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HURUN REPORT FINDS 87 SELF-MADE BILLIONAIRES IN THE WORLD AGED 40 & UNDER, UP 8 IN YEAR AND ALMOST DOUBLE IN 5 YEARS
USA LEADS WITH 37, UP 6, CHINA SECOND WITH 25, DOWN 5. USA AND CHINA HAVE 71%, DOWN FROM 77% LAST YEAR, OF TOTAL. UK OVERTOOK INDIA FOR THIRD PLACE WITH 8, UP 5.
DESPITE LOSING US$25BN, MARK ZUCKERBERG, 37, WORLD’S NO.1 UNDER 40YRS WITH US$76BN. TIKTOK FOUNDER ZHANG YIMING, 39, SECOND WITH US$54BN.
BAHAMAS-BASED SAM BANKMAN-FRIED, 30, OF CRYPTOEXCHANGE FTX DOUBLES WEALTH TO US$21BN AND THIRD PLACE. 7 CRYPTO BILLIONAIRES MAKE LIST, INCLUDING CO-FOUNDERS OF COINBASE, GEMINI, HUOBI AND OK.
31 NEW FACES, 4 WITH US$5BN+, LED BY DAVID VELEZ (40) OF BRAZIL DIGITAL BANK NUBANK WITH US$8.1BN; SHENZHEN-BASED ZHANG GUOTAO, 37, AND WIFE LU YIWEN, 35, OF NEW DIAMOND BRAND DR WITH US$6.7BN; GUANGZHOU-BASED CHRIS XU YANGTIAN, 39, OF FAST FASHION RETAILER SHEIN WITH US$6.3BN; AND BEIJING-BASED TANG BINSEN, 40, OF SPARKLING WATER BRAND GENKI FOREST WITH US$5.6BN.
ROBERT SCARINGE, 38, OF JEFF BEZOS-BACKED EV MAKER RIVIAN DEBUTED WITH US$1.5BN. ON ITS IPO, RIVIAN WAS BRIEFLY WORTH US$100BN. 3 EV MAKERS, INCLUDING CO-FOUNDERS OF GUANGZHOU-BASED XPENG MOTORS AND PHOENIX-BASED NIKOLA.
FASTEST RISER IS NIKOLAY STORONSKY (37) OF UK DIGITAL BANK REVOLUT, WEALTH QUADRUPLED TO US$6.6BN.
BAIJU BHATT, 38, AND VLADIMIR TENEV, 34, OF HIGHPROFILE BROKERAGE PLATFORM ROBINHOOD BOTH MADE THE LIST.
WITH 13 BILLIONAIRES, MEDIA MAIN SOURCE OF WEALTH, FOLLOWED BY PAYMENT SOLUTIONS, CRYPTO EXCHA NGES AND CLOUD SOLUTIONS.
BIGGEST LOSSES IN YEAR. MARK ZUCKERBERG DOWN US$25BN, FOLLOWED BY 3 FROM CHINA, INCLUDING SU HUA (DOWN US$18BN) AND CHENG YIXIAO (US$15BN) BOTH OF VIDEO-SHARING APP KUAISHOU AND KATE WANG (DOWN US$10BN) OF VAPING BRAND RELX.
12 INDIVIDUALS, UP 2, BORN IN NINETIES, WITH YOUNGEST AUSTIN RUSSEL, 26, OF LOS ALTOS HILLS-BASED LUMINAR TECHNOLOGIES WITH US$2.1BN.
7 WOMEN ON HURUN GLOBAL U40, LED BY LU YIWEN OF DIAMOND BRAND DR WITH US$6.7BN
20 OR 23% ARE IMMIGRANTS. RUSSIA (4), CHINA (3) AND INDIA (3) LED FOR COUNTRY OF ORIGIN, WHILST USA (8), UK (7) AND UAE (2) LED FOR COUNTRY OF RESIDENCE.
HURUN U40S CO-FOUNDED 10+ OF HURUN GLOBAL 500 MOST VALUABLE COMPANIES, INCLUDING META, BYTEDANCE, AIRBNB, STRIPE, RIVIAN, SPOTIFY, DOORDASH, PINTEREST, UBER AND DIDI.
