China’s super wealthy have earned a record $1.5 trillion in 2020, more than the past five years combined, as e-commerce and gaming boomed during pandemic lockdowns, an annual rich list said Tuesday.
The report found that there were around 2,000 individuals with a net worth of more than 2 billion yuan in August, giving them a combined net worth of $4 trillion.Jack Ma, founder of e-commerce titan Alibaba, once again topped the list after his wealth surged a whopping 45 percent to $58.8 billion as online shopping firms saw a surge in business owing to people being shut indoors for months during strict lockdowns to contain the virus.
This year’s list shows China was “moving away from traditional sectors like manufacturing and real estate, towards the new economy”, he added. China shut down major cities around the country in late January and February to contain the virus that first emerged in Wuhan, causing an unprecedented economic contraction in the first quarter.
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