There were fewer millionaires and billionaires in the Hurun Report's rich list for the second consecutive year, but their average wealth increased as China's shift to the digital economy caused production and construction tycoons to fall from the bottom.
has been a "change of guard" among China's richest people of all time, said Rupert Hoogewerf, Hurun Reports chairman, commenting on the list released Thursday.
"Technical entrepreneurs replace them from the traditional power plants for production and real estate," Hoogewerf said. "Wealth concentrates in the hands of those who are able to adapt to the digital economy," he added.
Among the biggest inductees for 201
The growing number of Chinese entrepreneurs whose most important source of wealth is technology or medicines reflects the country's changing economy. For years, China has tried to downplay the status of the world's factory, and is fighting instead to become a place where high-tech talent and innovation can thrive.
The latest ultra-rich list indicates that shifts are beginning to bear fruit.
From the same generation, Bytedance founder Zhang Yiming, 36. Bytedance is the company behind popular video and news aggregator apps such as TikTok and Toutiao. Zhang just came to the top 20 with a net worth of $ 13.5 billion.
Soaring pork prices
Some of China's largest food producers also had a great year, aided by rising pork prices.
Traditional manufacturing and real estate development are still important sources of wealth in China, but fewer super-rich people make their money in these sectors and those who suffer fall into net wealth.
Technology does not always pay
Large efforts in tech are risky, especially when they are in super-competitive industries such as electric cars and smartphones.
Xiaomi founder Lei Jun saw wealth decline by about a third as his company suffered a decline in global smartphone sales. Lei is still worth $ 10.8 billion and is in the top 30.