77%, DOWN FROM 83% LAST YEAR, MADE THEIR MONEY FROM SELLING TO CONSUMERS, WHILST ONLY 23% SELL TO BUSINESSES.
ONLY 23% MADE THEIR MONEY FROM SELLING PHYSICAL PRODUCTS, WHILST 77% SELL SOFTWARE & SERVICES.
WITH 18 LISTINGS, NYSE IS THE PREFERRED EXCHANGE
34 INDIVIDUALS UNDER THE AGE OF 40, FROM HURUN GLOBAL RICH LIST, BILLIONAIRES THROUGH INHERITENCE, LED BY CHINA-BASED ROADBUILDER YAN HAO, 36, WITH US$20BN; LUKAS WALTON, 35, OF WALMART; LONDON-BASED PROPERTY OWNER HUGH GROSVENOR, 31, LEGO HEIR AGNETE KIRK THINGGAARD, 38; AND ADAM KWOK OF HK-BASED PROPERTY OWNER SUN HUNG KAI.
HURUN REPORT, WORLD’S LARGEST RICH LIST PROVIDER, RELEASES HURUN GLOBAL U40 SELF-MADE BILLIONAIRES 2022
(24 March 2022, Shanghai, China, and Mumbai, India) Hurun Report today, in association with Shanghai-based Hywin Wealth, released the Hurun Global Forty and Under Self-Made Billionaires 2022, a ranking of the self-made US dollar billionaires forty years and under currently found in the world. Wealth calculations are a snapshot of 14 January 2022. This is a sub-list of the Hurun Global Rich List, released on 17 March.
Hurun Research found 87 self-made billionaires in the world aged 40 or under, up 8 on last year. They came from 11 countries, up 1 on last year. Their total wealth was US$456bn, down 14%. 12 individuals, down 5, are worth US$10bn or more. The average age was 37yrs. It took them 6 years to make their first billion on average.
47 saw their wealth go down, of which 13 dropped out. A further 10 from last year turned 41 years old, so no longer made the age cut-off. 44 saw their wealth go up, of which 31 were new faces. 7 saw their wealth not change.
Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report, said, “The Hurun Global U40 Self-Made Billionaires tells the story of the new economy through the stories of the world’s most successful young entrepreneurs. What are they doing? How are they doing it differently? The answers to these questions give an indication of the future economy of the world.”
“Media, Payment Solutions, Digital Banks and Crypto Exchanges were the main sources of wealth for the Hurun Global U40. Media consumption is going through a revolution, led by the likes of the founders of Facebook, TikTok, Snapchat, Kuaishou, Instagram and Bilibili. Payment Solutions are being changed by the founders of Stripe, Checkout.com and Klarna. Crypto exchanges are leading the charge for crypto currency transactions, with the founders of FTX, Coinbase and Gemini leading players. This year’s U40 saw the value of digital banks grow super fast, led by Nubank in Brazil and Revolut in the UK.”
“This year we have found 87 Global U40 self-made billionaires, a new world record, and almost double the number from five years ago.”
“One in four of the Hurun Global U40 are born and brought up in countries different to where they live today. The most attractive start-up ecosystems for young immigrant billionaires were the USA and UK, whilst the main country of origin was Russia.”
“Serial entrepreneurs are a new trend. One in four previously set up a business, before founding the business that helped them build their current billion-dollar fortune. Zhang Yiming, for example, aged 26, started a property search business before setting up what is today ByteDance. Swiss-born Guillaume Pousaz started his first business aged 27, but then split from his business partner before setting up checkout.com. Tang Binsen sold his gaming business, which gave him the capital to set up Genki Forest.”
“What is it that stands the Global U40s out, other than the fact they have a billion dollars before the age of 40? They are more than twice as likely as older billionaires to do software & services, and more than 20% more likely to sell directly to consumers. The mind boggles as to how big they could be when they are the age of Bill Gates or Warren Buffett.”
