One new billionaire every day: Why China is seeing a remarkable surge in ultra-rich individuals

China minted a new billionaire every day last year as wealthy class swelled to a record

China has witnessed a sharp rise in the number of ultra-wealthy individuals over the past year, driven by a robust stock market and the rapid growth of “new economy” sectors, according to the Hurun Research Institute.

The institute’s latest China Rich List recorded a total of 1,434 individuals, each with a net worth of at least 5 billion yuan (US$702 million, an increase of 340 people, or 31%, from the previous year. Collectively, their wealth reached 30 trillion yuan, marking a 42% surge compared with last year.

This marks an increase of 340 individuals, or 31 per cent, compared to the previous year.

Zhong Shanshan reclaims the top spot

Zhong Shanshan, who controls China’s largest bottled water producer Nongfu Spring, reclaimed his position as the richest person in China, with his fortune soaring 56% to 530 billion yuan. The 71-year-old entrepreneur, who has now topped the list four times, replaced last year’s leader Zhang Yiming, the founder of TikTok’s parent company ByteDance.

Zhang, who led the rankings in 2024, slipped to second place despite his wealth growing 34% to 470 billion yuan. The shift reflects the changing fortunes of China’s top entrepreneurs amid the country’s fast-evolving economic landscape.

Hong Kong’s richest hold steady

Li Ka-shing, 97, and his eldest son Victor Li Tzar-kuoi, 61, saw their combined wealth rise 18% to 235 billion yuan. They remained Hong Kong’s wealthiest individuals but dropped from sixth to ninth place on the overall list.

The Hurun list, first published in 1999, tracks billionaires across mainland China, Hong Kong, Macau, and Taiwan.

“To the surprise of many, the number of people on the Hurun rich list this year has reached an all-time high, largely driven by a strong rally in the stock markets,” said Rupert Hoogewerf, chairman and chief researcher of Hurun. “The emergence of new faces in the technology sectors and growing exports propelled an expansion of the billionaires’ club.”

The rankings are based on stock prices as of September 1.

Stock market rally fuels billionaire boom

Chinese stock exchanges have seen significant gains over the past year, reflecting renewed investor optimism in industries such as electric vehicles (EVs), biotechnology, and computing. As of September 1, the Shenzhen Stock Exchange surged 54% year on year, the Shanghai Composite Index rose 36%, and Hong Kong’s Hang Seng Index climbed 42%.

Among the listed individuals, 41 saw their fortunes exceed 100 billion yuan, up from 26 the previous year, while 1,021 had net worths above US$1 billion, marking a 36% increase year on year.

“The findings on the rich list contrast with a gloomy economic outlook,” said Ding Haifeng, a consultant at Shanghai-based financial advisory firm Integrity. “This underscores the resilience of the Chinese economy, with high-growth firms like EV and robotics manufacturers emerging as new engines of growth.”

Economic backdrop and investor interest

China’s GDP expanded 4.8% year on year in the third quarter, a slowdown from 5.2% in the previous quarter. Persistent challenges in the property market and renewed trade tensions with the United States have dampened expectations of a strong rebound, even as the country battles deflationary pressures.

Nevertheless, firms in the automotive supply chain and biotechnology sector, particularly those with global ambitions, continue to attract significant international investment.

By the end of September, 66 companies, mostly from mainland China, had raised a total of US$23.27 billion through share offerings on the main board of the Hong Kong Stock Exchange. This pushed Hong Kong to the top of the global IPO rankings, according to the London Stock Exchange Group.

The year’s two largest listings were from China’s top EV battery producer, Contemporary Amperex Technology, and mining giant Zijin Gold International.