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China overtakes US to host most dollar billionaires as 2020 stock rally challenged Covid-19 and hit wealth at record pace
One in two newly created dollar billionaires last year were in China, the first country to emerge from a national pandemic lockdown and the only major economy to grow last year, according to a list from Hurun Report . China overtook the United States last year to become the first country with more over 1,000 dollar-denominated tycoons, with 1,058 billionaires last year, compared to 696 in the United States, according to the latest Hurun Global Rich List 2021. Of the 610 newly created tycoons around the world, 318 were in China, up from 95 in the United States. United States based on Jan. 15 Assessments, Hurun said. “The world has never seen so much wealth created in a year, more than expected for a year so severely disrupted by Covid-19, ”said Rupert Hoogewerf, chief research officer and chairman of Hurun Report. “A stock market boom, driven in part by quantitative easing, and a wave of new listings have hit eight new dollar billionaires a week over the past year.” Get the latest information and analysis from our Global Impact newsletter on Big Stories from China. The richest people on the planet collectively became richer in 2020 as the world was mired in an unprecedented economic crisis caused by the worst public health crisis in decades, with the collective wealth of 0.01% increasing by 32 % …
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