Civil service exam trainers become China's richest education entrepreneurs

Alibaba group founder Jack Ma topped the list for the third year in a row

Alibaba group founder Jack Ma topped the list for the third year in a row

And Ren Zhengfei, the founder of tech giant Huawei, managed to rise a few dozen spots on the list despite the fact that his company is under enormous pressure from a United States campaign against it. Ren is worth $3 billion and is in the top 200.

Among the most significant movers on this year's list, Colin Huang Zheng, 39, founder of 4-year-old e-commerce upstart Pinduoduo, jumped into the top 10 with a net worth of $19 billion.

Other young tech entrepreneurs that made the list year include Bytedance founder Zhang Yiming.

"Forty percent of the Hurun Rich List two years ago failed to make the cut this year, the biggest drop since records began 21 years ago", said Hoogewerf.

Traditional manufacturing and property development are still important sources of wealth in China, but there are fewer super rich people making their money in those sectors, and those who do are suffering declines in their net worth.

In contrast to the United States and Europe, where the ranks of the richest people are dominated by inherited wealth, nearly everyone on the Chinese list is self-made. Right behind him is Tencent founder Pony Ma, who took second place with an estimated net worth of $37 billion.

NJ man allegedly threatened farmers who denied him sex with animals
In one incident, he allegedly threatened to beat a property owner's wife with a stick. Decker was arrested last week and is facing 22 separate criminal charges.

Other notable faces included property developer 61-year-old Xu Jiayin (AUD $47.3 billion) and Husband and wife team Sun Piaoyang and Zhong Huijuan, who doubled their wealth to USA $25 billion (AUD $36.9 billion), shooting them up 15 places straight into fifth place.

He is the owner of debt-laden Wanda, which has been forced to carry out a fire sale of its real estate holdings following an overseas spending spree over the last several years. When the Hurun Report started around 20 years back, Hoogewerf said that there were no "dollar extremely rich people" in China, which outlines the huge financial steps the nation has made since the thousand years started. It also surprisingly revealed some pig farm owners breaking into the list of the country's ultra-rich.

In spite of the ongoing trade war with the US, the rich have mostly gotten richer in China.

China's food industry also produced a number of new billionaires, with pig farmer Qin Yinglin and his wife Qian Ying of Muyuan tripling their wealth to US$14 billion.

The Hurun Research Institute ranked individuals in China who held a personal net worth of more than US$290 million (AUD $428 million), gained from private enterprise.

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