“The China U40s are doing consumer goods more than any other country, perhaps taking advantage of the supply chain availability in China. The likes of Xu Yangtian of fast fashion retailer Shein started out using the Pearl River Delta textile supply chain coupled with online marketing.”
“Hurun promotes entrepreneurship through its lists and research. The Hurun Global U40 is designed to encourage more young people to learn about entrepreneurship through the stories of the world’s most successful U40 entrepreneurs.
Wang Dian, President of Hywin, commented, “Hywin is delighted to release the Global U40 self-made billionaires in association with world-leading rich list producer Hurun. Hywin is well positioned in a fast growing industry. On the back of our core wealth management business, we are developing asset management and healthcare management services, empowered by digital technologies to achieve healthy growth and meet the needs of our clients. Going forward, we will stick to the core value of ‘adhering to long-term growth and creating sustainable value’, and being strictly compliant to regulations and follow industry trends in order to create value for the society, facilitate industry development and usher in a new era together with our employees.”
The Top 10 Hurun Global U40s
7 are based in the US, and 1 in each of Bahamas, China and Singapore. They come from five companies: Meta, Airbnb, Stripe, ByteDance and FTX. Cut-off to the Top 10 was US$12bn, down 8% on last year.
There were three new faces at the expense of Su Hua and Cheng Yixiao of Kuaishou, whose wealth dropped almost 80%, and Tom Zhang Bangxin of TAL Education, who – despite no longer being eligible to be on the list since he is now 41yrs old – saw his wealth down over 90% after far-reaching China government policies on home tutoring.
Mark Zuckerberg, 37, saw his wealth down US$25bn, taking him back to 2018 levels, but still remaining the richest self-made entrepreneur in the world under the age of 40 for the 7th year. The main reason for his drop in wealth? Apple started allowing users to choose on how their data is used. The result? Facebook’s revenues from targeted ads are expected to be down US$10bn. But it was Zuckerberg’s shift to the metaverse that has really drawn the world’s attention, coupled with the change of its name from Facebook to Meta Platforms.
With US$54bn Zhang Yiming, 39, of ByteDance, has retained the second spot in the Hurun Global U40 list. ByteDance is the most valuable start-up in the world, with a valuation of $280bn according to the 2021 Hurun Global Unicorn Index. In November, Zhang stepped down as chairman of the company.
MIT graduate Sam Bankman-Fried, 30, of Bahamas-based cryptocurrency exchange FTX broke into the Top 3 of the Hurun Global U40 for the first time, making him the richest blockchain entrepreneur in the world under the age of 40. Since its founding three years ago, FTX has grown to a valuation of US$32bn, which puts it close to cryptocurrency exchange giants Coinbase and Binance.
With US$14bn, Brian Chesky is 4th on the Hurun Global U40 list. Chesky was working as an industrial designer before he co-founded Airbnb with Nathan Blecharczyk and Joe Gebbia who shares the fifth spot with a wealth of US$13bn each. After a severe drop in demand during 2020, Airbnb rebounded strongly this year with an increase in bookings for nights and experiences, with revenues up 67% in the third quarter.
With US$13bn, Dustin Moskovitz, 37, who co-founded Facebook with then-roommate and Harvard student Mark Zuckerberg, shares the fifth spot. Most of Moskovitz’ wealth comes from his 2% stake in Facebook. Moskovitz and his wife started Good Ventures, a philanthropic foundation, with the aim to donate most of their wealth.
With US$12bn each, Irish-born brothers John and Patrick Collison of payment platform Stripe, shares 8th place. Stripe has grown to a valuation of US$95bn, making it the world’s Top 5 most valuable unicorn, according to the 2021 Hurun Global Unicorn Index.
Most of Eduardo Saverin’s wealth is from his stake in Facebook, bringing him US$12bn and eighth place in the Hurun Global U40 list. Today, Singapore-based Saverin is a venture capitalist.
Where do they live?
By country, the USA topped the U40s list with 37 self-made billionaires, followed by China (25). The UK overtook India for third place, whilst Sweden broke into the Top 5 for the first time. The Hurun Global U40 came from 11 countries, with two from Brazil and UAE, and one from each of Australia, Bahamas, Denmark and Singapore.
