China minted one new billionaire every day in 2024
What's the story
China witnessed an unprecedented surge in its ultra-rich population last year, with a new billionaire being minted almost every day. The growth was largely fueled by a bull market in stocks, with leaders of "new economy" companies reaping the biggest rewards. Hurun Research Institute's latest China Rich List shows that 1,434 individuals made it to the list, each boasting a net worth of at least 5 billion yuan ($702 million).
Wealth surge
Total wealth of these individuals hits 30 trillion yuan
The latest China Rich List shows an increase of 340 individuals, or 31%, from last year. The total wealth of these ultra-rich people hit a whopping 30 trillion yuan, marking a staggering 42% jump compared to the previous year. Zhong Shanshan, who controls China's largest bottled water producer Nongfu Spring, reclaimed his position as the richest person in China this year with a fortune of 530 billion yuan after witnessing a remarkable growth of 56%.
Rankings shift
Shanshan tops the list for 4th time
Shanshan's remarkable growth has helped him reclaim the top spot on the rich list for a fourth time. Last year's richest person, Zhang Yiming, founder of TikTok owner ByteDance, slipped to second place despite his fortune increasing by 34% to 470 billion yuan. The rankings highlight the dynamic nature of China's ultra-wealthy population and their ever-changing fortunes in a booming economy.