sunny.png
Sunday October 20th, 2019 12:36PM

Survey: China's rich got richer in 2019 despite tariff war

By The Associated Press
Related Articles
  Contact Editor

BEIJING (AP) — China's richest businesspeople got richer in 2019 despite a tariff war with Washington and an economic slowdown, a survey showed Thursday.

The average net worth of China's richest 1,800 people rose 10% over 2018 to $1.4 billion, according to the Hurun Report, which tracks the country's wealthy.

Jack Ma, who retired last month as chairman of e-commerce giant Alibaba, was No. 1 for a second year with a net worth of $39 billion. Ma Huateng of Tencent, a games and social media company, was second at $37 billion, up 8%.

The results reflect the importance of China's consumer market at a time when U.S. tariff hikes have battered export-oriented manufacturing.

The number of businesspeople on the list from the tech, pharma and food industries rose while those from manufacturing declined.

"Wealth is concentrating into the hands of those who are able to adapt to the digital economy," said Rupert Hoogewerf, the report's founder and chief researcher, in a statement.

In contrast to the United States and Europe, where the ranks of the richest people are dominated by inherited wealth, almost everyone on the Chinese list is self-made.

Hoogewerf noted that when the survey began two decades ago, mainland China had no dollar billionaires.

Real estate developer Xu Jiayin, No. 1 in 2017, dropped to third place with $30 billion.

Sun Piaoyang and Zhong Huijuan, a married couple, were No. 5 at $25 billion after their drug company, Hansoh, debuted on the Hong Kong stock exchange. Hansoh makes treatments for schizophrenia and bipolar disorder.

Pharma tycoons account for 8% of this year's list, double the share 10 years ago, according to Hurun.

The net worth of Ren Zhengfei, founder of smartphone maker Huawei Technologies Ltd., which is at the center of a struggle between Washington and Beijing over technology development, rose 24% to $3 billion. He climbed 36 places on the Hurun list to No. 162.

Huawei, which also makes network switching gear, said sales rose 23.2% over a year earlier in the first half of 2019. The company has warned, however, that it will "face difficulties" as curbs on its access to U.S. components and technology take effect.

Consumer industries benefited from an 8.4% rise in retail spending in the first half of 2019. That was despite a decline in economic growth to a 26-year low of 6.2%.

Qin Yinglin and Qian Ying, a married couple who own Muyuan Foods, a pig breeder, profited from an outbreak of African swine fever that pushed up pork prices. Their net worth tripled to $14 billion.

The list included 156 people under age 40, an increase of 24 names from last year.

Colin Huang, 39, of e-commerce company Pinduoduo, ranked No. 7 with $19 billion four years after founding his company.

"Nobody in the world has ever made that much from a standing start," said Hoogewerf.

___

Hurun Report: www.hurun.net

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy
© Copyright 2019 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
10-spot: Cards oust Braves from NLDS with record 1st inning
The St. Louis Cardinals scored 10 runs for the biggest first inning in postseason history and dealt the Atlanta Braves another playoff heartbreak with a 13-1 rout in decisive Game 5 of the NL Division Series
4:58AM ( 5 minutes ago )
Media events canceled in China for NBA preseason game
All media events such as news conferences have been canceled inside the arena hosting Thursday's NBA preseason game in China between the Los Angeles Lakers and Brooklyn Nets, though the matchup itself remains on as scheduled
4:51AM ( 13 minutes ago )
Super typhoon on track to drench Japan's main island
A super typhoon is on track to hit central and eastern Japan over the holiday weekend with potential damage from torrential rains and strong winds
4:37AM ( 27 minutes ago )
Associated Press (AP)
Global Fund seeks $14 billion to fight aids, TB, malaria
Heads of states, CEOs and global health leaders are gathered in France to try to raise at least $14 billion to finance the fight against AIDS, tuberculosis and malaria over the next three years
4:14AM ( 50 minutes ago )
Good luck? US, China to begin 13th round of trade talks
US, China scheduled to begin 13th round of trade talks, but hopes for breakthrough are subdued
3:15AM ( 1 hour ago )
Millions playing waiting game over electricity shutoffs
Millions of Californians are playing a waiting game with the winds Thursday as Pacific Gas & Electric watched the weather before deciding whether to restore power to an enormous portion of the state blacked out on purpose
3:07AM ( 1 hour ago )
AP Business
California bans pesticide linked to brain damage in children
California environmental officials say a popular agricultural pesticide they say has been linked to brain damage in children will be banned after next year under an agreement reached with its manufacturer
8:38PM ( 8 hours ago )
Facebook CEO to appear before Congress on currency plan
Facebook CEO Mark Zuckerberg will appear before Congress this month as the tech giant is under pressure from lawmakers and regulators over its massive market power and record of privacy breaches.
3:34PM ( 13 hours ago )
Ukraine's Zelenskiy plays hot and cold with Trump team
Ukraine's president appears to be playing to both sides of the U.S. political divide
2:07PM ( 14 hours ago )
AP Business - Corporate News
Asian shares mostly higher amid renewed trade deal hopes
Asian shares mixed amid flurry of reports on trade talks prospects
12:09AM ( 4 hours ago )
Ecuador's protesters march; clashes break out in Quito
Thousands of protesters have staged anti-government rallies in Ecuador, seeking to intensify pressure on the president after a week of unrest sparked by fuel price hikes
7:33PM ( 9 hours ago )
US nuclear, uranium mining industries hope for Trump bailout
U.S. uranium mining companies and nuclear power plant operators are hoping for a bailout in the name of national security
5:26PM ( 11 hours ago )
AP Business - Economy
10-spot: Cards oust Braves from NLDS with record 1st inning
The St. Louis Cardinals scored 10 runs for the biggest first inning in postseason history and dealt the Atlanta Braves another playoff heartbreak with a 13-1 rout in decisive Game 5 of the NL Division Series
4:58AM ( 6 minutes ago )
Media events canceled in China for NBA preseason game
All media events such as news conferences have been canceled inside the arena hosting Thursday's NBA preseason game in China between the Los Angeles Lakers and Brooklyn Nets, though the matchup itself remains on as scheduled
4:51AM ( 13 minutes ago )
Super typhoon on track to drench Japan's main island
A super typhoon is on track to hit central and eastern Japan over the holiday weekend with potential damage from torrential rains and strong winds
4:37AM ( 27 minutes ago )
Apple removes Hong Kong map app after Chinese criticism
Apple drops app that allows Hong Kong activists to report police movements from its online store following Chinese criticism
4:34AM ( 30 minutes ago )
Ukraine leader: predecessor trying to derail peace process
Ukrainian President Volodymyr Zelenskiy has accused his predecessor of fomenting protests to derail the peace process in the east
4:32AM ( 31 minutes ago )