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The global fashion business journal

Jul 4, 20204:26am

Billionaires in China strip the spotlight from techies in United States

Although surnames like Bezos, Gates, Zuckerberg, Brin, Page or Ballmer are among the first in the list of the richest in the world, the purchasing power has flipped to China, where most rich are concentrated.

Feb 28, 2020 — 8:52am
C. JUÁREZ
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Billionaires in China strip the spotlight from United States’ techies

 

 

Where is the wealth? Although surnames such as Bezos, Gates, Zuckerberg, Brin, Page or Ballmer are among the first in the list of the richest in the world, in recent years the purchasing power has flipped to China, where most millionaires are concentrated. In fact, the Asian country concentrates the same number of billionaires as India and the United States together.

 

In the last year, 182 new Chinese millionaires joined the Hurun Global Rich List 2020, surpassing by three the new incorporations of rich people from the United States, which amounted to 59.

 

In total, the purchasing power of Chinese millionaires last year reached 799 billion dollars, while the rich Americans concentrated 626 billion dollars. Millionaires in India, Germany and the United Kingdom total around 100 billion dollars in each country.

 

 

 

 

For the fifth consecutive year, Beijing was crowned as the capital that concentrates more people with high purchasing power. Specifically, the wealth of the millionaires of the Chinese capital exceeds 110 billion dollars. Beijing is followed by New York, Shanghai and Hong Kong.

 

Wealth in the world has increased by 16% in the last year, to 11.2 trillion dollars. The report says that the “global list of the richest people could be the third-largest country in the world, with a total wealth that exceeds the Gross Domestic Product (GDP) of any country other than China or the United States. 

 

Who is who among the richest?

Technological talent tops the list of the ten richest people in the world, with Jeff Bezos, founder of Amazon, leading the way. In addition, names like Mark Zuckerberg, Bill Gates, Sergey Brin, Steve Ballmer or Larry Page also appear in the ranking.

 

The fashion sector is represented among the richest people in the world by two protagonists. Bernard Arnault, president, and CEO of the French luxury group LVMH is the second richest person in the world, with a fortune of 107 billion dollars.

 

Amancio Ortega, meanwhile, is the sixth richest man in the world. The personal fortune of the founder of Inditex, owner of Zara, Stradivarius, Massimo Dutti or Bershka, amounts to 81 billion dollars.

 

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