China Adds a New Billionaire Every Day

Last year, at least one new person became a billionaire in China every day. The rapid growth of China’s economy, a booming stock market, and the rise of new tech companies enabled many individuals to reach billionaire status almost overnight.

According to the latest report by the Hurun Research Institute, this year’s list includes a record 1,434 people, each owning at least 5 billion yuan (around 700 million USD). This represents a 31% increase compared to last year. Their combined wealth has reached 30 trillion yuan, up 42% from the previous year.

Once again, businessman Zhong Shanshan, known for selling bottled water, is China’s richest person. He owns Nongfu Spring, and his wealth rose by 56% to 530 billion yuan. This marks the fourth time he has topped China’s richest list.

Zhang Yiming, founder of ByteDance (the company behind TikTok), moved to second place after being number one last year. His wealth has increased by 34% to 470 billion yuan.

Hong Kong’s richest businessman Li Ka-Shing and his son Victor Li also saw an 18% increase in wealth, bringing their total to around 235 billion yuan, though they slipped to ninth place on the list.