Going global: key for getting rich – Rupert Hoogewerf

Rupert Hoogewerf

The 2023 Hurun China rich list sees changes, and Rupert Hoogewerf, the Hurun Report chairman and chief researcher, sees efforts to go global as a key factor for growing riches, he tells Reuters. PDD’s Temu, ByteDance’s short-video platform TikTok, and ultra-fast fashion brand Shein he sees as examples.

Reuters:

The founder of PDD Holdings saw his wealth swell by US$13.8 billion (S$18.8 billion) in a year, as a slowing global economy drove more shoppers to the Chinese company’s discount e-commerce platforms Temu and Pinduoduo, an annual rich list showed on Tuesday.

Mr Colin Huang, who founded PDD in 2015 and stepped down as chief executive in 2020, was the fastest riser in 2023’s Hurun Rich List, leaping seven places to be ranked China’s third-richest man, with a US$37.2 billion fortune. It also marked the first time he had broken into the top three ranking.

The growth of his fortune reflects the changing e-commerce landscape both in China, where consumer confidence remains low after three years of Covid-19 curbs, and abroad, where shopping platforms such as Temu and Shein are gaining steam. PDD did not immediately respond to a request for comment.

Billionaire Jack Ma, founder of rival Alibaba, which is currently going through a restructuring and working to fend off competition from the likes of PDD, fell one place from 2022 to the 10th spot.

The number of Alibaba shareholders on the list, which ranks China’s wealthiest people with a minimum net worth of 5 billion yuan (S$952.4 million), fell from 18 in 2022 to 12 this year.

Mr Richard Liu, who founded e-commerce giant JD.com, saw his wealth, and that of his wife Zhang Zetian, fall by US$6.2 billion since 2022 to US$8.26 billion, according to Hurun’s list.

JD.com’s shares fell to a record low earlier in October after banks cut its price targets, citing a weaker-than-expected recovery in consumer spending.

“Going global has been one of the key sources of growth this year,” said Mr Rupert Hoogewerf, Hurun Report chairman and chief researcher, citing PDD’s Temu, ByteDance’s short-video platform TikTok and ultra-fast fashion brand Shein as examples.

The founder of bottled water brand Nongfu Spring, Mr Zhong Shanshan, retained his first place on the list for the third year running, with a US$62 billion fortune; while Mr Pony Ma, founder of social media and gaming giant Tencent, was second, with US$38.6 billion.

More in Reuters.

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China economic interests moving to the Arab world – Rupert Hoogewerf

 

Rupert Hoogewerf

Hurun rich-list founder Rupert Hoogewerf visited the recent 10th Arab-China Conference in Riyadh and explains why China's economic interests are moving in the direction of the Arab world: new energy, building infrastructure, and rapid industrialization, he tells at Arab News.

Arab News:

He said Chinese investors appeared keen on exploring the region’s markets, particularly Saudi Arabia. With the emergence of new sectors such as renewable energy, fast-growing real estate, and rapid industrialization in the region, there are huge opportunities for Chinese entrepreneurs, he added.

Hoogerwerf said China has a large number of “young companies that are innovative” and are interested in entering the Saudi market.

He said cheap energy prices make setting up bases in the Kingdom a lucrative proposition for manufacturing companies. “And of course, there is a lot of ambition to construct new infrastructure here,” he added.

The researcher said Chinese companies have the required expertise and willingness to drive growth in the region, particularly Saudi Arabia.

He said he brought two Chinese companies with him to explore the Saudi market and launch operations in the Kingdom. One of the companies is a top manufacturer of solar panels, Hoogerwerf told Arab News. He said the company is in talks with Saudi partners to start manufacturing operations here as the Kingdom is also making efforts to transition from traditional to renewable and sustainable energy sources.

The other company, he said, is a real estate giant and visiting the Kingdom for the first time.

More at Arab News.

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Young entrepreneurs should dream bigger – Rupert Hoogewerf

 

Rupert Hoogewerf

Young entrepreneurs should dream bigger, says Hurun chairman Rupert Hoogewerf, publisher of the Hurun China Rich List, based on his talks with many rich in China.

