Alibaba’s cofounder Jack Ma

The 64% gain in collective wealth was helped by the easing of capital market rules and an economic rebound that enabled China to pull ahead of the world’s other large economies in recovering from the pandemic. Nearly two-thirds of the listees saw their fortunes climb in the past year. The minimum net worth needed to make the list rose to $1.55 billion, compared with $1 billion a year ago.

China’s latest wealth surge puts the country on a faster track to surpass the United States as the top home of the world’s richest. The $820 billion increase in the overall wealth of China’s top 400 billionaires and billionaire couples this year eclipsed the $240 billion gain in the fortunes of this year’s Forbes 400 list of wealthiest Americans, which counts only individuals. There are 68 newcomers to the China list, while the U.S. list only saw 18 new additions. Assets were calculated using stock prices and exchange rates as of October 26, ahead of the November 3 suspension on regulatory concerns of the expected record-breaking listing in Shanghai and Hong Kong of Ant Group. The list has at least 10 shareholders in the Alibaba affiliate, including Jack Ma.

Russell Flannery, editor-in-chief of Forbes China, said: “The gusher of new wealth and capital among China's richest and savviest business leaders in the past year will almost certainly help the country achieve its ambitions in technology development and other areas. It also underscores China's lure for global financial service companies in areas such as wealth management and investment banking.”

Tech pioneers are leading the charge. Topping the list for a third year is Alibaba’s cofounder Jack Ma, who saw his fortune rise 72% to $65.6 billion, in part on the anticipated listing of Alibaba’s online financial arm, Ant Group. Tencent CEO Ma Huateng, also known as “Pony”, remains at No. 2 on the list with a net worth of $55.2 billion, up 53% from a year ago.

IPOs were another fuel for fortunes, notably in tech and healthcare. Taking the third spot on this year’s list is Zhong Shanshan, who is up a staggering $52 billion following the IPOs of Nongfu Spring, a bottled water business, and Beijing Wantai Biological Pharmacy, a pharmaceuticals supplier.

Pharmaceutical billionaire Sun Piaoyang remains at No. 4 with an increase in net worth to $35 billion from $25.8 billion previously. He Xiangjian of Midea Group, one of the world's largest appliance makers, rises one spot with a net worth of $32.2 billion, up from $23.2 billion last year. He shares the No. 5 spot with Wang Wei, who chairs SF Express, a package delivery service known as the FedEx of China.

Other notable listees include Colin Huang, chairman of e-commerce site Pinduoduo, who saw his net worth soar 44% to $30.6 billion, retains the No. 7 spot. The fortune of rival JD.com’s CEO Richard Liu tripled to $20.3 billion. He jumped 23 spots to No. 17 this year.

The top 10 richest in China are:

1) Jack Ma; US$65.6 billion
2) Ma Huateng; $55.2 billion
3) Zhong Shanshan; $53.9 billion
4) Sun Piaoyang; $35 billion
5) He Xiangjian; $32.2 billion
5) Wang Wei; $32.2 billion
7) Colin Zheng Huang; $30.6 billion
8) Yang Huiyan & family; $28.5 billion
9) Zhang Yiming; $27.7 billion
10) Hui Ka Yan; $27.1 billion

This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and regulatory agencies. Private companies are valued based on similar companies that are publicly listed. Collateralized shares are discounted. Unlike the Forbes World’s Billionaires list, this list includes spouses who are involved in their partners’ business. To facilitate comparisons of success among those with similar backgrounds, some entrepreneurs born in mainland China are included who make their money there but whose citizenship is outside of mainland China. Some estimates also include assets owned by other family members.

The full list of China’s top 400 richest can be accessed at www.forbes.com/china and www.forbeschina.com.

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