China’s 100 Richest 2024: Combined Wealth Climbs Back To $1 Trillion After A Two-Year Decline

Forbes

Stimulus measures fueled a stock market rally that boosted fortunes of the majority of China’s richest.  Read the full story on Forbes: https://www.forbes.com/sites/janeho/2024/11/06/chinas-100-richest-2024-combined-wealth-climbs-back-to-1-trillion-after-a-two-year-decline/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00Today on Forbes, China's 100 Richest 2024.

00:05Combined wealth climbs back to $1 trillion after a two-year decline.

00:10This past year in China, stimulus measures fueled a stock market rally

00:15that boosted fortunes of the majority of the country's richest.

00:18A raft of measures designed to halt the property slump and fire up economic growth

00:23energized mainland China's stock market,

00:26though concerns over structural challenges still linger.

00:29The benchmark CSI 300 index rose 12% since Forbes last measured fortunes a year ago,

00:36propelling collective wealth, which had fallen below $1 trillion two years ago,

00:40to once again breach the 13-figure mark.

00:43That's up 15% over last year's combined $895 billion.

00:49The minimum net worth to make China's top 100 increased to $3.9 billion,

00:55up from $3.4 billion in 2023.

00:58A total of 60 fortunes are up this year,

01:01but 22 bucked that trend to record net worth declines.

01:05A notable person in the latter category is water and beverage tycoon Zhang Shanshan,

01:10founder of Nangfu Spring,

01:12which has faced an intense price war in China's bottled water market.

01:16Zhang's wealth shrank by $9.3 billion, the biggest drop in dollar terms,

01:21to $50.8 billion,

01:23though he retained the No. 1 rank as China's richest person for the fourth year in a row.

01:29The biggest dollar gainer is Ma Huateng, chairman of Tencent Holdings,

01:34who added $14.7 billion to take his fortune to $46.8 billion

01:40and moved up two places to No. 2, a position he last held in 2020.

01:45Shares of the internet behemoth jumped 49% over the past year

01:49on higher revenue from online games, streaming services, and advertising.

01:54ByteDance co-founder Zhang Yiming slipped one spot to No. 3

01:59despite eking out a 5% rise in his net worth to $45.6 billion.

02:05The owner of TikTok continues to face regulatory challenges overseas.

02:09In May, ByteDance sued the U.S. government to overturn a law

02:13mandating it to sell the short video app or face a nationwide ban.

02:18In fourth place on our list is PDD Holdings founder Colin Huang,

02:22who fell one spot despite adding $7.7 billion to push his wealth up to $43.9 billion.

02:30The e-commerce giant has become the go-to destination for China's increasingly frugal shoppers

02:35but is facing earnings pressure with its plans to scale up supply chain investments

02:40and increase support to vendors.

02:42Another notable gainer is Zhu Yi, chairman of Biokin Pharmaceutical,

02:47whose net worth more than doubled to $8.2 billion.

02:51The company's subsidiary, SysImmune, signed an $8.4 billion deal last year

02:57with U.S. biopharma heavyweight Bristol Myers Squibb

03:00to jointly develop and commercialize a potential cancer treatment worldwide.

03:05There are eight newcomers this year, including Kai Huaoyu, Liu Wei, and Luo Yuhao,

03:12the three co-founders of privately held online games developer MiHoYo,

03:16which has attracted legions of fans worldwide with its anime-styled games.

03:21Toy magnate Wang Ning enters the ranks as his PopMart International Group,

03:26seller of so-called blind boxes that each contain a mystery collectible figurine,

03:31logged stellar revenue growth from stepping up overseas expansion.

03:35Zhang Fuli, who at 42 years old is the youngest among 11 women on the list,

03:40replaces her father, Zhang Qinghou,

03:43founder of privately held water and beverage giant Hangzhou Wahaha Group,

03:48who died in February.

03:50Ten tycoons return to the ranks after dropping off previously.

03:54The wealthiest in this group is chairman of chipmaker Cambricon Technologies,

03:59Chen Tianxi, who reappears after a three-year gap at No. 46 with $7.27 billion.

04:06Riding the AI boom, the company's stock more than tripled from a year ago.

04:12There were 17 drop-offs on this year's list.

04:14Among them is Yang Huiyan,

04:17chairman of debt-laden property developer Country Garden Holdings,

04:20which suspended trading of its shares on the Hong Kong Stock Exchange in April.

04:25For full coverage and to see the full list of China's 100 richest,

04:29check out Jane Ho and Yue Wang's piece on Forbes.com.

04:34This is Kieran Meadows from Forbes.

04:37Thanks for tuning in.

04:41♪

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