A wave of IPOs and strong technology growth has helped China’s billionaires add $ 1.5 trillion to their fortunes, pushing their total fortunes to $ 4 trillion, its fastest growth ever.
According to the “Hurun Rich 2020” list, China added 257 new billionaires over the past year – an average of five new billionaires a week – bringing the total to 878 billionaires, according to CNBC.
This exceeds the number of billionaires recorded in the United States, at 788. “The world has never seen so much wealth in just one year,” said Robert Hogwerf, chairman and chief researcher of Huron.
Growing Chinese stock markets, massive uptake of companies on the stock exchange, and growing growth in the technology sector helped fuel the country’s recent wealth boom.
Jack Ma, co-founder and former CEO of Alibaba, topped the Chinese billionaire ranking for the third year in a row, with his fortune reaching $ 59 billion.
His fortune has grown by 45%, mainly due to the upcoming initial public offering of his fintech giant Ant Group.
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