With a fortune of 95 billion RMB ($14 billion), 38-year-old Colin Huang, founder of the e-commerce giant Pinduoduo, ranked 13th on the Hurun China List 2018 released on Oct. 10.
Huang made his wealth reach 100 billion yuan ($14.4 billion) in record time in China and even across the globe, according to Rupert Hoogewerf, chairman and chief researcher of the Hurun Report.
Led by Huang, there were in total 219 new faces on this year’s list. Newcomers are mainly from newly listed companies such as Xiaomi
“We are happy to see more new business models and young entrepreneurs on the list. ”said Hoogewerf. “Their success stems from their awareness of future trends as well as their care for customers.”
Lei Jun, founder of Xiaomi
Only 1,893 individuals made it into the list this year, however, representing an 11 percent drop from the total number of 2,130 last year. This is the first downsize of the list since 2012. “For the first time, the threshold to join the Top 10 remained at 110 billion RMB,” said Hoogewerf. He attributed the downsize to the downturn of A shares and China-U.S. trade tensions.
Yet he remains optimistic. “Although the economy grows slower and China is in a trade war with the U.S., we still see many new faces on the rich list”, said Hoogewerf. “Promoted by professional investors, the opportunities created by the new economy bred numerous unicorn and super-unicorn companies.”