LEXUS·Hurun China Rich List 2019

Source:Hurun Research Institute Author: IssueTime:2019-10-10

The Hurun Research Institute today released the LEXUS·Hurun China Rich List 2019, a ranking of the richest individuals in China, with a wealth cut-off of CNY 2 billion, equivalent to US$290 million.

World's largest wealth list provider releases China Rich List, proudly presented by Lexus for the second year running

 

 

(10 October 2019, Shanghai) The Hurun Research Institute today released the LEXUS·Hurun China Rich List 2019, a ranking of the richest individuals in China, with a wealth cut-off of CNY 2 billion, equivalent to US$290 million. Wealth calculations are a snapshot of 15 August, the same date as previous years. This is the 21st year of the list.

 

Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report, said: “The 2019 Lexus Hurun China Rich List is a snapshot of the private sector on the occasion of China’s 70th anniversary. The stories of these people tell the story of the Chinese economy.”

 

“This is the first time that the Hurun Rich List has shrunk for two consecutive years. Whilst last year could be put down to a 20% drop in the stock exchange, on the back of a slowing economy and the US-China trade, this year – in a year when stock markets have risen slightly – the shrink in the list is due to the impact of the digital economy. Tech entrepreneurs are replacing those from the traditional powerhouses of manufacturing and real estate. Twenty years ago, we did not have one dollar billionaire, yet now the average wealth of China’s Top 1800 individuals is a staggering US$1.4bn. Wealth is concentrating into the hands of those who are able to adapt to the digital economy.”

 

“I am delighted to partner for the second year with Lexus, which shares a similar passion towards innovation and the concept that the stories of these people tell the story of modern China.”

 

As the exclusive sponsor of Hurun China Rich List for two consecutive years, Lexus hopes to keep a keen insight into market dynamics and customers’ need for luxury lifestyle through continuous focus and thinking on the Rich List. In this way, Lexus will provide customers with amazing experience via emotional products and service.

 

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Highlights

 

266 dropped off last year’s list, adding to last year’s 456 drop-offs. “40% of the Hurun Rich List two years ago failed to make the cut this year, the biggest drop since records began 21 years ago. This works out at an average of one richlister dropping off each day for two years,” said Hoogewerf.

 

192 new faces, of which 2 jumped straight into the Top 100: Beijing-based Li Yongxin, 43, and mother Lu Zhongfang of China civil service exam trainer Offcn with US$8.4bn, and Silicon Valley-based Eric Yuan Zheng, 49, of online meeting platform Zoom with US$5.15bn. “There has been a changing of the guard in the Hurun Rich List, with 411 new faces these past two years,” said Hoogewerf.

 

Jack Ma, 55, for the second year running retained top spot with US$39bn, despite officially retiring as chairman of Alibaba last month.  Pony Ma, 48, of Tencent rose one place to second with US$37bn, up 8% or US$2bn, overtaking p