China produces 182 new billionaires, triple the new faces in the US, while Shanghai overtakes Hong Kong for the first time: Hurun Report
- Shanghai overtakes Hong Kong for the first time in the number of billionaires with 83 to 76, according to the latest Hurun Global Rich List 2020
- The world’s 2,816 billionaires enhances their combined wealth by 16 per cent to a record US$11.2 trillion
China produced nearly four in every 10 new billionaires this year, outpacing the number of new faces in the US and allowing Shanghai to leapfrog Hong Kong for the first time in terms of the number of super-rich, Hurun Report Inc said.
The world’s second-largest economy added 182 of 479 new billionaires, taking the tally in China to 799, according to the latest Hurun Global Rich List 2020. The US minted 59 new ones to raise its total to 626.
The ranking was based on valuations on January 31, Shanghai-based Hurun Report Inc said in a statement on Wednesday. The firm has been compiling the list for nine years, it added.
There were 2,816 “known” billionaires from 71 countries and 2,182 companies, whose combined fortunes surged 16 per cent to a record US$11.2 trillion, the list shows, as markets climbed through months of bitter US-China trade war and other geopolitical tensions and crises.
“China today has more billionaires than the US and India combined,” said Rupert Hoogewerf, chief researcher and chairman of Hurun Report Inc. Chinese stocks have rallied 14 per cent since it compiled the previous list in 2019, he added.