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As Musk secures first trillionaire status with SpaceX IPO, will the next come from China?
As the initial public offering sees Musk become the first ever trillionaire, China is also seeing growth in its tech uber-rich
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This is part of a series on the global impact of SpaceX’s historic IPO, tracing how mainland Chinese investors’ strategies, the Hong Kong market and wider capital flows are being reshaped by Elon Musk’s trillion‑dollar rocket gamble.
As the SpaceX initial public offering (IPO) on Friday sets the stage for Elon Musk to cinch his status as the world’s first trillionaire, the public listing highlights a broader shift in how fortunes are made, as artificial intelligence (AI) and other hard technologies increasingly supplant traditional industries as engines of wealth creation.
Musk’s fortune has surged nearly US$500 billion over the past 12 months alone, and China’s technology billionaires have also seen a faster accumulation in wealth in electric vehicle, rocket and satellite industries.
“What makes money today is completely different from what made money a decade ago,” said Rupert Hoogewerf, the founder of Hurun Inc, a research firm that tracks wealth among China’s richest individuals.
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