China added almost one billionaire a day in 2024: Hurun list

China's billionaire population has soared to a record 1,434 individuals, reflecting a 31% increase, fueled by stock market rallies and growth in sectors like technology, EVs, and biotech. Their combined wealth reached 30 trillion yuan, a 42% rise. Zhong Shanshan reclaimed the top spot with 530 billion yuan. Hong Kong led global IPO markets, while India also saw a wealth boom, with Mukesh Ambani topping its rich list at ₹9.55 trillion.

China has witnessed a remarkable surge in the number of ultra-wealthy individuals over the past year, spurred by impressive stock market gains and the flourishing of high-growth industries. According to the Hurun China Rich List, compiled by the Hurun Research Institute, the country now boasts a record 1,434 individuals with a net worth of at least 5 billion yuan ($702 million), a 31% increase from last year.

The combined wealth of these billionaires has reached an astounding 30 trillion yuan, representing a 42% rise compared to 2023. This unprecedented growth is largely attributed to leaders in emerging sectors such as technology, electric vehicles (EVs), and biotechnology.

Zhong Shanshan Reclaims the Top Spot

Zhong Shanshan, the founder of bottled water giant Nongfu Spring, has returned as China’s richest individual in 2025. His wealth soared by 56% to 530 billion yuan, securing him the top position on the list for the fourth time. The 71-year-old’s impressive fortune highlights the enduring success of his business empire.

Meanwhile, ByteDance founder Zhang Yiming, whose company owns TikTok, slipped to second place despite a 34% increase in his net worth to 470 billion yuan. In Hong Kong, billionaire Li Ka-shing, 97, and his son Victor Li Tzar-kuoi, 61, maintained their position as the region's wealthiest individuals with a combined fortune of 235 billion yuan, though they dropped from sixth to ninth on the overall list.

Tech and Exports Fuel Billionaire Growth

Rupert Hoogewerf, chairman and chief researcher at Hurun, attributed this year’s record-breaking billionaire count to stock market rallies, the rise of technology innovators, and robust export growth. “The number of people on the Hurun rich list has reached an all-time high, driven by new faces in tech sectors and increasing global demand for Chinese products,” he remarked.

The Hurun list, which has tracked billionaires across mainland China, Hong Kong, Macau, and Taiwan since 1999, reported 41 individuals with net worths exceeding 100 billion yuan, a 59% jump from the previous year. Additionally, 1,021 individuals on the list had wealth surpassing $1 billion, marking a 36% year-on-year increase.

Hong Kong Leads Global IPO Market

Investor confidence remains robust, particularly in sectors like automotive and biotechnology, as evidenced by a series of blockbuster initial public offerings (IPOs) in Hong Kong. As of September 30, 66 companies—primarily from mainland China—raised $23.27 billion through public listings on Hong Kong’s main board, according to the South China Morning Post.

This performance positioned Hong Kong as the world’s leading IPO market for the year. Among the standout listings were Contemporary Amperex Technology (CATL), China’s top EV battery manufacturer, and Zijin Gold International, a major player in the mining industry.

Wealth Creation Extends to India

The billionaire boom isn’t limited to China. India, too, has experienced unprecedented wealth creation. The M3M Hurun India Rich List 2025 recorded 358 dollar-billionaires and 1,687 individuals with fortunes exceeding ₹1,000 crore.

Mukesh Ambani, chairman of Reliance Industries, reclaimed his title as India’s richest person with a net worth of ₹9.55 trillion ($105 billion). He was followed by Gautam Adani, whose wealth stood at ₹8.15 trillion. For the first time, Roshni Nadar Malhotra, chairperson of HCLTech, broke into the Top 3, becoming India’s richest woman with ₹2.84 trillion.

The list also spotlighted a new generation of billionaires, such as Aravind Srinivas, a 31-year-old founder of AI startup Perplexity, who debuted with ₹21,190 crore. Additionally, the youngest entrants continued to be Kaivalya Vohra (22) and Aadit Palicha (23), co-founders of Zepto, the fast-growing grocery delivery platform.

The rising fortunes of billionaires in both China and India underscore the shifting dynamics of global wealth. With rapid advancements in technology and increasing investor enthusiasm, the billionaire club is expanding at an unprecedented pace, setting the stage for even greater economic transformations in the years to come.