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Chinese billionaires own wealth more than German GDP

Published : Tuesday, 20 October, 2020 at 7:19 PM  Count : 301

Chinese billionaires own wealth more than German GDP

Chinese billionaires own wealth more than German GDP


The Covid-19 pandemic has not stopped Chinese billionaires from getting even richer. A stock market boom and a flurry of new listings has further boosted their fortunes, according to the latest Hurun China Rich List.

The super-rich – with wealth of at least 2 billion yuan (US$300 million) to make the list – added US$1.5 trillion to their collective nest eggs in the past year, equivalent to Russia’s annual economic output.

They now own a combined fortune of US$4 trillion, more than the gross domestic product of Germany, the world’s fourth-biggest economy.

Jack Ma, founder of e-commerce giant Alibaba, and his family, top the Chinese rich list again, with a net worth of US$58.8 billion, up 45 per cent from last year. Alibaba owns the South China Morning Post.

“The Hurun China Rich List recorded more wealth created this year than the previous five years combined, suggesting that the structure of the economy has evolved, moving away from traditional sectors like manufacturing and real estate, towards the new economy,” Rupert Hoogewerf, chairman and chief researcher of the Hurun Report said in a statement.

Calculations were based on their wealth as of August 28.

A total of 2,303 billionaires made the rich list, which was published on Tuesday morning. Of those, 878 are billionaires in US dollar terms, more than the 700 or so known billionaires in the US, said Hoogewerf.

The coronavirus, which originated in Wuhan in central China’s Hubei province last December, wiped out massive amounts of wealth in the first two months of the outbreak as lockdowns and social distancing measures disrupted production and commercial activities.

China’s successful containment of the Covid-19 in the first half of this year helped businesses engineer a V-shaped recovery since June, and new economy companies – technology firms and the like – boomed to record heights on the stock market.

The mainland Chinese economy, the world’s second largest, expanded 4.9 per cent in the third quarter, driven by an uptick in the services sector and consistent strength in trade and industry.

China is now the lone bright spot among the world’s major economies as Covid-19 is still wreaking havoc on US and European businesses.

GY



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