Another year, another list of China’s wealthiest folks.
The Hurun China Rich List 2019 was released today, October 10, and reveals just how deep the pockets of China’s elite run.
In 2019, Alibaba founder Jack Ma and family once again secured the top spot after taking the lead in last year’s list. At 55 years old, the man who promotes 12-hour workdays, six days a week, is worth a reported USD39 billion (Time is money, right?). Following the eccentric and respected tech leader is Shenzhen-based Tencent founder Pony Ma. The internet giant CEO saw his wealth rise by 8%, to USD37 billion.
In a press release by the Hurun Research Institute, Rupert Hoogewerf, Chairman and Chief Researcher of the Hurun Report, said, ”The China Rich List is now looking like a two-horse race.”
The comment comes as Xu Jiayin, chairman of real estate developer Evergrande Group, saw his wealth drop to USD30 billion, an astounding USD13 billion slide since the 2017 edition of the Hurun Report was announced. That year, Xu ranked supreme, followed by Pony Ma and Jack Ma.
In the 2019 list, Pinduoduo founder Colin Huang Zheng became the first self-made entrepreneur born in the ‘80s to enter the top 10. At 39 years old, Huang managed to grow his wealth from USD5.7 billion to USD19 billion. Netease’s Ding Lei also cracked the top 10. And, in arguably our favorite move, Zhang Yong and Shu Ping of Haidilao are now in the top 10 as well. The global hot pot chain, known for their supreme service, saw restaurant revenue exceed USD2 billion last year, and the publicly traded company’s current market value is around USD24 billion.
Hoogewerf noted that “40% of the Hurun Rich List two years ago failed to make the cut this year, the biggest drop since records began 21 years ago,” with 266 individuals dropping off from last year’s list. Meanwhile, only 192 fresh (and wealthy) faces entered the list, which added up to a total of 1,819 heavy earners. (The cutoff to be included in this brag-to-your-childhood-friend’s list is USD290 million). Hoogewerf cited the impact of the digital economy for an increasing amount of wealth for those able to adapt. Last year, stock exchange lulls, a slowing economy and the US-China trade war were said to be part of the blame.
Here is Hurun’s list of the top 10:
1. Jack Ma and family, USD39 billion, Alibaba
2. Pony Ma, USD37 billion, Tencent
3. Xu Jiayin, USD30 billion, Evergrande
4. He Xiangjian and He Jianfeng (father and son), USD26 billion, Midea
5. Sun Piaoyang and Zhong Huijuan (husband and wife), USD25 billion, Hengrui, Hansoh
5. Elizabeth Yang Huiyan and family, USD25 billion, Country Garden
7. Colin Huang Zheng, USD 19 billion, Pinduoduo
8. William Ding Lei, USD18 billion, Netease
9. Wang Jianlin and family, USD17 billion, Wanda
9. Yan Hao, USD17 billion, China Pacific Construction
9. Zhang Yong and Shu Ping (husband and wife), USD17 billion, Haidilao
To view the full list, click here.
By Ryan Gandolfo