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Jack Ma leads the pack as Chinese billionaires’ 2020 fortunes grow by the size of Russia’s economy
- China’s super-rich now own a combined fortune of US$4 trillion, more than the GDP of Germany, the world’s fourth-biggest economy, according to the latest Hurun rich list
- Ma’s family wealth grows 45 per cent as a stock market boom and tech mega listings lift the fortunes of China’s billionaires by US$1.5 trillion
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The Covid-19 pandemic has not stopped Chinese billionaires from getting even richer. A stock market boom and a flurry of new listings has further boosted their fortunes, according to the latest Hurun China Rich List.
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The super-rich – with wealth of at least 2 billion yuan (US$300 million) to make the list – added US$1.5 trillion to their collective nest eggs in the past year, equivalent to Russia’s annual economic output.
They now own a combined fortune of US$4 trillion, more than the gross domestic product of Germany, the world’s fourth-biggest economy.
Jack Ma, founder of e-commerce giant Alibaba, and his family, top the Chinese rich list again, with a net worth of US$58.8 billion, up 45 per cent from last year. Alibaba owns the South China Morning Post.
“The Hurun China Rich List recorded more wealth created this year than the previous five years combined, suggesting that the structure of the economy has evolved, moving away from traditional sectors like manufacturing and real estate, towards the new economy,” Rupert Hoogewerf, chairman and chief researcher of the Hurun Report said in a statement.
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