By city, the Bay Area in the US led with San Francisco top and Palo Alto in the Top 3. Beijing dropped down to second. London was the fastest-growing city for young self-made billionaires in the world.
The USA was the preferred country of residence, making up 42% of the total and adding 10 new faces to this year's list. Software & Services (10) and Media (6) were the preferred wealth-creating sectors.
China remained in second place, albeit down 5 billionaires compared with last year. Top was TikTok founder Zhang Yiming. Top three industries were consumer goods, media and F&B. There were 8 new faces, led by Shenzhen-based Zhang Guotao, 37, and wife Lu Yiwen, 35, of diamond brand DR, who made the list with US$6.7bn. Others included Liu Fuping, 40, of spicy snack food brand Weilong, as well as two bubble tea tycoons Shenzhen-based Nio Nie Yunchen, 31, of Heytea and Zhang Hongfu, 37, of MXBC.
The UK overtook India to third place by adding 5 to take the total to 8. Curiously, only Benjamin Francis, 29, of Gymshark was of British origin, with the others all from abroad, led by 3 from Russia, and 1 from each of Ukraine, Estonia, Switzerland and Australia.
Who’s Up?
The biggest gainers of the year were Sam Bankman-Fried of FTX, a Bahamian cryptocurrency exchange, whose wealth shot up US$11bn, followed by Stripe co-founders John Collison and Patrick Collison, and Nikolay Storonsky of Revolut.
There were 30 new entrants to the list, led by Brazil-based David Velez of Nu Holdings followed by Xu Yangtian of Chinese online fast fashion retailer and Tang Binsen of Genki Forest.
Greater China: The world’s absolute No. 1 when it comes to billionaires, with more than the next three countries combined.
‘Bottled Water King’ Zhong Shanshan, 68, retained his position as China's richest people with US$72bn. TikTok's Zhang Yiming, 39, and battery maker CATL’s Zeng Yuqun, 54, both broke into the China Top 3, whilst Pony Ma of Tencent and Jack Ma of Alibaba dropped out of the Top 3 for the first time since 2015. Led by Beijing, China now has the Top 3, 5 of the Top 10 and 10 of the Top 30 cities in the world, when it comes to preferred places for billionaires to live. The average age is 59 years old, 5 years younger than the average of the list. China has the largest number of self-made billion-dollar entrepreneurs in the world, and a massive 66% of the world's self-made women billionaires. 7 non-Chinese billionaires live in China, mostly in Hong Kong.
619 saw their wealth grow, of which 235 were new faces. 566 people saw their wealth drop, of which 160 fell off the list. 118 remained unchanged. Notable changes include:
New faces. Taiwan-born ‘Sneaker King’ Zhang Congyuan, 74, was the highest new entrant with US$14bn on the back of the IPO of shoe maker Huali, followed by new energy tycoon Cao Renxian, 54, of Sungrow Power Supply with US$9.2bn.
China’s renewables boom continued with Ningbo-based Luo Liguo, 68, & family of Hoshine Silicon, and Gao Jifan, 57, & family of Trinasolar both seeing their wealth triple to US$16bn and US$8.5bn respectively.
Down but not out. Kate Wang Ying, 40, of vaping brand Relx saw her wealth drop 91% to US$1bn. Real estate developer Sun Hongbin, 59, of Sunac had the second biggest drop, down 53% to US$4.3bn. Cheng Wei, 39, was also just hanging in as a billionaire after the share price of car hailing app Didi crashed.
Shutting down nickel trading. Wenzhou-based Xiang Guangda, 64, of Tsingshan caused the world’s nickel market to shut down at the London Metal Exchange. Despite this, Xiang’s wealth rose 27% to US$4.2bn.
