China added almost one billionaire a day in 2024, says Hurun list

A record 1,434 individuals in China now have wealth above 5 billion yuan ($702 million), marking a 31 per cent jump from last year, according to the latest Hurun China Rich List

China has seen a sharp rise in the number of ultra-rich individuals over the past year, largely driven by a strong rally in the stock markets. According to the latest Hurun China Rich List by the Hurun Research Institute, a record 1,434 individuals now have a net worth of at least 5 billion yuan ($702 million), up 31 per cent from last year.

 

Their combined wealth reached 30 trillion yuan, marking a 42 per cent increase compared to 2023. Much of this growth has been credited to leaders of 'new economy' sectors such as technology, electric vehicles (EVs) and biotechnology, South China Morning Post reported.

 

Zhong Shanshan tops the list again

 

Zhong Shanshan, founder of Nongfu Spring, regained his position as China’s richest person in 2025. His fortune jumped 56 per cent to 530 billion yuan, pushing him back to the top spot. The 71-year-old has now topped the list four times.

 

Zhang Yiming, founder of ByteDance (the parent company of TikTok), slipped to second place despite a 34 per cent rise in his net worth to 470 billion yuan.

 

From Hong Kong, billionaire Li Ka-shing (97) and his son Victor Li Tzar-kuoi (61) saw their combined wealth increase 18 per cent to 235 billion yuan. They continue to be Hong Kong’s richest, though they dropped from sixth to ninth place overall. 

Tech and exports drive wealth expansion

 

Rupert Hoogewerf, chairman and chief researcher of Hurun, said: “To the surprise of many, the number of people on the Hurun rich list this year has reached an all-time high, largely driven by a strong rally in the stock markets. The emergence of new faces in the technology sectors and growing exports propelled an expansion of the billionaires’ club.”

 

The list, which has been tracking billionaires from mainland China, Hong Kong, Macau and Taiwan since 1999, is based on stock prices as of September 1.

 

The number of individuals with wealth exceeding 100 billion yuan rose to 41, up 59 per cent from the previous year. Overall, 1,021 people on the list were worth more than $1 billion, a 36 per cent year-on-year increase.     

 

IPO boom in Hong Kong

 

Investor enthusiasm remains high for Chinese firms with global ambitions, especially in the automotive and biotech sectors.

 

As of September 30, 66 firms, mostly from mainland China, raised $23.27 billion through share sales on Hong Kong’s main board, South China Morning Post reported citing London Stock Exchange Group.

 

This performance placed Hong Kong at the top of global IPO rankings for the year. The exchange hosted two of the world’s largest listings, including Contemporary Amperex Technology (CATL), China’s top EV battery maker, and Zijin Gold International, a major mining company

 

India’s billionaire boom continues

 

India, too, is seeing record wealth creation. The M3M Hurun India Rich List 2025 recorded 358 dollar-billionaires and 1,687 individuals worth over ₹1,000 crore.

 

Mukesh Ambani, 68, chairman of Reliance Industries, reclaimed the top spot with ₹9.55 trillion ($105 billion), followed by Gautam Adani with ₹8.15 trillion.

 

For the first time, Roshni Nadar Malhotra, 44, chairperson of HCLTech, entered the Top 3, becoming India’s richest woman with ₹2.84 trillion.

 

The list also highlights India’s new generation of billionaires, such as Aravind Srinivas (31), founder of AI startup Perplexity, who debuted with ₹21,190 crore, and Zepto founders Kaivalya Vohra (22) and Aadit Palicha (23), who remain the youngest entrants.