China is rapidly producing new billionaires despite Covid-19

China added 257 billionaires in US dollar terms as of August, adding to the existing 621, according to the annually released Hurun China Rich List on Tuesday (Oct. 20), which has been tracking the wealth of the ultra-rich for 22 years. Overall, China has 878 billionaires, the highest number the country has ever seen. As recently as 1999, there was not a single billionaire in China.

In total, China has 2,398 individuals with a net worth of more than 2 billion yuan ($290 million), the cut-off for being on the list. The rich listers have a combined wealth of $4 trillion, which is similar to the GDP of Germany, up from $2.6 trillion in 2019.

China first surpassed the US in the number of billionaires in 2015 and now has more of them than any country in the world, according to Hurun. The US now has around 700 billionaires.

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