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Number of unicorns exploded, despite three years of Covid-19 decline – Rupert Hoogewerf

 

Rupert Hoogewerf

The number of unicorns, companies worth more than US$1 billion, exploded globally over the past three years, despite the slowdown caused by Covid-19, says Hurun chairman Rupert Hoogewerf during the release of the Global Unicorn Index 2023 by Hurun Research Institute, at the China Daily. Especially the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) did very well, the report says.

The China Daily:

A total of 63 companies in the Guangdong-Hong Kong-Macao Greater Bay Area have made it onto the Global Unicorn Index 2023 by Hurun Research Institute, an increase of 12 compared to a year earlier and double the number listed on the index before the COVID-19 pandemic.

Among the top 10 unicorns from China listed on the global 2023 index, half are in the GBA, including Guangzhou-based fast fashion platform Shein (ranking 4th), Shenzhen-based digital bank WeBank (ranking 6th), Dongguan-based mobile phone makers Oppo and Vivo, and Shenzhen-based drone maker DJI. …

According to the index, Guangzhou was the Chinese city with the fastest growing number of unicorns in the past year. There were 22 unicorns from Guangzhou in the latest ranking, 12 more than a year earlier.

“The three years after the COVID-19 outbreak were the most active period for unicorns. Over the past three years, a new unicorn was created every day in the world, bringing the total to more than 1,360. Despite economic slowdown, there were over 500 new unicorns globally in the past year, which is equivalent to nearly 10 each week on average,” said Rupert Hoogewerf, chairman and chief researcher of Hurun index.

He said unicorn companies grew rapidly in the first half of 2022, but slowed down significantly in the second half.

“That was because of the US interest rate hikes, the global economic downturn and uncertainties (which) led to investment institutions nearly halting the funding of new projects. The collapse of Silicon Valley Bank further lowered valuations.”

More at the China Daily.

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China’s billionaires lost their glamour at 2023 Hurun rich list – Rupert Hoogewerf

 

Rupert Hoogewerf

China lost 229 billionaires in the last year as a faltering economy, sliding stocks and a depreciating yuan hit the country’s super-rich harder than their peers in any other nation, according to a new list published by Hurun Report. Rupert Hoogewerf, chairman and chief researcher of Hurun Report, “Chinese entrepreneurs will actively look to expand abroad from this year as they have a global perspective,” says Hoogewerf, according to the South China Morning Post.

The South China Morning Post:

The total wealth of the listed Chinese billionaires, which includes 77 people from Hong Kong and 46 from Taiwan, plummeted 15 per cent, compared to a loss of 10 per cent in net worth globally. A total of 26 Chinese tycoons rank among the world’s 100 richest people.

“Interest rate hikes, the appreciation of the US dollar, the popping of a Covid-19-driven tech bubble and the continued impact of the Russia-Ukraine war have all combined to hurt stock markets,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report, a consultancy…

“Chinese entrepreneurs will actively look to expand abroad from this year as they have a global perspective,” said Hoogewerf. “The reopening give them opportunities to copy their growth model [in China] to other countries.”

Overall, China remains the biggest source of known billionaires, with the total number standing at 969 – 40 per cent more than the US with 691.

The two countries together account for 53 per cent of the total 3,112 billionaires globally.

More at the South China Morning Post.

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How Chinese brands work on their heritage – Rupert Hoogewerf

 

Rupert Hoogewerf

Hurun chief researcher Rupert Hoogewerf issued the most successful Chinese heritage brands list for 2022, raking the 550-year-old Pien Tze Huang, a traditional Chinese medicine brand, and a current valuation of just under US$30bn. “That makes it the Number One most successful Chinese Heritage Brand,” says Rupert Hoogewerf.

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Who are China’s richest women? – Rupert Hoogewerf

 

Rupert Hoogewerf

Rupert Hoogewerf, Hurun Report Chairman and Chief Researcher, looks for the 2022 Hurun Richest Women in China list at who those women are. In his 17th year, women have been doing better, despite the global downturn for the rich over the past few years.

