Hurun Report: China’s rich got richer in 2019 despite tariff war

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Published: October 10, 2019 4:09:58 PM

The results reflected the growing importance of China's consumer market at a time when US tariff hikes have battered export-oriented manufacturing.

Hurun Report, china rich, US china trade war, jack ma, alibaba, china consumer market, US tariff hikesJack Ma, who retired last month as chairman of e-commerce giant Alibaba, was No. 1 with a net worth of billion. (AP photo)

An annual survey of China’s wealthiest businesspeople found they got richer this year despite a tariff war with Washington and slowing economic growth. The Hurun Report said Thursday the average net worth of China’s richest 1,800 people rose 10 per cent over 2018 to $1.4 billion.

Jack Ma, who retired last month as chairman of e-commerce giant Alibaba, was No. 1 with a net worth of $39 billion. Ma Huateng of Tencent, a games and social media company, was second with $37 billion. The results reflected the growing importance of China’s consumer market at a time when US tariff hikes have battered export-oriented manufacturing. The number of business people on the list from the tech, pharma and food industries rose while manufacturing declined.

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