The Full List of Chinese Billionaires In 2023 - Who Are The Richest People In China?

Who Are The Richest People In China - Photo KnowInsiders


How many billionaires in China? How much do they own?

China’s wealthy have taken a huge hit with the number of Chinese billionaires plummeting by a fifth in 2022, the largest fall in the 24 years since the rich list began.

The Hurun Rich List revealed that the number of Chinese billionaires dropped about 20 per cent from 1185 to 946, while their total wealth also fell by 18 per cent.

What is the reason behind the drop?

Mainland China’s economic, political and pandemic woes have contributed to the biggest drop in the fortunes there since Forbes began tracking the country’s wealthiest more than two decades ago.

Hurun Report chairman and chief researcher Rupert Hoogewerf said China’s billionaires had been hit hard in the past year, with nine of the top 10 biggest wealth shrinkages across the world, as well as the largest fall in number of billionaires.

“E-commerce platforms, real estate, education, generic drugs and vaping were the hardest hit,” Mr Hoogewerf said. “The recent Covid outbreak across the country and increased tension with the US combined … to see the steepest drop in value since the 2008 financial crisis, with many of China’s biggest companies shedding up to half their value,” he said.

“Other factors in play include continued anti-monopoly regulations, pressure on real estate borrowings, efforts to stem the falling birthrate, carbon emission targets and the recently introduced common prosperity theme.”

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An annual ranking of Chinese billionaires lost nearly 300 members this year, as Tencent’s Pony Ma, ByteDance’s Zhang Yiming and Alibaba’s Jack Ma saw their fortunes plunge by as much as 32 per cent amid the country’s economic slowdown.

The latest Hurun China Rich List, which ranks the wealthiest people in China with a minimum net worth of 5 billion yuan (US$691 million), saw 293 billionaires drop off the list compared with last year, while 133 newcomers joined. The net loss of 160 billionaires is an 11 per cent drop and the largest decline in 24 years. The minimum threshold was 2 billion yuan prior to this year.

The total wealth of the 1,305 people who made 2022 list slumped by 18 per cent to US$3.5 trillion compared with last year.

The combined wealth of China’s 100 richest plunged 39% to $907.1 billion from $1.48 trillion in last year’s list.

The billionaires list changes a great deal from year in China , which shows the volatility, dangers and fleetingness of being rich in China. For a while the list was dominated by magnates, then real estate tycoons and retailers, now paper and solar cells are making their mark. Many who are at the top one year are bankrupt the next.

Who Lost the Most?

The fortunes of China's wealthiest have plunged by the most in over two decades as a property market crisis and Beijing's strict COVID curbs hammer growth.

Leading the drop was businesswoman Yang Huiyan of developer Country Garden Holdings, who lost $15.7 billion from her net worth this year, while technology group Tencent's Pony Ma saw his personal fortune cut by $14.6 billion.

Forrest Li, chairman of Singapore-based e-commerce group Sea, posted the third-biggest loss with a drop of $13.7 billion, the Hurun China Rich List 2022 says.

The total wealth of 1,305 people with a minimum net worth of 5 billion yuan ($710 million) declined 18% from a year ago to $3.5 trillion, according to the report.

And the number of superrich with $10 billion tumbled by 29, to 56 individuals, while the number of dollar billionaires fell by 239, to 946, the report says.

Those who struck it rich in real estate accounted for 10% of the wealthiest, down from 20% a decade ago, underscoring a severe downturn in the key property market, marked by a liquidity crisis among developers swamped with debt and evaporating demand.

Chinese billionaires compared to US billionaires

China has more total billionaires: 946 to the U.S.' 716. And its billionaire population is growing about three times faster than America's, according to Hurun.

The three cities with the biggest billionaire populations are now all in China: Shenzhen just overtook New York City for third place.

But America's billionaires are still wealthier than China's. They control about 32% of the combined wealth of all the "known billionaires" in the world, while China's billionaires account for about 27% of that wealth.

Top 10 Richest People in China in 2023

1. Zhong Shanshan




The Full List of Chinese Billionaires In 2023 - Who Are The Richest People In China?
Photo SCM

Zhong chairs bottled water and tea drink producer Nongfu Spring. He holds on to the No. 1 richest in China spot he grabbed last year after the company’s September 2020 IPO in Hong Kong. Zhong also chairs Beijing Wantai Biological Pharmacy, a maker of Covid-19 tests.

2. Zhang Yiming




Zhang is the main founder of ByteDance, which operates the wildly popular short video social media app TikTok and ranks as one of the world’s most valuable unicorns. Zhang stepped down as chairman of ByteDance in November 2021 after resigning as CEO in May.

