As of January 2024, Zhong Shanshan topped the list of the richest people in China with a net worth of 63 billion U.S. dollars. Huang Zheng, founder of Pinduoduo, and Ma Huateng, founder of the IT giant Tencent, came in second and third respectively, while Ma Yun, founder of the IT giant Alibaba, fell back to the tenth place.
Ultra-high net worth individuals (UHNWI) in China
Net worth refers to the amount of value by which an individual’s assets exceed their liabilities. It is usually cited to demonstrate the economic position of a person. Following China’s extensive economic development over the past two decades, the number of wealthy people had been rapidly growing as well. According to Hurun Research Institute, Greater China was the region with the largest number of billionaires worldwide as of 2024, with a total number of 814 billionaires. As of January 2022, the number of millionaires had amounted to approximately 20,400 people in Beijing alone. Unsurprisingly, the majority of high-net worth individuals lives in one of the four first-tier cities Beijing, Shanghai, Guangzhou, and Shenzhen.
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Hurun Research Institute. (March 26, 2024). Ranking of the 22 richest people in China as of January 2024 (in billion U.S. dollars) [Graph]. In Statista. Retrieved October 10, 2024, from https://www.statista.com/statistics/278457/ranking-of-the-25-richest-people-in-china/
Hurun Research Institute. "Ranking of the 22 richest people in China as of January 2024 (in billion U.S. dollars)." Chart. March 26, 2024. Statista. Accessed October 10, 2024. https://www.statista.com/statistics/278457/ranking-of-the-25-richest-people-in-china/
Hurun Research Institute. (2024). Ranking of the 22 richest people in China as of January 2024 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: October 10, 2024. https://www.statista.com/statistics/278457/ranking-of-the-25-richest-people-in-china/
Hurun Research Institute. "Ranking of The 22 Richest People in China as of January 2024 (in Billion U.S. Dollars)." Statista, Statista Inc., 26 Mar 2024, https://www.statista.com/statistics/278457/ranking-of-the-25-richest-people-in-china/
Hurun Research Institute, Ranking of the 22 richest people in China as of January 2024 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/278457/ranking-of-the-25-richest-people-in-china/ (last visited October 10, 2024)
Ranking of the 22 richest people in China as of January 2024 (in billion U.S. dollars) [Graph], Hurun Research Institute, March 26, 2024. [Online]. Available: https://www.statista.com/statistics/278457/ranking-of-the-25-richest-people-in-china/