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China saw a remarkable increase in the number of ultra-wealthy individuals over the past year, driven by a bull market in stocks, with leaders of “new economy” companies emerging as the primary beneficiaries, according to the Hurun Research Institute. A record 1,434 individuals made it onto Hurun’s latest China Rich List, each having a net worth of at least 5 billion yuan (US$702 million). This marked an increase of 340 individuals, or 31 per cent, from the previous year. The collective wealth of these affluent individuals reached 30 trillion yuan, a 42 per cent rise compared with last year. Zhong Shanshan, the second-richest person in 2024, reclaimed the No 1 position this year as his fortune surged 56 per cent to 530 billion yuan. The 71-year-old, who controls China’s largest bottled water producer Nongfu Spring, has topped the rich list for the fourth time. Zhang Yiming, founder of TikTok owner ByteDance and the richest person last year, fell to second place despite a 34 per cent increase in his fortune to 470 billion yuan. Li Ka-shing, 97, and his eldest son Victor Li Tzar-kuoi, 61, saw their wealth rise 18 per cent from the previous year to 235 billion yuan. They remained Hong Kong’s richest individuals, although they dropped from sixth to ninth place on the overall list. Since the list’s inception in 1999, the institute has tracked billionaires in mainland China, Hong Kong, Macau and Taiwan. “To the surprise of many, the number of people on the Hurun rich list this year has reached an all-time high, largely driven by a strong rally in the stock markets,” said Rupert Hoogewerf, chairman and chief researcher of Hurun. “The emergence of new faces in the technology sectors and growing exports propelled an expansion of the billionaires’ club.” The wealth assessment was based on stock prices as of September 1. Major Chinese stock exchanges saw significant gains in key indicators over the past year, as domestic and international investors expressed confidence in the country’s growing industrial sectors, including electric vehicle (EV) manufacturers, biotechnology companies and computing businesses. As of September 1, the Shenzhen Stock Exchange climbed 54 per cent year on year, while the Shanghai Composite Index advanced 36 per cent. Hong Kong’s Hang Seng Index gained 42 per cent. Among the individuals on the rich list, 41 amassed fortunes exceeding 100 billion yuan, up 59 per cent from 26 the previous year. A total of 1,021 individuals had net worth exceeding US$1 billion, a 36 per cent rise year on year. “The findings on the rich list contrast with a gloomy economic outlook,” said Ding Haifeng, a consultant at Shanghai-based financial advisory firm Integrity. “This underscores the resilience of the Chinese economy, with high-growth firms like EV and robotics manufacturers emerging as new engines of growth.” China’s gross domestic product expanded 4.8 per cent year on year in the third quarter, a slowdown from the 5.2 per cent growth recorded in the previous quarter. Renewed trade tensions with the US and ongoing challenges in the property sector have tempered expectations for a rebound in the world’s second-largest economy, which continues to grapple with deflationary pressures. However, leading companies in the automotive supply chain and biotechnology sector, especially those with global ambitions, have piqued the interest of international investors. As of September 30, 66 firms, mostly from mainland China, had raised a total of US$23.27 billion through share sales on the main board of the Hong Kong stock exchange this year, propelling the local bourse to the top of global initial public offering rankings, according to data from the London Stock Exchange Group. The exchange was home to the world’s two largest share offerings this year: China’s top EV battery producer Contemporary Amperex Technology and mining giant Zijin Gold International.