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3. Ma Huateng




Ma is CEO of web-media giant Tencent. The company’s Hong Kong-traded shares fell by nearly half in the past year amid slower growth and a shift in Communist Party rules toward Internet businesses. In March, Ma said China’s internet industry was “restructuring” and “shifting to a healthy mode.”

4. He Xiangjian




Home appliance billionaire He Xiangjian is a cofounder of Shenzhen-listed Midea Group; he stepped down as chairman in 2012. His family also controls Midea Real Estate, whose business has been hurt by oversupply in the mainland property market. His fortune contracted by about 25% in the past year.

5. William Lei Ding




Ding is CEO of Nasdaq-listed NetEase, one of China’s largest online gaming businesses. The company raised $422 million in a Hong Kong IPO of its music app, Cloud Village, last December. His fortune fell from $33 billion on the 2021 list.

6. Wang Wei




Wang founded and chairs package delivery firm S.F. Holdings, known as the Fedex of China. His fortune declined 37% in the past year as lower profit and tough competition hurt its Shenzhen Stock Exchange-listed shares.

7. Qin Yinglin




Qin chairs Muyuan Food, one of China’s largest pig breeders. He started the business with his wife, fellow billionaire Qian Ying, with 22 pigs in 1992.

8. Li Shufu




Li Shufu (also known as Eric Li), China’s richest entrepreneur in the auto industry, chairs Zhejiang Geely Holding, which holds direct and indirect stakes in automakers that include Volvo and electric vehicle maker Polestar.

9. Jack Ma




Once China’s richest person, the formerly outspoken Alibaba cofounder has gone quiet amid shifting government policies toward internet companies, overseas listings and wealth accumulation, as well as a 60% plunge in Alibaba’s share price during the past year.

10. Huang Shilin




Huang is one of two vice chairmen at Contemporary Amperex Technology, one of the world’s largest suppliers of batteries to electric vehicle assemblers.

Who is the Youngest Billionaire in China?

The Full List of Chinese Billionaires In 2023 - Who Are The Richest People In China?
Photo iNews

25-year-old Wang Zelong is the youngest billionaire in China and Asia as well. This year, he is listed as the fourth-youngest billionaire in the world.

His fortunes are from stakes in Chinese chemical companies CNNC Hua Yuan Titanium Dioxide and Lomon Billions group. His net worth, estimated to be US$1.5 billion, remains the same as last year.

Wang’s profile on Forbes mentions that he hails from the city of Jiaozuo in the province of Henan, China. For comparison, the Chinese capital of Beijing is 16 times larger than Jiaozuo, while Shanghai’s population is more than 20 times greater than theirs.

Even though he is one of the richest millennials in Asia, Wang has kept a very private life, much like some fellow billionaires. There is very little information known about him. He keeps a very minimal digital footprint, not even having an official social media account nor an online profile for his professional endeavours.

Chinese Billionaires in the 2010s and 2000s

According to Forbes China list released in October 2010 the number of billionaires soared to 128 from 79 in 2010. There were 42 Chinese billionaires on the 2009 Forbes list. According to Forbes the combined wealth of the 40 richest people in China was $38 billion in 2006 — up 46 percent from 2005. Consumer goods, Internet and property tycoons dominated the Hurun Rich List in 2011. Of the 50 richest Chinese on the Forbes list in 2005 half relied on real estate for a substantial amount of their wealth. Of the 100 richest Chinese on the 2001 Forbes list, 73 had their education interrupted by the Cultural revolution and 16 were rabbits on the Chinese zodiac. Only four were signs of the monkey.

The entire Hurun Rich List in 2010 named 1,363 people with wealth of at least 1 billion yuan (about $150 million). According to Hoogewerf’s calculations the average age of China’s billionaires in 39. He told the Washington Post. “They are still in wealth-creation mode, focused more on expanding their own company, especially because the economy is growing so fast.” Many of them want to keep a low profile so as not to draw too much scrutiny to their wealth or company dealings. Credit Suisse has estimated that China’s wealthy have up to $1.4 trillion of corruption-tainted cash socked away.

According to Hurun Report, the number of billionaires in China exceeded 100 in 2007 (Forbes counted 66) with 35 of them real estate tycoons. There were only 15 in 2006. China is now No. 2 in the world on the billionaire’s list. The United States has the most. The high number of billionaires is both a source of pride and cause for alarm in China.

