Tech replaces manufacturing and real estate at rich list - Rupert Hoogewerf

Rupert Hoogewerf

China's Hurun rich list is signaling yet another economic shift, says Hurun chairman Rupert Hoogewerf at CNN. This time the rich from tech firms are replacing those from manufacturing and real estate, according to the latest annual rich list.

CNN:

China's wealth is becoming increasingly concentrated in the hands of tech entrepreneurs, although some pharmaceutical moguls and pig farmers are breaking into the ranks of the super rich. 

There were fewer millionaires and billionaires on the Hurun Report's rich list for a second year in a row, but their average wealth increased as China's shift towards the digital economy saw manufacturing and construction tycoons drop off the bottom. There has been a "changing of the guard" among China's wealthiest people over the years, said Rupert Hoogewerf, Hurun Report's chairman, commenting on the list that was published Thursday. 

"Tech entrepreneurs are replacing those from the traditional powerhouses of manufacturing and real estate," Hoogewerf said. "Wealth is concentrating into the hands of those who are able to adapt to the digital economy," he added. 

Alibaba (BABA) founder Jack Ma held onto his title of China's richest man with a net worth of $39 billion, with Pony Ma of Tencent (TCEHY) rising one spot to take second place with $37 billion.

More on CNN.

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