China Records One New Billionaire Daily Amid 42% Wealth Surge

China experienced a significant surge in its ultra-wealthy population in 2024 and 2025, with the number of billionaires reaching a record 1,434 individuals, each with a net worth of at least 5 billion yuan (approximately US$702 million). This represents a 31% increase from the previous year, fueled primarily by a robust stock market and the rapid growth of "new economy" sectors such as technology and exports. The combined wealth of these billionaires soared to 30 trillion yuan, marking a 42% increase from the prior year. Zhong Shanshan, founder of Nongfu Spring, reclaimed the top spot as China's richest person with a 56% wealth increase to 530 billion yuan, overtaking last year's leader Zhang Yiming of ByteDance, whose fortune grew 34% to 470 billion yuan but fell to second place. The number of billionaires with fortunes exceeding 100 billion yuan also rose sharply by 59%, highlighting the expanding scale of extreme wealth in the country. Despite these gains, some longstanding wealthy families like Li Ka-shing and his son, though increasing their wealth by 18%, dropped in overall rankings, reflecting the dynamic shifts within China's billionaire landscape.