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China’s tycoons donate US$14 billion for Xi Jinping’s “common prosperity” – Rupert Hoogewerf

 

Rupert Hoogewerf

President Xi Jinping pushes the concept of “common prosperity to diminish China’s grasp between the poor and rich. China’s 49 richest tycoons have donated US$14 billion for that purpose, according to the Hurun China Philanthropy List 2022. “The top three on the list each donated around 15 billion yuan and came from internet companies,” says Hurun’s chief researcher Rupert Hoogewerf in AsiaOne.

AsiaOne:

The founders of three of China’s technology giants each pledged over US$2 billion to charitable causes over the past year, in a collective response to the nation’s call for common prosperity that drove donations to a record, according to the Hurun China Philanthropy List 2022.

The list recorded 49 benefactors who each gave away more than 100 million yuan (S$19 million) from April 2021 to the end of August, driving total donations to a record US$10 billion (S$14 million), the most in 19 editions and “a record year for big philanthropy,” said Hurun’s chief researcher Rupert Hoogewerf.

China’s top 10 philanthropists, all on Hurun’s China Rich list , gave away 6.3 per cent of their total wealth, or around US$8.7 billion, according to the report.

“The top three on the list each donated around 15 billion yuan and came from internet companies,” Hoogewerf said in the list released on Wednesday. “They have recently retreated behind the scenes, and have all responded quickly to the country’s common prosperity drive.”

Common prosperity first emerged as a wealth distribution concept in the 1950s soon after the establishment of the People’s Republic, and resurfaced in the 1980s when China experimented with capitalism and economic liberalisation.

President Xi Jinping has repeatedly called for “common prosperity” as an aspirational concept in the past year to narrow the gap between China’s ultra wealthy and the rural poor. The catchphrase refers to affluence shared by everyone both in material and cultural terms, not the prosperity for just a few nor an absolute equal distribution, and should be advanced step by step, according to the government…

Seven of the top 10 philanthropists donated shares of their businesses to charitable foundations, according to Hoogewerf.

“Charitable trusts have become an important way to promote common prosperity and the development of philanthropy in the country,” he said.

More at AsiaOne.

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How Shenzhen overtook New York in number of billionaires – Rupert Hoogewerf

 

Rupert Hoogewerf

More Chinese cities overtake New York in their number of resident billionaires, Shenzhen being the latest, says Rupert Hoogewerf, chairman and chief researcher of the Hurun global rich list to NBC. “It is a significant indicator of where Shenzhen has come from and where it is going,” he said.

NBC:

According to the Hurun Global Rich List, an annual ranking compiled by a private Shanghai-based company, Beijing is home to the world’s greatest number of billionaires at 144, followed by Shanghai with 121. There are 113 billionaires in Shenzhen, compared with 110 in New York, while London came in fifth with 101.

The growing concentration of wealth isn’t news to people in Shenzhen, which added eight billionaires since last year.

“It’s almost more of a wake-up call for the rest of the world,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report, the company behind the list.

While rankings can fluctuate, he said the rising number of billionaires in Shenzhen reflected a “megatrend” that will draw more young entrepreneurs to the city in coming years.

“It is a significant indicator of where Shenzhen has come from and where it is going,” he said.

Shenzhen’s rise began in 1980, when it was named China’s first special economic zone as part of the country’s “reform and opening up” under then-leader Deng Xiaoping. That allowed the city to experiment with market capitalism in an effort to attract foreign investment. From 1979 to 2021, Shenzhen’s gross domestic product grew from less than $28 million to almost $475 billion.

Today, the city is home to some of China’s biggest tech companies, including telecom giant Huawei and the internet conglomerate Tencent, inspiring others to follow. Last year, 2,500 new state-recognized high-tech companies were set up in Shenzhen, bringing the total number to 17,000, according to the local government.

More at NBC.

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Why self-made women billionaires galore in China – Rupert Hoogewerf

 

Rupert Hoogewerf

The number of self-made women billionaires has increased, especially in China, says Rupert Hoogewerf, chief researcher of the Hurun Report, who released earlier in March the 2022 Rich List, according to Money Control. “There are historical, political, social, and economic dynamics at play here,” he says.

