Hurun Rich List includes 520 newcomers with net worth of more than CNY2 billion

A total of 2,918 Chinese entrepreneurs who have a net worth exceeding CNY2 billion are listed in the Hurun China Rich List 2021, 520 of them newcomers. The increase in newcomers was three times more than 10 years ago. Zhong Shanshan, 67, Founder of beverage company Nongfu Spring, topped the list with a net worth of CNY390 billion, up 7% year-on-year. The market value of two listed companies that Zhong founded – Nongfu Spring and Beijing Wantai Biological Pharmacy – grew by 10% and 40%, respectively, over the past year. Both companies are controlled by parent company Yangshengtang Group, in which Zhong holds a 98.38% stake. Zhang Yiming, 38, Founder of ByteDance, an internet technology company, shot up 28 places to second position on the Hurun Rich List this year as his wealth has tripled over the past year to CNY340 billion. Last year, ByteDance’s sales revenue doubled and the number of its global monthly active users reached 1.9 billion.

The new-energy sector came under the spotlight in 2021 amid the country's multiple efforts targeting peak carbon emissions and carbon neutrality, with eight of the 10 fastest risers related to the sector. Zeng Yuqun, 53, Chairman of CATL, an electric car battery provider, tripled his wealth to move to No 3 with CNY320 billion. Jack Ma, last year's richest person, dropped four places to fifth with CNY255 billion, after Ant's listing was suspended and Alibaba was fined a record CNY18.2 billion for monopolistic practices.

The total wealth of the richest people surged 24% year-on-year to CNY34 trillion in the 23rd edition of the Hurun list. Up to 45 entrepreneurs saw their individual net worth surpass CNY100 billion each this year. A decade ago, there was not a single Chinese who was worth more than CNY100 billion.

The net worth of TikTok Founder Zhang Yiming increased three times against last year's figure and surpassed Ma Huateng, also known as Pony Ma, Founder of Chinese tech giant Tencent and Jack Ma, Founder of Alibaba. Zhang took second place with CNY340 billion of personal wealth. For the first time, not a single real estate entrepreneur was listed in the top 10. Due to property giant China Evergrande's debt crisis, Founder Xu Jiayin, who topped the list in 2017, fell to 70th from fifth last year, and he was also the entrepreneur which dropped the most in the 2021 list with CNY73 billion of personal wealth. In the personal tutoring sector, which is under regulatory scrutiny by the authorities, the net worth of Zhang Bangxin, Foudner of U.S.-listed education company TAL Education Group, witnessed the largest decrease by 94%. The net worth of Yu Minhong, Founder of New Oriental, shrunk from CNY26 billion to CNY7.5 billion.

Wei Jianjun, Chairman of Great Wall Motors, saw his family wealth jump five-fold from 2020 to CNY173 billion. He and his wife claimed seventh position on the list, up 89 places from last year. Zhang Xinghai, Chairman of the Chongqing-based new energy vehicle maker Sokon Group, saw his family wealth rise to CNY22 billion, reporting the largest annual increase of 750% among all entrepreneurs on the list.

“We can see which industries and business models are on the up and which are on the way down. New energy has had an amazing year, while real estate, home tutoring services, pork production and video gaming have had a bad year,” Rupert Hoogewerf, Hurun Report Chairman and Chief Researcher, said, as reported by the Global Times.