The USA is second behind China with 716 billionaires, up 20. Financial Services remain the main source of wealth with 154 billionaires, followed by Software & Services and Media & Entertainment with 97 and 84. Their combined wealth was US$4.8 trillion, equivalent to 5% of global GDP or a little more than that of Germany. New York had the highest concentration of billionaires (110), followed by San Francisco (62) and Los Angeles (27). California was the state with the most number of billionaires, 106, of which over half are from the Bay Area. The USA is the world capital for immigrant billionaires. The average age of US billionaires increased to 66, two years higher than the average age of the global list. Notable changes include:
· With a 179% increase in wealth, brothers John and Patrick Collison of San Francisco-based payment processing company Stripe were the fastest risers in the US. Stripe is now worth US$95bn, making it the second biggest unicorn in the US after SpaceX.
· Indonesia-born and San Francisco-based Leo Koguan, 67, shot into the list with a fortune of US$8.5bn. The retail investor holds more than 6.3 million shares of Tesla.
· New York-based Stephen Schwarzman, 74, of money manager Blackstone received a total payout of US$1.1bn in 2021. Backed by the best results in its history, Schwarzman increased his wealth by 65% or US$13bn to US$33bn.
· Taiwan-born Jen-Hsun Huang, 59, of semiconductor giant Nvidia, saw his wealth grow 68% as the global chip shortage continued. Nvidia has grown to become one of the Top Ten most valuable companies in the world, with a market cap of over US$500bn.
· With a wealth erosion of US$16bn, Daniel Gilbert, 60, of mortgage lender Rocket Companies, is the largest wealth destructor in the USA after Mark Zuckerberg. An increase in the benchmark lending rate coupled with inflation resulted in a weaker mortgage market, with Rocket down 40%.
· Ernest Garcia II & family of Carvana, an online used car retailer, saw his wealth decrease by 41%, down US$11bn. Carvana covers 80% of the US, leaving little room for growth.
· After being the fastest riser in the world last year, Eric Yuan Zheng, 52, of Zoom, saw his wealth halved to US$8.4bn, as Microsoft Teams cut into Zoom’s core business.
· Adam Foroughi, John Krystynak and Andrew Karam of mobile technology company Applovin, broke into the list on the back of their IPO, which values Applovin currently at US$18bn.
· Kim Kardashian, 41, of KKW Beauty debuted this year with US$2bn. This year, Kardashian sold a 20% stake to makeup giant Coty for US$200mn, but it was her divorce from LA-based rapper Kanye West, 44, that really caught the headlines. West also made it to billionaire status for the first time with US$1.4bn, on the back of his Yeezy sneaker and fashion line.
· Canada-born David Baszucki, 60, and brother Gregory of video game developer Roblox Corporation, debuted the list with US$5.9bn and US$1.3bn.
· Adam Neumann, 42, re-entered the list with US$1.6bn, on the back of a rise in the value of WeWork.
· William Lynch and John Foley of Peloton Interactive, an American exercise equipment company, dropped out of the list after the company stopped production. Poland-born Peter Szulczewski of e-commerce platform Wish dropped off from the list due to a decline in daily user activity and active buyers.
India cemented the 3rd spot with 215 billionaires, 38 more than last year. With US$103bn, Mukesh Ambani, 64, of Reliance is the richest person in India. Healthcare, Consumer Goods, and Chemicals led the way, with 46, 29, and 23 billionaires each. Mumbai is the billionaire capital with 72, followed by New Delhi with 51. The average age was 66. There are a further 34 billionaires of Indian origin, living outside of India, led by LN Mittal of ArcelorMittal in London.
180 saw their wealth increase, of which 51 were new faces. 23 decreased and 11 dropped off. 12 stayed the same. Notable changes include:
· With an increase of US$49bn, Gautam Adani, 59, & family of energy conglomerate Adani Group was the world’s fastest riser, after seeing the group grow to a US$150bn value. Adani is the second richest Asian after Mukesh Ambani.
· Mumbai-based Falguni Nayar & family, 58, of beauty and wellness e-commerce company Nykaa became India’s most successful self-made woman, with US$7.6bn, and overtaking Kiran Mazumdar of Biocon for the first time.
· Apoorva Mehta's Instacart now stands at a US$39bn valuation, but the 35-year old billionaire had 20 failed start-ups before Instacart.
