China is reportedly minting a record number of rich people, with a new billionaire emerging every single day.
A total of 1,434 individuals, each with a net worth of more than $700 million, have entered Hurun’s list of China’s richest people in just the last year, reports SCMP.
The number of individuals who made it onto the list rose by 340, or 31%, from the previous year.
These affluent individuals represent a collective wealth of 30 trillion yuan, or around $4.21 trillion, up by 42% from last year.
The Hurun Research Institute, which releases the ranking, says the remarkable increase in the number of ultrawealthy individuals in China is largely due to a bull market in stocks that primarily benefited the leaders of “new economy” companies.
Major stock exchanges recorded gains in key indicators amid investors’ confidence in the nation’s growing industrial sectors such as electric vehicle (EV), biotechnology and computing.
Says 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.”
Of the individuals on the rich list, 41 amassed fortunes exceeding 100 billion yuan, or around $14.08 billion, up by 59% from 26 the previous year. A total of 1,021 individuals now have a net worth exceeding $1 billion, representing a 36% increase year on year.
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