On Tuesday, according to the global tally more than 200 billionaires were created in China, Due to the virus pandemic last year it had a damaging effect on the booming stock markets and flood of new listings offsets.
China’s exclusive billionaire’s club has almost doubled in volume in the past five years.
The world’s number two economy continued to outrun most others, Its ability to avoid the worst of the coronavirus meant it was one of the few to expand in 2020.
The Hurun Global Rich list showed that 259 people broke into the billion-dollar bracket more than the rest of the world amalgamated taking China in total to 1,058, making China the first country to break the 1,000 marks with comparison to the United States which witnessed 70 new billionaires created taking its total to 696.
The chief of the Chinese pack was Zong Shanshan of bottled water giant Nongfu, which for the first time entered the list with an $85 billion fortune, putting them in number one in Asia as well as in the Hurun’s global top 10. Last year a former construction worker Zhong, made his cash following a $1.1 billion initial public offering in Hong kong.
However, a suppression on e-commercing giant Alibaba saw tycoon Jack Ma fall down. The beloved of China’s entrepreneurs has come under pressure from regulators, who have reined in Fintech, Ant group, Alibaba, and on anti-trust issues.
A survey found that the three global individuals who are known to be one of China’s fastest-growing e-commerce players added more than $50 billion within a single year. It’s comprised of Tesla’s Elon Musk, Colin Huang of Pinduoduo, and Amazon’s Jeff Bezos.