China saw a remarkable increase in the number of ultra-wealthy individuals over the past year, driven by a bull market in stocks, with leaders of “new economy” companies emerging as the primary beneficiaries, according to the Hurun Research Institute. A record 1,434 individuals made it onto Hurun’s latest China Rich List, each having a net worth of at least CNY5 billion. This marked an increase of 340 individuals, or 31%, from the previous year. The collective wealth of these affluent individuals reached CNY30 trillion, a 42% rise compared with last year.
Zhong Shanshan, the second-richest person in 2024, reclaimed the No 1 position this year as his fortune surged 56% to CNY530 billion. The 71-year-old, who controls China’s largest bottled water producer Nongfu Spring, has topped the rich list for the fourth time. Zhang Yiming, Founder of TikTok owner ByteDance and the richest person last year, fell to second place despite a 34% increase in his fortune to CNY470 billion. Li Ka-shing, 97, and his eldest son Victor Li, 61, saw their wealth rise 18% from the previous year to CNY235 billion. They remained Hong Kong’s richest individuals, although they dropped from sixth to ninth place on the overall list.
Since the list’s inception in 1999, the Institute has tracked billionaires in mainland China, Hong Kong, Macao and Taiwan. “To the surprise of many, the number of people on the Hurun Rich List this year has reached an all-time high, largely driven by a strong rally in the stock markets,” said Rupert Hoogewerf, Chairman and Chief Researcher of Hurun. “The emergence of new faces in the technology sectors and growing exports propelled an expansion of the billionaires’ club.”
The wealth assessment was based on stock prices as of September 1. Major Chinese stock exchanges saw significant gains in key indicators over the past year, as domestic and international investors expressed confidence in the country’s growing industrial sectors, including electric vehicle (EV) manufacturers, biotechnology companies and computing businesses. As of September 1, the Shenzhen Stock Exchange climbed 54% year-on-year, while the Shanghai Composite Index advanced 36%. Hong Kong’s Hang Seng Index gained 42%.
Among the individuals on the Rich List, 41 amassed fortunes exceeding CNY100 billion, up 59% from 26 the previous year. A total of 1,021 individuals had net worth exceeding USD1 billion, a 36% rise year-on-year. “The findings on the Rich List contrast with a gloomy economic outlook,” said Ding Haifeng, Consultant at Shanghai-based financial advisory firm Integrity. “This underscores the resilience of the Chinese economy, with high-growth firms like EV and robotics manufacturers emerging as new engines of growth,” as reported by the South China Morning Post.
