China has seen the wealth of its billionaires soar, despite the global economic collapse which was caused by the Covid-19 virus originating in the Wuhan province.

With GDP growing 5% at a time when European nations are seeing double digit decline, China added 257 members to its billionaires club. In total China’s super-rich got €1.5 trillion richer during the pandemic.

Analysts say the country’s economy seems to have benefitted from the Covid crisis, with online platforms strongly performing and strong global demand for masks and medical supplies, often made in China. The Daily Mail reports that China’s total exports rose 9.9 per cent in September from a year earlier while factory activity also picked up.

The unprecedented growth in wealth was revealed in the annual Hurun Report who reported “the world has never seen this much wealth created in just one year”.

Rupert Hoogewerf, Hurun Report Chairman and Chief Researcher, said that  “This year has seen the biggest wealth increase in the 22 years of the Hurun China Rich List. Stock markets boom and a flurry of new listings have minted five new dollar billionaires in China a week for the past year. The world has never seen this much wealth created in just one year. China’s entrepreneurs have done much better than expected. Despite Covid-19 they have risen to record levels.”

The Daily Mail reported that Chinese manufacturers have benefited from strong global demand for masks and medical supplies, with total exports rising 9.9 per cent in September from a year earlier while factory activity also picked up.

China’s wealthiest man, founder of ecommerce platform Alibaba, Jack Ma, saw his wealth soar to almost $59billion –  up 45% during the crisis, while his fellow billionaire Pony Ma, saw his worth increase by 50% to some US$57 billion.

Their growth mirrors the surge seen by Amazon founder Jeff Bezos and other ecommerce giants but many local businesses have seen their sales hammered or effectively wiped out by the Covid lockdowns.

A graph published created by the Daily Mail underscores the disparity in the effect on GDP on economic growth between China and other countries, highlighting how China has gained wealth while other countries have had their economies flattened.

 

These figures show the year-on-year change in GDP for some of the world’s richest countries, with China’s economy larger than it was a year ago while others have seen massive decline 

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These figures show the year-on-year change in GDP for some of the world’s richest countries, with China’s economy larger than it was a year ago while others have seen massive decline

China’s role in withholding key details about the Coronavirus from other countries caused much anger, and brought attention to the country’s influence on the World Health Organisation.

Earlier this year, 62 nations came together to co-sponsor a motion at the World Health Assembly calling for an independent inquiry into the coronavirus, in a move that was said to have angered China.