The Hurun China rich list published its 2024 results and its chairman Rupert Hoogewerf saw 30 percent of the country’s billionaires disappear, he says on CNBC. “The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,” said Rupert Hoogewerf.
CNBC:
China has 1,094 individuals with wealth exceeding 5 billion yuan ($700 million), down by 12% or 147 individuals from the previous year, according to Hurun Research. The combined wealth of these entrepreneurs amounted to $3 trillion, 10% lower than last year.
The country’s billionaire count dropped by 142 to 753 from a year earlier — and down more than 30% from the 2021 high of 1,185.
“The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year,” said Rupert Hoogewerf, Hurun report chairman and chief researcher.The current rich list predominantly comprises entrepreneurs from the technology, consumer electronics and new energy space, from what used to be dominated by real estate developers, Hoogewerf noted.
“The stories of the individuals on the Hurun China Rich List tell the story of the Chinese economy,” he said.
The new generation of Chinese entrepreneurs are also more international than their predecessors, Hoogewerf observed, citing how ByteDance’s Zhang went global with TikTok and Pinduoduo’s Huang crafted Temu’s ascent as a global e-commerce hub.
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