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China Produced 259 Billionaires in 2020 Outpacing the United States in number of Billionaires

China has outpaced the US to became the first country in the world with more than 1000 billionaires according to the newly released 2021 Hurun Rich List.

Last year China created more than half of the world’s billionaires with 259 billionaires bringing the total number of billionaires to 1058 making China the first country to cross the 1000 mark in the world.

Despite the trade war with the US, China was able to create 259 billionaires which were more than the number of billionaires created by the US, Germany, or India.

Last year the world created 412 billionaires which brought the number of world total billionaires to 3228 by the end of 2020.

In 2020, the world was hit by the Covid-19 pandemic which has so far killed more than 1 million people, infecting more than 100 million people worldwide and destroying the global economy but to the surprise of many, China was the first country to be hit by the Covid-19 pandemic and was also the first country to come out of it facilitating China’s economic growth because China was the only major economy to post positive growth in 2020.

In 1970s and early 1980s, no body in the world believed not even USA that China the country which was far back ward economically and undeveloped would one day be able catch up US and even suppass the USA in just 40 years to become the number one trading country in the world

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Yosam Mukundane Is a political and socio-economic policy analyst at Forsige and a reporter covering Africa and Asia from Uganda.

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