China still has the most billionaires in the world after last year's crackdown,Chinese cities take top three positions for most billionaire residents

[beijingwalker]

China still has the most billionaires in the world after last year's crackdown,Chinese cities also took all top three positions for most billionaire residents​

BY EAMON BARRETT
March 18, 2022 2:13 PM GMT+8

Shenzhen is home to 113 of the world's billionaires, edging out New York and placing it among the top three preferred cities for the super rich to live, behind Beijing and Shanghai. © AP

China’s central government tightened its oversight on many of the country’s leading industries last year, including real estate, internet tech, and education—and the nation’s billionaires have suffered for it.

According to the Hurun Global Rich List, which tracks the wealth of billionaires, China lost 160 members of its billionaire club in 2021, though many are likely still millionaires.

“China’s billionaires have been hit hard in the past year, with nine of the Top 10 biggest wealth shrinkages and 160 drop-offs [from the Hurun Rich List],” Hurun founder and chief researcher Rupert Hoogewerf said, noting that e-commerce platforms, real estate, education, generic drugs, and vaping were the hardest hit industries. Hurun did not immediately return a request for comment on the identities of the 160 drop-offs.

Last year, Beijing’s curb on lending to over-leveraged property developers shook the foundations of the industry and left its biggest landlords—like Evergrande—in default. A crackdown on the data practices of e-commerce giants like Alibaba and Pinduoduo decimated internet stocks, too, while Beijing essentially eradicated the private education industry by outlawing private tutoring.

Pinduoduo founder Colin Huang was the Hurun list’s biggest loser in 2021, as the executive’s wealth plummeted to $19 billion, down from $69 billion. Investors pummeled Pinduoduo’s stocks down 30% in the year after Beijing tightened its grip on Big Tech, and following scandals involving the sudden death of two workers.

Kate Wang, founder and chairwoman of vaping brand Relx maintained her place on the billionaire’s index even after her wealth dropped 91% last year following Beijing's decision to put vaping under the purview of its state-run tobacco monopoly. Wang’s wealth, Hurun says, is now teetering at $1 billion.

But despite losing 160 billionaires, China ultimately gained positions on Hurun’s global ranking, adding 75 new billionaires to reach 1,133—more than any other country and 34% of the global total of 3,381.

Chinese cities also took all top three positions for most billionaire residents, after Shenzhen usurped New York as the third most-preferred home for the ultra-rich.

According to Hurun, Beijing leads the pack with 144 “known” billionaires in residence; Shanghai is second with 121; and Shenzhen is third with 113, edging out New York’s 110.

China lost 160 billionaires in 2021 but still has the most globally

Beijing, Shanghai, and Shenzhen are home to the most billionaires in the world, after New York lost third place.

fortune.com

 

[beijingwalker]

5 Chinese cities in top 10 including all top 3, Xi's signature ambition "COMMON PROSPERITY" seems to have a long way to go

 

[MH.Yang]

5 Chinese cities in top 10 including all top 3, Xi's signature ambition "COMMON PROSPERITY" seems to have a long way to go

Xi is a CCP leftist. We still don't know Hu Chunhua's political tendency. If Hu Chunhua is on the right, Xi's efforts to reduce the wealth gap will eventually be in vain.

 

[beijingwalker]

Shenzhen now has more billionaires than New York, China has most in world​

Published on Saturday, March 19, 2022 10:31
By Tara Abhasaku

Shenzhen in China now has more billionaires than New York City. Meanwhile, China has 1,133 listed “billionaires”, more billionaires (measured in USD) than any other country in the world.

These 1,133 Shenzhen billionaires make up 34% of the world’s 3,381 billionaires. This is despite the fact China lost 160 of its billionaires in a government crackdown last year. The crackdown was on major e-commerce companies. China also curbed lending on over-leveraged property developers.

Still, China leads the world in its number of billionaires, according to the Hurun Global Rich List. While Beijing is ranked #1 with 144 “known” billionaires in residence, Shanghai comes in at second place with 121. Shenzhen came in third with 113 billionaires. New York has 110.

According to Forbes‘s “China’s 100 Richest 2021”, Zhong Shanshan is the richest person in China, with US$65.9 billion. Shanshan chairs a bottled water company called Nongfu Spring. He dropped out of elementary school during the country’s Cultural Revolution, and started working in construction. Shanshan then landed jobs as a news reporter and sales agent, before he finally founded his own business. Whilst dropping a large wallop of his total wealth in last week’s China stock rout, he still maintains his position as China’s richest man.