Money Control:

Meanwhile, commenting on the report, Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said, “There are 124 self-made women billionaires in the world today, double that of five years ago and 100 more than ten years ago.”

Speaking about the the most successful women entrepreneurs in China, he added, “The self-made women billionaires in the world tell the story of the most successful women in business and these stories start with China. Why does China have two thirds of the world’s self-made women billionaires, more than double the rest of the world combined?”

“There are historical, political, social and economic dynamics at play here. One indicator can be seen from the Hurun China Private Companies SDG Readiness Index 2021, where Chinese businesses performed strongly in United Nations Sustainable Development Goal 5 Gender Equality.”

More in Money Control.

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How China’s rich saw their capital shrink – Rupert Hoogewerf

 

China’s rich have become one of the major casualties at the 2022 Hurun Rich List, including Tencent’s CEO Ma Huateng, who lost 52 billion US dollars from last year’s listing, although China’s billionaires still top the list. Hurun chief researcher Rupert Hoogewerf gives an overview of the damage to the VOA.

VOA:

According to the 2022 list, which Hurun released last week, the tech billionaires in China who were hit hard last year included Ma Huateng, founder and CEO of China’s internet conglomerate Tencent. Ma saw his wealth drop to $52 billion, as he slumped to the slot of the fourth-richest billionaire in China and a ranking of number 28 globally. Jack Ma ranked fifth among Chinese billionaires. This was the first time that the two entrepreneurs had not been in China’s top three slots since 2015.

And China shed 160 billionaires in 2021, accounting for half the world’s total of 337 list laggards who are now mere multimillionaires.

“China’s billionaires have been hit hard in the past year, with nine of the top 10 biggest wealth shrinkages and 160 drop-offs,” said Rupert Hoogewerf, Hurun Report chairman and chief researcher. He added that many of China’s biggest companies have lost as much as half their value, the steepest drop in value since the global financial crisis in 2008.

Hoogewerf said that e-commerce platforms, real estate, education, generic drugs and vaping were the hardest-hit sectors. COVID control measures, tensions with the United States, anti-monopoly regulations and China’s recently introduced push for common prosperity were behind the declines, he added.

More at the VOA.

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China keeps top position at 2022 Hurun rich list – Rupert Hoogewerf

 

Rupert Hoogewerf

China added last year 75 billionaires in US dollar terms, the 2022 Hurun rich list noted this week, according to the Global Times. “China now has more than 1,100 billion-dollar entrepreneurs, 60 percent more than the US, which also exceeds the combined number of the US, India and the UK,” Rupert Hoogewerf of the Hurun Research Institute said.

 

Global Times:

China kept its top ranking on the Hurun Global Rich List 2022 with 1,133 billion-dollar entrepreneurs, an increase of 75 from last year, followed by the US and India, according to the list released by the Hurun Research Institute on Thursday.

The list underlined robust growth in various industries in China, including technology, consumer market and advanced manufacturing, despite a complex global environment and growing downward pressure on the domestic economy, experts said.  …

Rupert Hoogewerf, the founder and chief researcher of the institute, whose Chinese name is Hu Run, said that since 2016, when China first surpassed the US, the number of billionaire entrepreneurs in the US has increased more than 30 percent, while that of China doubled.

Hu noted that China now has more than 1,100 billion-dollar entrepreneurs, 60 percent more than the US, which also exceeds the combined number of the US, India and the UK.

Zhong Shanshan is still China’s richest man, although his wealth has dropped by nearly 100 billion yuan. The ranking of ByteDance founder Zhang Yiming rose to second place in China from fifth last year, with his wealth remained unchanged at 340 billion yuan.

The wealth of CATL founder Zeng Yuqun reached 335 billion yuan, growing more than 100 billion yuan, making him the third-richest entrepreneur of the country.

Pony Ma Huateng, founder and CEO of Tencent, who ranked second last year, saw his wealth drop to 330 billion yuan, coming in fourth this year in China, while Alibaba founder Jack Ma Yun ranked fifth with his wealth standing at 235 billion yuan. This year’s list marks the first time that the two high-profile commercial entrepreneurs have fallen out of the top three in China since 2015.

More at the Global Times.

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