99 Richest People in China 2022/2023 - Hurun Report

Rank Name Wealth Key Business Industry Residence
1 Zhong Shanshan $65 billion Nongfu Spring, YST Bottled Water, Health Food Zhejiang
2 Zhang Yiming $35 billion ByteDance Social Media Beijing
3 Zeng Yuqun $32.9 billion CATL Lithium Battery Fujiang
4 Li Ka-shing $31.4 billion Cheung Kong Diversified Hong Kong
5 Pony Ma Huateng $30.7 billion Tencent Internet, Technology Guangdong
6 Ding Lei $27.9 billion Netease Internet, Gaming Zhejiang
7 He Xiangjian $27.1 billion Midea Appliance Maker Guangdong
8 Qin Yinglin & Qian Ying $26.4 billion Muyuan Pigs Henan
9 Jack Ma Yun $25.7 billion Alibaba, Ant Group E-Commerce, Fintech Zhejiang
10 Huang Zheng $24.3 billion Pinduoduo E-Commerce Shanghai
11 Chen Jianhua & Fan Hongwei $21.4 billion Hengli Petrochemicals, Textiles Jiangsu
11 Liu Yongxing & Liu Xiangyu $21.4 billion East Hope Chemicals, Animal Feeds Shanghai
11 Lu Xiangyang & Zhang Chanhong $21.4 billion Youngy, BYD Investment, Electric Car Guangdong
14 Lee Shau Kee $20.7 billion Henderson Land Property Hong Kong
14 Wang Chuanfu $20.7 billion BYD Electric Car Guangdong
14 Wang Wei $20.7 billion SF Express Delivery Services Hong Kong
14 Yan Hao $20.7 billion China Pacific Construction Construction Jiangsu
18 Henry Cheng Kar-shun $20 billion Chow Tai Fook Jewelry, Property Hong Kong
19 Lee Choi Mei Ling $19.3 billion Lee Kun Kee Asian sauces Hong Kong
20 Li Shufu $19.3 billion Geely Car Maker Zhejiang
21 Pang Kang $18.6 billion Haitian Soy Sauce, Food Processing Guangdong
21 Wei Jianjun & Han Xuejuan $18.6 billion Great Wall Motor Car Maker Heibei
23 Liu Hanyuan & Guan Yamei $17.9 billion Tongwei Solar, Agriculture Sichuan
24 Peter Woo Kwong-ching $17.1 billion Wheelock Property Hong Kong
25 Wang Xing $16.4 billion Meituan E-Commerce Beijing
26 Huang Shilin $15.7 billion CATL Lithium Battery Fujian
26 Li Xiting $15.7 billion Mindray Medical Singapore
26 Wang Wenyin $15.7 billion Amer Industrial Guangdong
26 Xu Hang $15.7 billion Mindray, Parkland Medical, Property Guangdong
30 Richard Liu Qiangdong $15 billion JD Internet, E-Commerce Beijing
30 Yan Bin $15 billion Reignwood Beverages Beijing
32 Lui Che Woo $14.3 billion Galaxy Entertainment Casino, Entertainment Hong Kong
32 Wang Jianlin $14.3 billion Dalian Wanda Diversified Beijing
32 Zong Qinghou $14.3 billion Wahaha Beverages Zhejiang
35 Luo Liguo $14 billion Hoshine Silicon Zhejiang
36 Chen Bang $13.6 billion Aier Ophthalmology Hospital Hunan
36 Liu Yonghao $13.6 billion New Hope Agribusiness Sichuan
36 Zhang Family $13.6 billion Xinfa Group Aluminum Shandong
36 Zhang Zhidong $13.6 billion Tencent Internet, Technology Guangdong
40 Joseph Lau Luen Hung $13 billion Chinese Estates Property Hong Kong
41 Lin Li $12.6 billion Liye Investments Guangdong
42 Chen Dongsheng $11.8 billion Taikang Insurance Beijing
43 Jiang Rensheng $11.7 billion Zhifei Vaccines Chongqing
43 Zheng Shuliang $11.7 billion Weiqiao Pioneering Textiles, Aluminum Shandong
45 Zhao Changpeng $11.4 billion Binance Blockchain, Crypto Dubai
46 Li Yanhong & Ma Dongmin $10.8 billion Baidu Internet Beijing
47 Du Shuanghua $10.7 billion Rizhao Iron and Steel Steel Shandong
47 Lei Jun $10.7 billion Xiaomi Mobile Beijing
47 Yang Huiyan $10.7 billion Country Garden Property Guangdong
50 Wang Yusuo & Zhao Baoju $10.5 billion ENN Energy & Gas, Clean Energy Heibei
