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Business trends

Chinese billionaires' wealth soars 41% in post-lockdown resurgence

Ultrarich in China outpace rest of world thanks to country's control of pandemic

HONG KONG -- The wealth of China's ultrarich jumped 41% from April 2019 to the end of July this year, gaining from the rally in asset prices after the trough in March brought on by the coronavirus pandemic, helping the country's richest citizens to collectively break the $1.5 trillion mark and boost global billionaire wealth to a record high.

The world's second-largest economy, the first major economy to recover from the pandemic, boasted a record 415 billionaires who controlled a combined wealth of $1.7 trillion, according to a new report by UBS and PwC. In April last year, China had 389 billionaires with a combined net worth of $1.2 trillion.

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