China is making 3 times more billionaires than US: report

China minted three times as many new billionaires than the United States in the past year, with fortunes made in drugs and online entertainment after a mini-boom from the coronavirus outbreak, a ranking of the world’s wealthiest people shows.

The Greater China region, including Hong Kong and Taiwan, created 182 new billionaires in the year to Jan. 31, taking its total to 799, according to the 2020 Hurun Global Rich List released on Wednesday. That compares with 59 new U.S. billionaires.

While the outbreak of a new coronavirus in China has hammered the world’s second-biggest economy, it has also driven up stock valuations of Chinese companies in online education, online games and vaccinations, the report said.

With much of China stuck at home due to quarantines and travel restrictions, demand for online services has surged, lining the pockets of billionaire founders such as Robin Li of Baidu owner of popular online video platform iQiyi.

Healthcare entrepreneurs specializing in vaccinations did well, including An Kang of Hualan Biological Engineering and Jiang Rensheng of Zhifei Biological Products.

“China today has more billionaires than the U.S. and India combined,” said Rupert Hoogewerf, founder and chairman of the Hurun Report, which counted 629 U.S. billionaires and 137 in India.

New Chinese entrants include Cheng Xianfeng of drug maker Yifan Xinfu Pharmaceutical (002019.SZ) and Shen Ya of online discount retailer Vipshop.

In the past year to end-January, tech stocks in China .CSIINT surged 77% and Chinese pharma companies .CSI300HC gained 37%, beating a 16% rise in world stocks .

“A boom in tech valuations and strong stockmarkets across the U.S., India and China propelled the billionaires to record heights,” said the British accountant, who began publishing the list in 1999.

U.S. tycoons still led the list, with founder Jeff Bezos retaining the top spot for a third year with a $140 billion fortune.

Jack Ma of Chinese e-commerce giant Alibaba Group topped China’s billionaires with $45 billion and came in No. 21 overall, but he was overtaken by Elon Musk from Tesla due to soaring shares in the U.S. electric carmaker.

Technology was followed by property, manufacturing, capital and retail as a major source of wealth in the past year.


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