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, the chairman and chief researcher of Huron.
Growing Chinese stock markets, the massive uptake of companies being listed on the stock exchange, and the growing growth in the technology sector helped support the country’s recent wealth boom.
Jack Ma, co-founder and former CEO of “Alibaba”, topped the Chinese billionaires ranking for the third year in a row, with his fortune reaching $ 59 billion.
Jack Ma’s fortune grew by 45%, mainly due to the upcoming initial public offering of his fintech giant Ant Group.