• 5 hours The New Drug That Could Be Bigger Than Cannabis
  • 11 hours $15/Hour Minimum Wage Might Happen Naturally
  • 1 day Could This Be The Hottest Investment Sector For 2021?
  • 2 days The Single Most Exciting Mental Health Breakthrough Of The Decade?
  • 2 days Money-Laundering Binance Probe Report Adds To Bitcoin Woes
  • 4 days Pipeline Hackers Lose Access To Ransom Funds
  • 5 days Military Coups Are Big Business
  • 5 days Crypto Market Crashes As Tesla Turns Its Back On Bitcoin
  • 6 days Gold Bulls Are Facing An Uphill Battle
  • 7 days Has The Dogecoin Hype Fizzled?
  • 9 days America's Semiconductor Shortage Is Just Getting Started
  • 12 days The EU Begins Backtracking On China Trade
  • 13 days Americans Are Sick Of Unfair Taxation
  • 15 days No Jab, No Job: The New Hardline Policy of U.S. Employers
  • 18 days What’s Included In Biden’s $6 Trillion Economic Plan?
  • 18 days The “Great Car Comeback” Brightens Oil Demand Outlook
  • 19 days The 3 Most Profitable Covid-19 Vaccine Stocks
  • 21 days Beijing Launches Digital Currency To Break AliPay-WeChat Duopoly
  • 22 days The New Economic World Order After Covid-19
  • 26 days 3 Signals To Watch For A Stock Market Correction
Dead Malls Could Be Amazon’s Next Target

Dead Malls Could Be Amazon’s Next Target

Amazon is reportedly in talks…

The New Economic World Order After Covid-19

The New Economic World Order After Covid-19

"Unless we change direction, we…

Josh Owens

Josh Owens

Writer, Safehaven.com

Josh majored in International Relations at the University of Edinburgh and is currently the Content Director at Oilprice.com. Josh has over 6 years of writing…

Contact Author

  1. Home
  2. Markets
  3. Economy

The Chinese Billionaires Defying COVID Losses

China Billionaire Coronavirus

Since the beginning of 2020 and the start of the coronavirus pandemic, the world’s richest 500 people have lost $1.3 trillion, or about 22% of their total net worth, as experts predict that more than $4 trillion will be wiped out of the global economy. But not everyone’s losing. 

In fact, nine of the world’s wealthiest people--all of them Chinese--have actually profited during the pandemic. 

Shanghai-based Hurun Research said that nine of its Global Top 100 grew wealthier while 86 saw a fall in their assets and five have come out with no losses and no gains.  

The report said that the surge in demand for medical equipment, videoconferencing and online education in the last three months has increased the wealth of a number of Chinese billionaires by as much as 77%.

Xu Hang, the founder of Shenzhen Mindray Bio-Medical Electronics, which has the fortune to produce ventilators among other medical equipment, saw its assets jump by 26% to $13.5 billion. It helps to win contracts to supply devastated countries like Italy with thousands of pieces of equipment. 

Another major COVID winner has been Liu Yonghao, the founder of pork producer New Hope, whose wealth grew 20% to $15 billion. Likewise, family-owned Chinese pork giant Muyuan Foods added $3billion to their wealth.

Outside the top ranks is China-born California resident Eric S. Yuan, chief executive of video conferencing company Zoom Video Communications, whose visa application was reportedly denied by the U.S. government eight times.

His wealth rose by 77% to $8 billion over the two months. The company’s revenue grew 88% to $622.7 million. That’s because the coronavirus has given it over 60% growth in new customers. 

But the Zoom boom is not without its caveats. The FBI warned last week of a new potential privacy and security concern called "Zoombombing."

Meanwhile, Forbes reports that 389 Chinese citizens have made Forbes World’s Billionaires list--an increase from 324 last year and 372 the year before. Collectively, these billionaires are worth $1.2 trillion, up from $982 billion in 2019 (not including Hong Kong and Macao). 

TikTok founder Zhang Yiming also made the Top 10 list, as did real estate tycoon Hui Ka Yan. 

Perhaps the biggest COVID culling was for Wang Jianlin, an entertainment titan who has lost nearly $9 billion on the economic lockdown. 

Jack Ma, cofounder of giant Alibaba with a net worth of $38.8 billion, again holds the top spot as Chinese richest person--a spot he had relinquished last year to Tencent’s Ma Huateng.  

Back in the United States, while billionaires are shedding net worth rapidly, and the Bloomberg Billionaires Index shows the world’s richest 500 people lost $1.3 trillion since the start of 2020, again, there is at least one big winner: 

Amazon is now cleaning up nicely. According to the Bloomberg Billionaires Index, Jeff Bezos’ net worth has actually climbed by nearly $6 billion so far this year. That makes him the only billionaire not on the losing end of things, year-to-date. 

By Josh Owens for Safehaven.com 

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment