Mainland China’s billionaire count surges as BYD and Mixue bosses power gains

Backed by a booming tech sector and surging asset prices, the wealth of mainland China’s billionaires jumped 22.2 per cent year on year to US$1.77 trillion in the 12 months to early April, according to the report published on Thursday.

With 70 new entrants, mainland China’s billionaire count rose to 470 from 427 – second only to the United States globally.

Hong Kong’s billionaire population reached 76 in 2025 after five people joined the list and three dropped out. The city’s ultra-rich held US$328 billion in total wealth, up US$2 billion from last year.

A Mixue shop in Hong Kong. Brothers Zhang Hongchao and Zhang Hongfu have joined the ultra-rich club after Mixue raised US$444 million from its Hong Kong share sale in March. Photo: Xiaohongshu

Wang and Lu Xiangyang, founders of BYD – the world’s largest EV maker by units sold – recorded the tech sector’s second-biggest wealth gain after SpaceX founder Elon Musk, who topped the list.

South China Morning Post