The latest Hurun Global Rich List 2021 released last week showed that one in every two newly minted dollar-denominated billionaires last year were in China. Based on January 15 valuations, Hurun said of the 610 newly minted tycoons globally, 318 were in China, compared with 95 in the US. China had a total of 1,058 billionaires last year compared with 696 in the US. China also had six of the world’s top 10 cities with the highest concentration of billionaires, with Beijing at the top of the ranking for the sixth consecutive year as home to 145 of the ultra rich. Shanghai was in second place with 113 billionaires, edging out New York with 112. Hong Kong was in fifth place with 82 billionaires, behind Shenzhen’s 105. China's Zhejiang-based Zhong Shanshan, founder and chairman of the water bottler Nongfu Spring, was one of the newest members of the multibillionaires’ club, with US$85 billion in estimated wealth in seventh place making him Asia’s new richest person, pushing Mukesh Ambani of Reliance Industries off his spot with US$83 billion. The Hurun Rich List showed that Ma Huateng (known as Pony)'s net worth soared by 70% to US$ US$ 74 billion making the founder and Chief Executive of Tencent Holdings, the world’s 14th-wealthiest billionaire; the family of Jack Ma, whose Alibaba Group Holding owns the South China Morning Post, fell four notches to 25th spot with their wealth growing 22 per cent to US$55 billion; three Hong Kong billionaires made it to the top 50 in China, namely Old Money tycoons Lee Shau-kee of Henderson Land Development, Li Ka-shing of the Cheung Kong Group and Henry Chen of New World Development; among the new billionaires were Electric Vehicles (EV) entrepreneurs Li Bin of EV maker NIO and E-commerce platform Pinduoduo’s founder Colin Huang Zheng.