List of the richest Chinese Hurun Research

chiny24.com 1 year ago

British advisory company Hurun Research, based in Shanghai, published the latest list of the richest Chinese for the year 2023. This list is simply a origin of valuable information on growth dynamics and decline in wealth as well as the achievements of Chinese entrepreneurs. The jubilee, twenty-fifth edition of this list appeared 24 years after its first edition in 1999, presenting many crucial data on the financial and business situation in China.

This year's list includes 1241 billionaires whose individual assets exceed at least 5 billion RMB (about PLN 2.781 billion). This is 5 percent (64) little than in the erstwhile year. However, 115 fresh billionaires have been reported, which is the largest increase in 19 years. The full business property on the list fell by 4 percent compared to the erstwhile year, amounting to 23.5 trillion RMB (approx. PLN 13,075 trillion), representing 18% of national GDP.

For the 3rd time, the richest man in China became Zhong Shan (chin. 钟睒睒), owner and CEO of YangShengTang Pharmaceutical Co., Ltd. (chin. 养生堂药业有限公司) and NongFu Spring Co., Ltd. (chin. 农夫山泉股份有限公司), maker of the most popular mineral water in China, whose assets were estimated at RMB 450 billion (approximately PLN 250.37 billion).

It's number two. Ma Hua Teng (chin. 马化腾), founder and CEO of Tencent Technology Holdings Ltd. (chin. 腾讯科技控股有限公司), whose property increased by 30% to 280 billion RMB (approx. PLN 155,787 billion), and which after 3 years returned to second place in the ranking. This turned out to be possible thanks to the increase in profits in the gaming manufacture and the expansion of Tencent's shares in MeiTuan (chin. 美团是公司) a courier company specializing in express food deliveries.

Third – Huang Zheng (chin. 黄峥), head of PingDuoDuo (chin. 拼多多), low price e-commerce platform (king of low price market). He is an entrepreneur with the largest increase in assets on this list (by 59%, by 100 billion RMB, i.e. by about PLN 55.64 billion), entering the first 3 richest. His assets were valued at RMB 270 billion (about PLN 150.22 billion). This is the consequence of the fast increase in turnover (and value) of his company in the country and success abroad. "This", a abroad version of PingDuoDuo, has become 1 of the most downloaded applications in the US.

The ranking highlights the return to the top 10 richest (after nearly a 20-year break) Li Shu Fu (chin. 李书福), owner of Zhejiang Geely Holding Group Co., Ltd. (chin. 浙江吉利控股集团有限公司), whose property was valued at RMB 175 billion (about PLN 97.37 billion) – an increase of 30% from year to year. This is the consequence of abroad investments by Geely and the improvement of fresh energy vehicle production. Li took ninth place on the list this year, overtaking Jacka Ma (chin. 马云, Ma Yun),

whose property this year was estimated at RMB 170 billion (about PLN 94.58 billion). Jack Ma is the founder and erstwhile longtime president of the Alibaba Holding Group Co., Ltd. (chin. 阿里巴巴控股集团有限公司).

The biggest declines in the size of the assets were recorded this year by real property entrepreneurs, followed by the PV and steel industries. The largest increase in assets in the last year has been recorded by entrepreneurs operating in the online gaming sector, semiconductors, software services (especially cybersecurity), food and beverages.

Among the richest people in the list, the most many are industrial production entrepreneurs, making up 13.3% of the total, followed by consumer goods producers, including consumer electronics (9.8%), dealing with widely understood wellness care is the 3rd largest group, with 9.7% participation.

101 entrepreneurs ranked are under 40, 7 more than last year. There are nineteen people in their 90s. The average age of all on the list is 59 years, a year more than in 2022.

The largest number of wealthiest businessmen lives in Beijing (139), ShenZhen (130) and Shanghai (125). In Hong Kong (only 4th in this respect) there are presently 86 people from this year's list of Hurun Research. In TaiPei (seventh place) 48 people. The ninth place included SuZhou (chin. 苏州) and a novice in this category – ChangSha (chin. 长沙, capital of HuNan province. 湖南). In both of these cities, he lives after the 27 richest Chinese. 60% of all ranked residents live in the 10 largest cities in China.

This year's list included less women (1.3%) than last year. They presently account for 25.4% of the wealthiest people in the PRC.

Over 60% of the list started business from scratch.

Only 2% of company managers are professional managers (not members of teams or founding families).

522 entrepreneurs increased their assets compared to last year. The list featured 115 fresh billionaires and 179 dropped out of this year's ranking.

39 richest entrepreneurs AD 2023 are MPs to the National Assembly of People's Representatives (chin. 中华人民共和国全国人民代表大会, and 42 are members of the National People's Committee of the Political Consultative Conference of China (chin. 中国人民政治协商会议全国委员会), the advisory body of the National Assembly of People's Representatives.

Among the richest Chinese placed on this year's list of Hurun Research, entrepreneurs who operate globally (e.g. PingDuoDuo, CATL, XioaMi, DouYin/TikTok), those associated with the production of NEV vehicles (e.g. BYD, Geely), as well as developing technologies based on artificial intelligence. The situation of entrepreneurs active in the amusement and catering manufacture has improved considerably – the effect of recovery after the epidemic.

Compared to the situation 5, 10, 15 and 20 years ago:

The wealth of the richest Chinese in 2023 is 70% higher than the ranking leader of 5 years ago, 3 times higher than the leader of 10 years ago, more than 10 times higher than number 1 on the list 15 years ago and... 60 times as large as 20 years ago.
The full wealth of all entrepreneurs on this list represents an increase of nearly 40% compared to the situation of 5 years ago, 4 times the value of the wealth of the richest Chinese 10 years ago, 8 times the sum of assets from 15 years ago and over 120 times the accumulated wealth of the Hurun investigation list in 2003.
The number of entrepreneurs with individual assets exceeding 5 billion RMB is 1241, an increase of 45% compared to the situation 5 years ago, 3 times 10 years ago, 8 times 15 years ago and... 300 times the wealth of 20 years ago.