Survey finds that China has more billionaires than the US

Survey finds that China has more billionaires than the US

China has passed the United States in the number of billionaires, driven by the rise of fortunes in technology and manufacturing, according to a new survey.

Despite a cooling economy, the number of Chinese billionaires rose by 242 this year to 596, according to the Hurun Report, which follows China’s wealthy.

It said that surpassed the 537 the company found in the United States.

The report reflected the success of online retailing, entertainment and other service businesses, while traditional industries such as steel and natural resources have declined.

Number one on this year’s list is Wang Jianlin, chairman of Wanda Group, which operates hotels, shopping centres and cinemas, at $34.4bn, up 52% from last year.

Second is Jack Ma, of e-commerce giant Alibaba Group, at $22.7bn, followed by Zeng Qinghou, of the Wahaha soft drinks and mineral water empire, with $21.2bn.

China’s economy grew by 7% in the quarter ending in July over a year earlier, down from last year’s 7.4% annual expansion and the lowest level since the 2008 global crisis.

Communist leaders are trying to steer the economy to more self-sustaining growth driven by domestic consumption and service businesses to reduce reliance on trade, investment and heavy industry.

“Despite the slowdown in the economy, China’s richest have defied gravity, recording their best year ever, and creating more wealth than any country has ever done before in a year,” said Rupert Hoogwerf, chairman and chief researcher of the Hurun Report.

More in this Section

Budweiser maker becomes latest to join coronavirus corporate casualty listBudweiser maker becomes latest to join coronavirus corporate casualty list

Markets plunge as Covid-19 fears wipe £152bn off FTSE 100 since MondayMarkets plunge as Covid-19 fears wipe £152bn off FTSE 100 since Monday

The late Marian Finucane's media firm sees profits increaseThe late Marian Finucane's media firm sees profits increase

Bayer sets new targets goal amid US weedkiller lawsuitsBayer sets new targets goal amid US weedkiller lawsuits


Lifestyle

Beauty experimentation has to start somewhere, and for many of us it’s with the same high street products and trendy looks.From the 70s to the 00s, these were the beauty products that defined your teenage years

Bestselling novelist Jojo Moyes talks about the books she grew up with, what she’s reading now, and the literature gaps she wants to fill.Jojo Moyes: My life in books

This week's food news with Joe McNammee.The Menu: Quick nibbles; International Women's Day; The People's Choice

With spring around the corner, it’s the perfect time to treat your home to a detox. Gabrielle Fagan taps up the Topology design gurus for tips.How to make your home calmer and less cluttered in 7 simple steps

More From The Irish Examiner