The second richest person in China is Robin Zeng, chairman of Contemporary Amperex Technolog. CATL is one of the world’s largest suppliers of batteries for electric vehicles. Forbes lists him as having a net worth of US$50.8 billion.

https://thethaiger.com/china/shenzen-now-has-more-billionaires-than-new-york-china-has-most-in-world

 

[beijingwalker]

It's mindblowing to think that barely 40 years ago Shenzhen was just a sleepy fishing village, now it's already top 3 world richest city.

Main street in Shenzhen in the late 1970's and early 1980's

Shenzhen in 1980's

Shenzhen in 1985

 

[beijingwalker]

Another Chinese city has overtaken New York for number of billionaires​

“It is a significant indicator of where Shenzhen has come from and where it is going,” Rupert Hoogewerf of the Hurun Global Rich List said of the tech hub.

Shenzhen, a former fishing village now known as China’s Silicon Valley, is home to more than 100 billionaires.Yan Cong / Bloomberg via Getty Images file

April 9, 2022, 4:30 PM CST

HONG KONG — Three years ago, American entrepreneur Raj Oswal traveled to the Chinese city of Shenzhen on behalf of a client. He was so impressed that he stayed and started his own tech company.

“You can’t find too many other cities in China or around Asia that really embrace innovation as Shenzhen does,” Oswal said, comparing his move there from California to his father’s decision in the 1970s to leave India so he could pursue his studies and a career in the United States.

Oswal described Shenzhen, a city of 17.5 million on China’s southern border with Hong Kong, as a place filled with “youthful optimism.”

Increasingly, it’s also filled with money. The former fishing village, now a tech hub known as China’s Silicon Valley, has joined Beijing and Shanghai as the world’s top three cities for billionaires, edging out New York for the first time this year.

According to the Hurun Global Rich List, an annual ranking compiled by a private Shanghai-based company, Beijing is home to the world’s greatest number of billionaires at 144, followed by Shanghai with 121. There are 113 billionaires in Shenzhen, compared with 110 in New York, while London came in fifth with 101.

The growing concentration of wealth isn’t news to people in Shenzhen, which added eight billionaires since last year.

“It’s almost more of a wake-up call for the rest of the world,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report, the company behind the list.

While rankings can fluctuate, he said the rising number of billionaires in Shenzhen reflected a “megatrend” that will draw more young entrepreneurs to the city in coming years.

“It is a significant indicator of where Shenzhen has come from and where it is going,” he said.

Shenzhen’s rise began in 1980, when it was named China’s first special economic zone as part of the country’s “reform and opening up” under then-leader Deng Xiaoping. That allowed the city to experiment with market capitalism in an effort to attract foreign investment. From 1979 to 2021, Shenzhen’s gross domestic product grew from less than $28 million to almost $475 billion.

Today, the city is home to some of China’s biggest tech companies, including telecom giant Huawei and the internet conglomerate Tencent, inspiring others to follow. Last year, 2,500 new state-recognized high-tech companies were set up in Shenzhen, bringing the total number to 17,000, according to the local government.

It is also part of what China calls the Greater Bay Area, an integrated economic and business hub that aims to link Shenzhen with eight other cities in Guangdong province along with the Chinese territories of Hong Kong and Macau.

The opportunities were apparent to Oswal even as he taxied from the Shenzhen airport after he first arrived in 2019.

“All the stereotypes that I had on Chinese cities were broken down one by one with the changing modern and green urban landscape along the road,” he said.

China's 'Silicon Valley' surpasses New York as home for billionaires

“It is a significant indicator of where Shenzhen has come from and where it is going,” Rupert Hoogewerf of the Hurun Global Rich List said of the tech hub.

www.nbcnews.com

 

[DF41]

It's mindblowing to think that barely 40 years ago Shenzhen was just a sleepy fishing village, now it's already top 3 world richest city.

Main street in Shenzhen in the late 1970's and early 1980's
View attachment 825412


Shenzhen in 1980's
View attachment 825413

Shenzhen in 1985
View attachment 825414

I was in Hong Kong in early 80. Having dinner with an architect there I was engaging for a project in Singapore. He pointed out across the bay to a tiny collection of lights and told me that was Shenzhen. Thank you for those photos of Shenzhen of that time.

Thoughts of going over to Shenzhen to recce and see any business opportunity crossed my mind as I had some money then.

I cannot imagine how different my life would have turned out if I went to Shenzehn then.

 

[beijingwalker]

I was in Hong Kong in early 80. Having dinner with an architect there I was engaging for a project in Singapore. He pointed out across the bay to a tiny collection of lights and told me that was Shenzhen. Thank you for those photos of Shenzhen of that time.

Thoughts of going over to Shenzhen to recce and see any business opportunity crossed my mind as I had some money then.

I cannot imagine how different my life would have turned out if I went to Shenzehn then.

Shenzhen should change its name into Dengxiaoping City