China has increased the number of super-wealthy by adding 257 members to the billionaire club despite the COVID-19 pandemic and global economic slump. They are witnessing a massive increase in their revenues from healthcare firms to online shopping platforms. Many people around the world have accused China of recovering from the outbreak in its early stage. The super-rich in China has cumulated $1.5 Trillion in 2020, despite the economic collapse due to Wuhan’s coronavirus outbreak. One of the Economic analysts said that it’s the first time that the world beheld this much massive increase in wealth. Jack Ma, the co-founder of Alibaba Group, has seen a 45% increase in his wealth; it’s been said that his e-commerce giant Alibaba is among the biggest winner in the crisis. Along with Jack Ma, the healthcare entrepreneurs have also increased their wealth; Jiang Rensheng, the founder of vaccine-maker Zhifei, has tripled his value.Image Credit: Forbes
China is witnessing an economic upsurge, and the tactical growth in different sectors is producing hundreds of billionaires. Even though the coronavirus pandemic that started in Wuhan, the Chinese market is growing at a massive rate. On the other hand, Western economies are facing the worst slump in their history. It could be observed that almost every other sector is going through collapse. Moreover, Silicon valley’s tech billionaires have also seen a drop in their net worth. From Jeff Bezos to Mark Zuckerberg, all of them have seen a downfall due to their over-speculation on the industry’s growth. Below you will find a graph explaining the countries that were richer than China in terms of GDP and now they are facing a decline in growth.
Exceptions are always there and couldn’t be right off. The same case is with China, which has increased the number of billionaires. It’s hard to believe that the super-rich in China has cumulated $1.5 Trillion in 2020. That’s a hefty amount. However, on the other hand, there is a substantial decline in European countries’ economic growth. In fact, China’s biggest economic competitor, the USA, is going through an economic slump. Let’s have a look at some of the richest Chinese who has increased their wealth in 2020.
Zhong Shanshan is nicknamed “Lone Wolf” and is more popular for the shun politics and clubby business associations. His net worth has jumped $51 billion in 2020, which is more than anyone else in the world. The current net worth of the richest person Zhong Shanshan in China, is approximately $58 Billion. However, he stands behind Jeff Bezos, the richest person globally but has accumulated massive wealth in a single year.
Jack Ma was once the richest Chinese Business Magnate. However, he is now being dethroned by Zhong Shanshan, who is a bottled-water and vaccine tycoon. The founder of Alibaba Group has become the second richest person, but that doesn’t mean his net worth has plunged. In 2019 Jack Ma’s net worth was estimated to be around $38 Billion, while in 2020, Jack Ma’s net worth has increased by $14 Billion and now stands at $52 Billion.
Ma Huateng is also known as Pony Ma. He co-founded Tencent in 1998. The tech-company has an impressive portfolio. The company have minor shares in Spotify and Snap Inc. Tencent was quite active during the pandemic and donated $210 million to the deadly virus victims. Ma Huateng’s net worth has also increased in 2020 amid the pandemic that engulfed the entire world. Currently, Ma Huateng’s net worth in 2020 is approximately $38.1 Billion, which increased by $10 million compared to the last year.
He has built one of the largest appliance maker companies in the world. The company has been listed on the Shenzhen Stock Exchange. It now owns 200 subsidiaries around the world. However, He Xiangjian stepped down from the operations of the company in 2012. However, he is the 5th richest person in China. His net worth is increasing at considerable rate. In 2020 He Xiangjian is approximately $32.1 Billion.
He is among the biggest Chinese real estate developers. Hui is running more than 800 projects in around 280 cities across Mainland China. He graduated from college in 1982 and worked as a steel factory technician for almost ten years. Hui started the company in 1996 and since then hasn’t looked back and stepped ahead by exploring new avenues. He has built a massive real estate empire. Currently, Hui Ka Yan’s net worth in 2020 is estimated to be around $27.5 Billion.
It’s a surprise that an economy that was lagging in 2019 in terms of GDP growth is now growing faster. The wealth of the super-rich during the pandemic has increased immensely. The Chinese market is resurgent, while on the other hand, the rest of the wealthy western nations are facing a deep economic slump. There is no doubt that Chinese firms are seizing the market share and stepping ahead of their competitors. The Post-COVID market is fluctuating and nothing could be predicted but the Chinese are making megabucks.