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QINGDAO TODAY
在线翻译:
szdaily -> Business/Markets -> 
New Chinese billionaires outpace US by 3 to 1
    2020-02-28  08:53    Shenzhen Daily

CHINA minted three times as many new billionaires than the United States in the past year, with fortunes made in drugs and online entertainment after a mini-boom from the coronavirus outbreak, a ranking of the world’s wealthiest people shows.

The Chinese mainland, Hong Kong and Taiwan created 182 new billionaires in the year to Jan. 31, taking its total to 799, according to the 2020 Hurun Global Rich List released Wednesday. That compares with 59 new U.S. billionaires.

While the outbreak of a new coronavirus in China has hammered the world’s second-biggest economy, it has also driven up stock valuations of Chinese companies in online education, online games and vaccinations, the report said.

With much of China stuck at home due to quarantines and travel restrictions, demand for online services has surged, lining the pockets of billionaire founders such as Robin Li of Baidu , owner of popular online video platform iQiyi.

Health care entrepreneurs specializing in vaccinations did well, including An Kang of Hualan Biological Engineering and Jiang Rensheng of Zhifei Biological Products.

“China today has more billionaires than the United States and India combined,” said Rupert Hoogewerf, founder and chairman of the Hurun Report, which counted 629 U.S. billionaires and 137 in India.

New Chinese entrants include Cheng Xianfeng of drugmaker Yifan Xinfu Pharmaceutical and Shen Ya of online discount retailer Vipshop.

In the past year to end-January, tech stocks in China surged 77 percent and Chinese pharma companies gained 37 percent, beating a 16 percent rise in world stocks.

U.S. tycoons still led the list, with Amazon.com founder Jeff Bezos retaining the top spot for a third year with a US$140 billion fortune.

Jack Ma of Alibaba Group topped China’s billionaires with US$45 billion and came in No. 21 overall.(SD-Agencies)

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