China Beats US as Top Destination For Dollar-Denominated Billionaires Despite COVID-19, US Trade War

The annual report discovered a surge in rich billionaires in China amid the continuing COVID-19 pandemic, primarily in meals and beverage as properly as rising applied sciences, and a significant inventory rally in 2020.

China has topped the United States in 2020 as the nation with extra dollar-denominated billionaires, a Hurun Global Rich List 2021 report discovered this week.

China had 1,058 billionaires in contrast to the 696 within the US, the report stated, including that 318 of the 610 new billionaires had been in China in comparison with 95 within the US.

The Asian nation additionally had six out of ten of the world’s largest cities for multi-billionaires, with Beijing rating first on the record for the sixth consecutive yr at 145 tycoons, Shanghai at second with 113, Shenzhen rating fourth at 105 folks and Hong Kong at fifth with 82, the report stated. Shanghai beat New York, who had 112 billionaires.

It added that Asia had 51 % of the world’s billionaires valued at 45 % of whole wealth, in comparison with North America at 24 % and 33 %, respectively.

Total wealth held by billionaires additionally rose 32 % to $14.7tn, regardless of the continuing COVID-19 pandemic, the report stated.

Who Were The Biggest Earners?

The high earnings earners had been nonetheless Americans, with Tesla chief govt Elon Musk raking first as the world’s wealthiest billionaire valued at $197bn and Amazon founder Jeff Bezos reaching $189bn.

But Nongfu Spring founder and chairman, Zhong Shanshan, entered the record at $85bn, or seventh place, following a document preliminary public providing (IPO) on the Hong Kong Stock Exchange (HKEX) price $87bn.

Tencent Holding founder and chief govt Ma Huateng rose eight spots to 14th place with a internet price of $74bn.

But Alibaba Group Holding founder and chief govt Jack Ma fell to twenty fifth place, or $55bn in internet price.

Losses got here after the fintech and media tycoon, who owns the South China Morning Post, confronted a halted IPO for Alipay subsidy Ant Group in November final yr over criticisms he made a month earlier than.

Electric autos, e-commerce, biotechnology and blockchain had been additionally the quickest rising sectors of China’s richest folks, the report stated.

China’s Wealth Grows As Beijing Inks International Free Trade Agreements

The information follows a report from Britain’s Centre for Economics and Business Research (CEBR) revealing China’s economic system was set to surpass the US by 2028, with China’s National Bureau of Statistics (NBS) including the economic system had been boosted 2.3 % as a consequence of efficient COVID-19 controls and emergency financial stimulus.

China additionally topped the United States as the biggest marketplace for Asia-Pacific corporations, in keeping with HSBC Holdings, beating the US by one level at 29 %.

The findings come after China inked the 15-member Regional Cooperative Economic Agreement (RCEP) with Asia-Pacific companions, or the world’s largest free commerce settlement valued at $26.6tn, together with a complete commerce settlement ‘in precept’ with the European Union, the world’s largest bilateral settlement in historical past.


About The Author

Related posts