The Hurun Research Institute, responsible for the annual list, reported that the total wealth of Chinese entrepreneurs has decreased to $3 trillion, a 10% drop from the previous year. Rupert Hoogewerf, chairman and chief researcher of the Hurun report, stated, “The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year.”
India vs. China: A Contrast in Billionaires
The decline in China’s billionaires contrasts sharply with India’s growth. The Hurun India Rich List, released in August, noted, “India is emerging as Asia’s wealth creation engine! While China saw a 25% decline in its number of billionaires, India experienced a 29% increase, reaching a record 334 billionaires.” Despite this growth, China leads with 753 billionaires compared to India’s 334.
This year, China added just 54 new names to its rich list, marking the lowest addition in two decades. In contrast, India’s list reached a record 334 billionaires, with all top 20 sectors contributing new names.
Mukesh Ambani vs Zhang Yiming: Comparing the Richest
Zhang Yiming, aged 41, has a net worth estimated at $49.3 billion, though the Bloomberg Billionaires Index lists it at around $43 billion. He is the founder of ByteDance, the parent company of popular platforms Douyin and TikTok, which reported revenue of $110 billion last year.
Mukesh Ambani, India’s richest man, has a net worth nearing $102 billion, with a 25% increase over the past year. The Hurun India Rich List attributes Ambani’s wealth growth to rising share prices of Reliance Industries, driven by strategic investments in energy and retail, projected earnings growth, and positive developments in its telecom arm, Jio, particularly after recent price hikes.