China has reclaimed its position as the country with the most billionaires in the world. The surge is attributed to rapid growth in the artificial intelligence industry and rising stock markets, propelling China past the United States to the top spot.
China's 1,110 Billionaires Overtake U.S. After Three Years
According to the annual global billionaire report released by Hurun Group on Monday, the world now has 4,020 individuals with net worth exceeding $1 billion. China led with 1,110 billionaires.
China added 287 billionaires compared to the previous year, reclaiming the top position from the United States after three years.
The United States ranked second with 1,000 billionaires, an increase of 130 from last year. India followed with 308, and Germany with 171.
The report noted that rapid growth in China's AI industry has created new billionaires. Yan Junjie of AI company MiniMax accumulated assets of $3.6 billion, while Liu Debing of Zhishi Atlas Technology now holds $1.2 billion in wealth.
"The number of billionaires reached a global high, driven by an AI-led global stock market surge and China's globalization momentum," Rupert Hoogewerf, chairman and chief researcher of Hurun Group, told the South China Morning Post on Monday.
Over the past year, 578 new billionaires emerged worldwide. Approximately half came from Greater China, including mainland China, Hong Kong, Macau, and Taiwan.
Elon Musk Tops List With $792 Billion
Tesla CEO Elon Musk ranked as the world's wealthiest individual.
Musk's net worth reached $792 billion, marking the first time anyone has exceeded $700 billion. The increase was attributed to Tesla's rising stock price and expectations surrounding SpaceX's potential initial public offering.
Amazon founder Jeff Bezos ranked second with $300 billion, followed by Alphabet co-founder Larry Page with $281 billion.
The AI industry produced the most new billionaires. Of all billionaires worldwide, 114 are linked to artificial intelligence companies, with 46 appearing on the list for the first time this year.
By city, New York led with 146 billionaires. Shenzhen in China's Guangdong Province surged to second place with 132. Shanghai, Beijing, and London followed.
The report also noted that approximately 70 percent of current billionaires—2,900 individuals—were not on the list a decade ago. This reflects significant shifts in wealth-generating industries over the past ten years.
By sector, industrials produced the most new billionaires, with 18 emerging from the semiconductor industry alone. Healthcare added 28 first-time billionaires.
The average age of billionaires in the survey was 65.