Hurun Rich List: Billionaires in China Now Outnumber the U.S. and India

While the global economy is showing jitters and signs of strain from the spread of the coronavirus, billionaires around the world, and in particular in China, are nevertheless having a record year, according to Hurun’s 2020 Rich List. The newly-released ranking shows that the number of billionaires in China is growing at a record pace, now equaling the number of billionaires in the U.S. and India combined. It was only in 2016 that China overtook the U.S. for the country with the greatest number of billionaires, although the U.S. strongly dominates among the ultra-elite with seven of the top 10 world’s richest from the country. “A boom in tech valuations and strong stock markets across the U.S., India and China propelled the billionaires to record heights,” said Hurun Report chairman and chief researcher Rupert Hoogewerf. “The U.S. had a record number of 626 billionaires. China, despite the trade war, added 182 new faces to hit 799 billionaires, three times the number of new faces in the US, widening the gap with the US.” “Despite a sell-off on the first day after stock markets reopened after Chinese New Year on the back of coronavirus, China’s stock market has rallied by 14 percent since last

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