For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Due To Coronavirus, China Now Has More Billionaires Than US And India Combined

By Staff
|

Amid coronavirus outbreak, fortunes from drugs and online entertainment businesses helped China produce three times as many new billionaires as the US in the past year, a ranking report on wealthiest people in the world showed.

In the past year ending 31 January 2020, 182 new billionaires were created in the Greater China region (which includes Hong Kong and Taiwan), taking the total to 799, according to the 2020 Hurun Global Rich List released on Wednesday. In comparison, the US produced 59 new billionaires.

Due To Coronavirus, China Now Has More Billionaires Than US And India Combined
 

"China today has more billionaires than the U.S. and India combined," said Rupert Hoogewerf, founder and chairman of the Hurun Report. The report has counted 629 American billionaires and 137 in India.

The report said that the epidemic in China caused stock valuations of Chinese companies in online education, online games and vaccinations to shoot up.

Due to quarantines and travel restrictions impose in the country to limit the spread of the virus, demand for online services grew. This made founders like Robin Li of Baidu, owner of popular online video platform iQiyi, billionaries.

Entrepreneurs of healthcare businesses specialising in vaccinations including An Kang of Hualan Biological Engineering and Jiang Rensheng of Zhifei Biological Products also benefitted.

Cheng Xianfeng of drug maker Yifan Xinfu Pharmaceutical and Shen Ya of online discount retailer Vipshop were among the new entrants to the billionaire list.

In the year ending January, tech stocks in China have surged 77 percent, while Chinese pharma companies gained 37 percent, which is significantly higher than 16 percent rise in world stocks.

"A boom in tech valuations and strong stockmarkets across the US, India and China propelled the billionaires to record heights," said Hoogewerf.

The report ranks Beijing as the world's billionaire capital for the fifth year, with 110 billionaires, against 98 in New York. Shanghai now has more billionaires than Hong Kong, claiming the third spot.

Read more about: china billionaires
Story first published: Wednesday, February 26, 2020, 17:03 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more