China has overtaken the United States to reclaim its position as the world's billionaire capital, according to the annual report released by Hurun Group on Thursday, with 1,110 billionaires out of 4,020 globally. The country added 287 billionaires since the previous edition, more than recouping its losses over the last three years.
The Hurun Global Rich List shows a net increase of 578 billionaires worldwide over the last year, with China—including the mainland, Macau, Hong Kong, and Taiwan—accounting for half of the new entrants. This surge is attributed to rising global stock markets, with artificial intelligence (AI) emerging as a top wealth generator. The report notes that the number of billionaires has reached a world-record level.
"The concentration of economic power continues," said Rupert Hoogewerf, chairman and chief researcher of the Shanghai-based research, media, and investments group. "Billionaires are at world-record numbers, largely on the back of surging global stock markets, with AI leading the charge, and China’s going global."
Elon Musk leads the global list, and China's total of 1,110 billionaires surpasses the United States. The report mentions keywords such as Amazon, Germany, India, and Alphabet, but provides no specific details. Over the past three years, China had seen losses in its billionaire count, but the addition of 287 names has more than recouped those declines.
The list highlights shifts in global wealth distribution, underscoring the roles of stock markets and AI in creating fortunes.