Zhejiang province, with its capital Hangzhou, have developed into a preferred destination for billionaires, says Rupert Hoogewerf, founder of the Hurun China rich list. Zhejiang not only passed domestic cities like Beijing and Shanghai, but also Paris and San Francisco in the 2018 Hurun report, writes the Digital Journal.
The Digital Journal:
Explaining the winning formula of the province to CNNMoney in 2016, Jack Ma, billionaire CEO of leading online platform e-commerce platform, Alibaba, and native of Hangzhou in Zhejiang, had attributed the economic achievements of the province to “It’s… surroundings, culture, (and) history”.
Today, such environment, culture, and history cited have seen the region produce 72 billionaires, 32 of which live in the capital city of Hangzhou – that’s two more than Paris and four more than California’s San Francisco. Notable among the 72 billionaires from the region are Neil Shen, founder of Sequoia Capital China; Ding Lei, founder of NetEase; and Li Shufu, founder of Geely Auto Group, which owns Volvo and is based in Hangzhou. With a population that makes up just about 5% of China’s population, the region produces about 15% of the country’s richest people, according to Rupert Hoogewerf, chairman, Hurun Report.
But that’s not all. Beyond the individual billionaire count, Zhejiang’s overall economic stats are equally mouth-watering. With a staggering GDP of 5.1768 trillion RMB which is 766.7 billion USD for the year 2017 (bigger than the GDP of Netherlands in 2016!), the Province of Zhejiang has become a glowing haven of wealth creation.
Are you looking for more stories by Rupert Hoogewerf? Do check out this list.