China Overtakes US in Billionaires List

A survey conducted by Shanghai publishers Hurun, shows China’s 594 billionaire population surpassed the 535 US billionaires for the first time.

The Hurun’s annual global rich list is one of the most trusted. It has an accurate assessment of China’s wealth and is often compared to the Forbes list in the US.

Property magnate Wang Jianlin of Dalian Wanda tops the list of 594 billionaires in the country. It puts him ahead of 535 billionaires in the US.

According to Hurun’s report, Property tycoon Wang Jianlin of Dalian Wanda owned the top spot with a total wealth of $32.1bn (£26.4bn). Dalian Wanda Group has been stepping up investments in the US movie markets. It has recently acquired Legendary Pictures, striking deals with US and UK cinema chains. Additionally, the conglomerate now formi a partnership with Sony Pictures.

Jack Ma of Alibaba seconded the list with a total wealth of $30.6bn, it increased 41% from last year.

Pony Ma of internet and online gaming giant Tencent took the third spot with $24.6bn.

Yao Zhengua of investment and real estate firm Baoneng Group, made a big wave and has grown its wealth by 820% to $17.2bn. That amount puts them firmly in the fourth spot.

Hurun chairman Rupert Hoogewerf said Mr. Yao’s growth represents China’s growing economy.

“Yao’s financial investment model represents the new wave of wealth creation in China,” he explained. “The first money made in China 20 years ago came from trading, followed by manufacturing, real estate, IT, and today, finally, it  makes use of the capital markets for financial investments.”

Robin Li and Melissa Ma of search engine Baidu made it to rank eight with a total of $14.7bn. Meanwhile, the founder of smartphone makers Xiaomi, Lei Jun, dropped from top 10 to the number 14 spot. This is due to the huge smartphone competition in China.
Most of the China’s billionaires are from Beijing, followed by Shenzhen, Shanghai, and Hangzhou.

Nevertheless, none of China’s super-rich made it into the Global top 20.

On the other hand, Forbes rich list shows Microsoft founder Bill Gates with $75bn on the top spot globally. The next spots belong to Amancio Ortega of Zara and legendary investor Warren Buffett.

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