“China’s economic growth may be easing but the country’s savvy entrepreneurs continue to find ways to create new businesses and fortunes,” said Russell Flannery, editor-in-chief of Forbes China.
The Chinese economy has been facing some headwinds as the protracted trade war with the U.S. continues to weigh on investor sentiment and outlook. The slowing growth of the domestic economy is not helping either.
Still, the total wealth of the 400 people on Forbes’ China Rich List this year rose to $1.29 trillion this year from $1.06 trillion in 2018, according to the magazine. That’s an increase of more than 20% compared to a year ago.
Alibaba founder Jack Ma topped the Forbes China Rich List for the second year running with his fortune rising to $38.2 billion from $34.6 billion in 2018.
Ma, who stepped down as the Chinese tech giant’s chairman in September, saw his fortune rise to $38.2 billion in 2019, from $34.6 billion in 2018.
Number 2 on this year’s list was Pony Ma Huateng of Tencent Holdings. The Chinese business magnate, who’s CEO and co- founder of the tech conglomerate, saw his net worth reach $36 billion.
China’s third richest man is Hui Ka Yan, chairman of Evergrande Group — one of the largest real estate developers in China. Hui’s net worth is $27.7 billion.
4th) Sun Piaoyang, chairman of pharmaceutical company Jiangsu Hengrui Medicine; $25.8 billion
5th) Yang Huiyan, co-chairman of real estate developer Country Garden co-chairman; $23.9 billion
6th) He Xiangjian, founder of home appliance-maker Midea Group; $23.2 billion
7th) Colin Huang, CEO of e-commerce company Pinduoduo; $21.2 billion
8th) William Ding, CEO of online and mobile games company NetEase; $17.2 billion
9th) Qin Yinglin (and family), chairman of pig breeding and distribution firm Muyuan Foodstuff; $16.6 billion
10th) Zhang Yiming, CEO of tech company ByteDance; $16.2 billion
More than half of those who made the list saw their wealth rise in the past year, while a quarter saw their fortunes decline.
(Thanks to CNBC)