Millionaires and billionaires

Millionaires and billionaires

We delve deep into the wealthy's rise to fame - and their worth. 

China’s super wealthy set to grow by 46% in the next five years, report claims
The United States leads the world in the number of ultra-rich individuals, but it was China that saw the fastest gain in 2020, according to the latest Wealth Report by property consultancy Knight Frank. It seems the Covid-19 pandemic did little to dampen the fortunes of the world’s wealthiest. In China, its elite club of people whose net worth exceeds US$30 million, excluding their primary residence, grew by 16% in 2020 compared to an 11% growth in the number of Sweden’s ultra-rich residents and ahead of Singapore at 10%, according to the 13th edition of the report. At the other end of the wealthy scale, Greece’s ultra-wealthy population declined by one-third. “The number of UHNWI [ultra hi
How bottled water created China's second-richest man
Every Tuesday and Thursday, Inkstone Explains unravels the ideas and context behind the headlines to help you understand news about China. China’s billionaire class has a new member, Zhong Shanshan, who made his wealth from one of the country’s hottest commodities: bottled water. Zhong, who chairs one of China’s largest beverage bottling companies, has joined the likes of Alibaba founder Jack Ma, Tencent CEO Pony Ma and real estate mogul Hui Ka-yan on the Forbes China Rich List. (Alibaba Group is the parent company of Inkstone.) According to Forbes, Zhong was worth $54.2 billion on September 21, making him the second-richest man in China, behind only Tencent’s Pony Ma. Zhong shot up the rank
500 rich Chinese gained EU citizenship via Cyprus, leaked documents show
More than 500 Chinese people, including Asia’s richest woman, obtained European Union citizenship in the island nation of Cyprus between 2017 and 2019, according to leaked documents obtained by Al Jazeera’s Investigative Unit. The documents, which are said to contain information on 2,500 immigrants to Cyprus under the so-called golden passport program, appear to shed light on the secretive migration plans of China’s elite, adding to the perception that many are gripped by insecurity about retaining their wealth. Chinese citizens form the second-largest group of people taking part in the golden passport program, which requires applicants to invest at least €2.15 million ($2.54 million) in Cyp