50 Wu Yajun $10.5 billion Longfor Property Beijing
52 Dang Yanbao $10.4 billion Baofeng Energy Energy, Hydrogen Ningxia
53 Li Zhengguo & Li Xiyan $10.4 billion Longi Silicon Shanxi
54 Jin Baofang $10.1 billion JA Solar Solar Energy Heibei
54 Li Shuirong $10.1 billion RongSheng Petrochemicals Zhejiang
56 Liang Wengen $10 billion Sany Machinery Hunan
57 Kwong Siu Hing $9.9 billion Sun Hung Kai Property Hong Kong
57 Xu Haoyu $9.9 billion Yangtze River Pharmacy Pharmaceutical Jiangsu
59 Qi Shi $9.9 billion Eastmoney Information Shanghai
60 Pei Zhenhua & Rong Jianfen $9.8 billion Canmax Eletronics, Machinery Jiangsu
61 Huang Chulong $9.3 billion Galaxy Group Property Guangdong
61 Li Hua $9.3 billion Excellence Property Guangdong
63 Zhu Baoguo $9.1 billion Joint Care Pharmaceutical Guangdong
64 Gong Hongjia & Chen Chunmei $8.8 billion Hikvision Internet, Video Surveillance Hong Kong
64 Richard Li Tzar Kai $8.8 billion PCCW Telecommunications Hong Kong
64 Wang Junlin $8.8 billion Langjiu Liquor Sichuan
67 Zhang Yong & Shu Ping $8.7 billion Haidilao Hotpot Restaurant Singapore
68 Liu Jincheng & Luo Jinhong $8.6 billion EVE Energy Battery Guangdong
69 Miao Hangen & Zhu Hongmei $8.5 billion Shenghong Printing & Dyeing Printing, Dyeing Jiangsu
70 Yu Yong $8.4 billion Cathay Fortune, Hongshang Investment, Mining Shanghai
71 Yao Liangsong $8.4 billion Oppein Furniture Guangdong
71 Zhang Congyuan $8.4 billion Huali Industrial Manufacturer, Sports Shoes Guangdong
73 Chen Lihua $8.3 billion Fu Wah Property Beijing
73 Jiang Weiping $8.3 billion Tianqi Mining Sichuan
75 Terry Guo Tai-Ming $8.1 billion Hon Hai (Foxconn) Eletronics Taiwan
76 Shen Guojun $8.1 billion Yintai Diversified Beijing
76 Wang Laisheng & Wang Yayuan $8.1 billion Luxshare Precision Consumer Electronics Guangdong
76 Wu Jianshu $8.1 billion Tuopu Automobile Parts Zhejiang
79 Wang Laichun $8.1 billion Luxshare Precision Consumer Electronics Guangdong
79 Zhang Hejun $8 billion Deye Technology Technology Zhejiang
81 Gao Jifan $7.5 billion Trinasolar Solar Energy Jiangsu
82 Sun Piaoyang $7.4 billion Hengrui Pharmaceutical Jiangsu
83 Cao Renxian $7.3 billion Sungrow Power Supply Electric, Machinery Anhui
83 Li Ping $7.3 billion CATL Lithium Battery Fujian
83 Lin Jianhua & Zhang Hong $7.3 billion First Applied Material Solar Films Zhejiang
83 Zhong Huijuan $7.3 billion Hansoh Pharmaceutical Jiangsu
87 Chen Tianqiao & Luo Qianqian $7.15 billion Shanda Investment, Gaming California, US
87 Lai Haimin $7.15 billion Horoy Property Guangdong
87 Wang Liping $7.15 billion Hengli Hydraulic Hydraulic Jiangsu
87 Frank Wang Tao $7.15 billion DJI Commerical Drones Guangdong
87 Xu Yangtian $7.15 billion Shein E-Commerce Guangdong
87 Zhu Mengyi $7.15 billion Hopson Property Guangdong
93 Zhao Yan $7.1 billion Bloomage Biotechnology Beijing
94 Joseph Tsai Chung-Hsin $7 billion Alibaba, Ant Group E-Commerce, Fintech Hong Kong
94 John Tu $7 billion Kingston Technology Semiconductor Los Angeles, US
94 David Sun $7 billion Kingston Technology Semiconductor Los Angeles, US
94 Yan Xin $7 billion Sunsun Construction Construction Jiangsu
98 Sun Shoukuan $6.9 billion Jiacheng Steel, Resources Liaoning
99 Fang Wei $6.6 billion Fangda Materials Beijing
99 Jian Jun $6.6 billion Imeik Biotechnology Beijing
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