiangdong Liu20.3JD.com46Beijing
18Lei Jun20.3Xiaomi50Beijing
19Robin Zeng 20.1Contemporary Amperex Technology51Ningde
20Li Xiting 19.5Mindray69Shenzhen

LEAVE A REPLY

Please enter your comment!
Please enter your name here