Despite the Covid-19 pandemic ravaging the world economy, the super wealthy in China have earned a record $1.5 trillion in 2020.
According to China's Hurun list, the amount is more than the past five years combined, as e-commerce and gaming boomed during pandemic lockdowns, according to China's Hurun list. Chinese billionaires own a combined fortune of US$4 trillion, more than the gross domestic product of Germany, the world's fourth-biggest economy.
Topping the list of super-rich in China are Jack Ma, founder of e-commerce giant Alibaba, and his family, reports the South China Morning Post citing the list published by Hurun.
Ma is the founder of Alibaba Group, China's biggest e-commerce company. The Hangzhou-based business runs Taobao, an online shopping site, and Tmall, a facilitator of online stores. The group had revenue of 510 billion yuan ($73.2 billion) in the year to March 2020. Ma also has a stake in online payment service Ant Group.
Jack Ma family wealth surged 45 percent as online retailers profited from Covid-19. Jack Ma currently ranks 17th in the global list of billionaires, according to Bloomberg.
"The Hurun China Rich List recorded more wealth created this year than the previous five years combined, suggesting that the structure of the economy has evolved, moving away from traditional sectors like manufacturing and real estate, towards the new economy," Rupert Hoogewerf, chairman and chief researcher of the Hurun Report said in a statement.
An extra 257 people also joined the billionaires club in the world's number-two economy by August, following two years of shrinking membership, according to the closely watched Hurun Report.
China now has a total of 878 billionaires, compared to the US's 626.