· After the underwhelming IPO of Paytm, Vijay Shekhar Sharma, 43, was down 58% to US$1.3bn.
· Rajinder Gupta, 62, of textile fabric manufacturer Trident, made the list for the first time with US$3.3bn, on the back of a surge in demand for home textiles after lockdown restrictions were eased in the US and Europe.
The UK was up one place to 4th with 150 billionaires, up 16. Real Estate and Retail led the way with 28 and 23 billionaires. UK billionaires have a combined wealth of US$551bn. The UK is second for immigrant billionaires after the USA. London was the undisputed city of choice for 101 of them followed by Manchester and Liverpool with 4 each.
101 saw their wealth increase, of which 22 were new faces. 32 saw their wealth decrease and 5 dropped off. Notable changes include:
· Denise Coates of betting platform Bet365 is the UK’s richest woman and biggest individual taxpayer, paying US$630mn of taxes, up 50% on the previous year.
· Russia-born Nikolay Storonsky, 37, saw his wealth increase four-fold to US$6.6bn, as fintech and online banking platform Revolut became the world’s tenth most valuable unicorn with a US$33bn valuation according to Hurun Global Unicorn Index 2021.
· Alan Sugar of Amshold reportedly paid himself a US$500mn dividend.
· Russia-born brothers Dmitry and Igor Bukhman, of gaming company Playrix debuted the list with a wealth of US$3.5bn each.
· Australia-born Johnny Boufarhat, 27, of online conference-hosting platform Hopin, made the list for the first time with US$3bn and is the UK’s youngest self-made billionaire.
· Russia-born Denis Sverdlov (US$3.3bn) saw his wealth drop 37%, on the back of production delays for electric bus maker Arrival and despite Arrival becoming the largest UK listing on Nasdaq.
Germany was 5th with 145 billionaires. Retail led with 22 billionaires, followed by Healthcare with 21 and Food & Beverages with 20. Their combined wealth was US$627bn. The average age was 66. Munich was the preferred city to live in, followed by Hamburg. 99 saw their wealth increase, of which 13 were new faces. 37 decreased and 7 dropped off. Notable changes include:
· Brothers Andreas and Thomas Strungmann saw their wealth increase by 50% to US$15bn each, on the back of BioNTech’s deployment of a Covid-19 vaccine in association with Pfizer.
· Gisela Sick & family, 99, manufacturer of sensors and sensor solutions for industrial automation SICK, broke into the list for the first time with US$5bn.
· Georg Schaeffler of automobile component manufacturer Schaeffler Group, was down US$2.5bn on accounts of the Volkswagen emissions scandal.
Switzerland was 6th in the world with 107 billionaires, up 7. Geneva and Zurich were the billionaire capitals, with 19 and 18. Preferred sectors were Healthcare (24), Consumer Goods (12) followed by Chemicals (9). With a net worth of US$34bn, Klaus-Michael Kuhne of Kuehne + Nagel International, a global transport and logistics company, is the new wealthiest individual in Switzerland. Their combined wealth was US$461bn, up 18%. Switzerland is the third biggest billionaire immigration country, with over half (58) of the Swiss-based billionaires born outside of Switzerland.
France rose to 7th with 73 billionaires, 5 more than last year. Their combined wealth was US$639bn, up 20%. The preferred sectors were Food & Beverages and Consumer Goods, with 14 and 12 billionaires. Paris was the preferred city in France for 50 billionaires. France’s five richest individuals all made their wealth in luxury, led by Bernard Arnault of LVMH, Bertrand Puech of Hermes, Francoise Bettencourt Meyers of L’Oreal, Francois Pinault of Kering, and Alain Wertheimer of Chanel.
Russia dropped to 8th with 72 billionaires, down 13. A further 20 Russia-born billionaires live across the world, with 7 in the UK and 5 in Switzerland. All are self-made. The most popular sectors were Metals & Mining and Energy with 17 and 15 billionaires. Moscow was home for 58 of them. Their combined wealth came to US$320bn, down 23%. With US$21bn Vladimir Potanin, 61, of mining giant Norilsk Nickel, is the richest Moscow-based billionaire. The richest Russia-born entrepreneur is California-based Sergey Brin, 48, of Alphabet.
