• 5 days ago
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♪