Billionaire boom: ultra-wealthy ranks in mainland China and Hong Kong regain momentum

The mainland had 321 billionaires as of 2024, rising by 5.6 per cent, to rank second in terms of billionaire population, following the US with 1,135 billionaires, according to the data company. Mainland Chinese billionaires collectively held about US$1.29 trillion in wealth, while their American counterparts had US$5.74 trillion. Germany was third with 184 billionaires.

In 2022, China’s billionaire population shrank by about 11 per cent.

“Structural headwinds in the Chinese economy and a more protectionist shift by major trading partners [like the US and the European Union] have weighed on billionaire growth in China in recent years, following a protracted period of expansion,” the report said. It noted that portfolios of the ultra-wealthy Chinese had been impacted by the property sector distress, regulatory pressure, softer domestic consumption and volatile capital markets.