Since the cut-off of the Hurun Global Rich List on 14 January, the cumulative wealth of Russian billionaires is down over US$100bn. 12 Russian entrepreneurs dropped off the list as the Russian rouble and stock market crashed. Some of the high profile drops out include Oleg Tinkov (last year wealth US$3.3bn) of Tinkoff Bank, Vladimir Evtushenkov (last year wealth US$2.5bn) of Sistema and Arkady Volozh (last year wealth US$2.4bn) of Yandex. Others impacted by sanctions include metals tycoon Alisher Usmanov (whose wealth was down US$1bn), Alfa Group owner Mikhail Fridman (wealth down 27% or US$4bn), Petr Aven (down 17% or US$1bn) and steel magnate Alexei Mordashov (down 41% or US$9bn) and Roman Abramovich (wealth down 21% or US$4bn to US$15bn). Abramovich announced he was selling Chelsea Football Club after one of their most successful seasons ever.
Brazil retained the 9th place with 54 billionaires, five less than last year. The combined wealth of the Brazilian billionaires was US$157bn, 5% less than last year. The preferred sector was Financial Services with 21, followed by Healthcare with 7 billionaires. Sao Paulo was the preferred city for 34 of Brazil’s 54 billionaires. The richest person is Marcel Herrmann Telles of investment firm 3G Capital with US$11bn.
Italy overtakes Thailand to the 10th position with 52 billionaires. Their combined wealth was US$188bn. The preferred sector is Consumer Goods with 24 billionaires. Milan is the preferred city for Italian billionaires.
Who’s Up?
The biggest gainers of the year were Gautam Adani of India-based energy business Adani Group, whose wealth shot up US$49bn, Google co-founders Larry Page and Sergey Brin, and Bernard Arnault of LVMH.
There were 24 new entrants to the Top 100, led by Australia-based Mike Cannon-Brookes and Scott Farquhar of Atlassian, both 42, followed by Cyrus Poonawalla of India-based vaccine maker Serum Institute.
Leading the new faces on this year’s list were Renata Kellnerova, who inherited the Czech Republic’s largest insurer from late husband Petr Kellner.
In terms of percentage growth, UK-based Nikolay Storonsky of fintech platform Revolut, Jorge Moll Filho of recently listed Rede D'or and Cho Jung-Ho of Meritz Financial grew the fastest, quadrupling their wealth.
And, Who’s Down?
Mark Zuckerberg was down US$25bn following a spat with Apple and challenges to its core advertising business. The next four biggest drops came from China, led by Su Hua and Cheng Yixiao of video-sharing app Kuaishou, which dropped off significantly after going public. Kate Wang Ying managed to cling on to billionaire status, after a 90% collapse in the share price of vaping brand Relx. Grant Wang Ning of toymaker Popmart saw his wealth down US$4.1bn.
And, Who’s Down?
9 of the 10 biggest drops came from China, led by Colin Huang of China e-commerce platform Pinduoduo, whose wealth was down US$50bn. The Chinese government stepped up its anti-monopoly regulations, with a significant impact on e-commerce platforms. Other sectors hit bigtime by included real estate, with one of the biggest real estate tycoons Xu Jiayin of Evergrande now on the brink of bankruptcy, and online home tutoring platforms. The only non-Chinese in the Top 10 was Mark Zuckerberg, who lost US$25bn on the back of challenges to its core advertising business and its shift to the metaverse.
Dropoffs
13 dropped off because their wealth no longer made the cut, whilst a further 10 from last year are now 41 years old and no longer qualify for the Hurun Global U40. Guangzhou-based David Huang Jinfeng, 39, of cosmetics brand Perfect Diary (held under Yatsen) was the biggest casualty, dropping from US$3.7bn last year.
Breakdown by Industry
The main source of wealth for the world’s top young entrepreneurs was in Media, followed by Payment Solutions.
