China’s super-rich get $1.5trillion richer as Covid pandemic creates 257 new billionaires

Share to friends

CHINA’S super-rich people have made $1.5 trillion during the coronavirus pandemic despite the global slump caused by the crisis, The Sun reported.

The annual rich list of billionaires published today shows that 257 more Chinese have become billionaires during the past 12 months.

Covid-19 pandemic is said to have triggered the worst global economic crisis since the Great Depression including over one million deaths and millions of job losses

But despite the tough time, Chinese billionaires have cashed in as their fortunes bloated during the pandemic.

The record $1.5 trillion earned by the super-rich is more than the amount they earned over the past five years combined.

It is believed their wealth increased particularly because e-commerce and gaming boomed while most of the world was in lockdown.

Jack Ma, founder of e-commerce titan Alibaba, once again topped the list after his wealth surged by 45 percent to $58.8 billion.

He was followed by Pony Ma, boss of gaming giant and WeChat owner Tencent who made an extra 50 percent, with a fortune of $57.4 billion.

Eric Yuan, the founder of Zoom saw his wealth increase by as much as $12 billion during the pandemic, the International Business Times reports.

The report found that there were around 2,000 individuals with a net worth of more than 2 billion yuan ($300 million) in August, giving them a combined net worth of $4 trillion.

First-time list member Zhong Shanshan, 66, best-known for his bottled water brand Nongfu, parachuted into the third spot with $53.7 billion after a Hong Kong IPO in September, the report found.

China now has a total of 878 billionaires, according to the Hurun Report.

The US had 626 people in the top bracket at the start of the year, according to Hurun in its February global list.

“The world has never seen this much wealth created in just one year,” Hurun Report chief researcher Rupert Hoogewerf said in a statement.

Amazon makes $10,000 per second in online sales as shoppers step up their online purchases amid covid-19 lockdowns


Please enter your comment!
Please enter your name here

4 × one =