Youngest
The average age was 37 years with 12 born in the nineties. Austin Russel of Luminar Technologies is the youngest self-made billionaire in the world after his company went public in December 2020.
Women U40 billionaires
7 women made the Hurun Global U40, led by Lu Yiwen, 35, of Chinese diamond brand DR. Lu has US$6.2bn of the US$6.7bn fortune shared with her husband Zhang Guotao. Bumble founder Whitney Wolf Herd, 32, is the youngest self-made women billionaire in the world.
By Continent. Asia pulled away from North America and Europe, both in terms of new additions and total wealth.
Asia, with 57% of the world’s population, accounted for 67% of new faces, 52% of billionaires and 42% of total wealth.
Immigrant Billionaires
20 of the Hurun Global U40 are born and brought up in countries different to where they live today. These immigrant billionaires chose the USA (8), UK (7) and UAE (2) to live in today, and came originally from Russia mostly, followed by China, India and Ireland.
Q: How long does it take to make a billion dollars?
A: 6 years
Points of interest
· Apoorva Mehta found Instacart after his 20 failed start-up ideas. The idea of the app emerged from the inconvenience of running around the town for the ingredients to cook.
· The co-founder of Spotify Daniel Ek invested US$1bn of his own money in early tech companies.
· Blockchain billionaire Brian Armstrong of Coinbase bought a villa in LA for US$133mn.
· 13 Hurun Global Unicorns were founded by individuals from the Hurun Global U40.
Online Forum
At 19:30 on March 26th, "On the occasion of the first anniversary of Hywin, there will be an online forum to discuss wealth and health under common prosperity. At that time, Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report, will also provide highlights into the "2022 Hurun Global U40 Self-made Billionaires 2022". We sincerely invite everyone to join us and explore new ideas for economic development in the context of the new era.
For more exciting information, please identify the QR code below:
About Hywin Holdings
Hywin Holdings Ltd. (‘Hywin’) was formed in 2006 in Shanghai’s Lujiazui district, and is among the most well-established financial investment institutions in China. With more than a decade of development, Hywin’s has expanded its network to 178 Wealth Service Centers across 88 cities, and established branches in Hong Kong, Europe, and the United States. Hywin currently has nearly 3,000 employees globally with more than 1,600 Relationship Managers that are industry elites from banks, securities companies, and trust companies. As of December 31, 2021, Hywin proudly provides wealth management, asset management and EAM services to more than 130,000 high-net-worth individuals and institutions.
About Hurun Inc.
Promoting Entrepreneurship Through Lists and Research
Oxford, Shanghai, Mumbai, Sydney, Paris
Established in the UK in 1999, Hurun is a research, media and investments group, promoting entrepreneurship through its lists and research. Widely regarded as an opinion-leader in the world of business, Hurun generated 6 billion views on the Hurun brand last year, mainly in China and India.
Best-known today for the Hurun Rich List series, telling the stories of the world’s successful entrepreneurs in China, India and the world, Hurun’s two other key series include the Hurun Start-up series and the Hurun 500 series, a ranking of the world’s most valuable companies.
The Hurun Start-up series begins with the Hurun U30s, an awards recognizing the most successful entrepreneurs under the age of thirty, and is today in seven countries. Next up are Hurun Cheetahs, Chinese and Indian start-ups with a valuation of between US$300mn to US$500mn, most likely to go unicorn with five years. Hurun Global Gazelles recognize start-ups with a valuation of US$500mn to US$1bn, most likely to go unicorn within three years. The culmination of the start-up series is the Hurun Global Unicorn Index.
Other lists include the Hurun Philanthropy List, ranking the biggest philanthropists, the Hurun Art List, ranking the world’s most successful artists alive today, etc…
Hurun provides research reports co-branded with some of the world’s leading financial institutions, real estate developers and regional governments.
Hurun hosted high-profile events in the last couple of years across China and India, as well as London, Paris, New York, LA, Sydney, Luxembourg, Istanbul, Dubai and Singapore.
For further information, see www.hurun.net.