PRESS RELEASE HURUN GLOBAL REAL ESTATE RICH LIST 2019

HURUN REPORT FINDS 239 REAL ESTATE BILLIONAIRES ON PLANET

CHINA LEADS WORLD REAL ESTATE BILLIONAIRES WITH 58%, FOLLOWED BY USA 11% AND UK 7%

WITH US$37BN, XU JIAYIN (61) IS WORLD’S RICHEST REAL ESTATE TYCOON

HONG KONG (25) IS THE GLOBAL CAPITAL FOR REAL ESTATE BILLIONAIRES, FOLLOWED BY SHENZHEN (17) AND BEIJING (15)

DONALD TRUMP AT 82^ND PLACE WITH US$3BN

ADAM NEUMANN, 39, OF WEWORK WEALTH DOUBLES TO US$6.5BN, ONLY SELF-MADE REAL ESTATE BILLIONAIRE UNDER 40

14 NEW FACES, LED BY RAJIV SINGH (59) OF INDIAN DEVELOPER DLF WITH US$2.5BN

33 IMMIGRANT BILLIONAIRES, LED BY 9 IN SINGAPORE AND 8 IN UK

WORLD’S LARGEST RICH LIST PROVIDER RELEASES HURUN REAL ESTATE GLOBAL RICH LIST 2019

(13 March 2019, Shanghai, China) Hurun Report today released the Hurun Global Real Estate Rich List - a ranking of the Real Estate billionaires found in the world. This is the first year of the ranking and is a sublist of the Hurun Global Rich List series, released on 26 February 2019.

Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report, said, “The urbanization mega trend in China has driven the biggest wealth explosion in the history of world, with the result that most of the world’s largest real estate developers today come from China.”

Table 1: Top 10 Hurun Global Real Estate Rich List 2019

Source: Loong Palace·Hurun Global Rich List 2019

Xu Jiayin, 61, of Shenzhen-based Evergrande, tops the list with US$37bn. Evergrande last year sold US$85bn of homes, totalling 52 million square meters. Xu ranked second on the Hurun Philanthropy List 2018 with a donation of US$500m last year.

Li Ka-shing, 91, came in second with US$29bn. Li made his big break with real estate in HK, and then expanded into mainland China.  However, in the last six years, Li has been selling down his real estate assets in China and diversifying into other sectors, particularly in the UK.

With US$27bn, Lee Shau Kee, 91, has grown HK-based Henderson Development into one of the largest real estate developers in HK.

Yang Huiyan 38, of Foshan-based Country Garden came in fourth with US$23bn. Yang is the only woman in the Top 10, inheriting her wealth from her father Yang Guoqiang, who still runs the business. Country Garden last year was the largest real estate developer in the world with sales topping US$100bn.

Tos Chirathivat, 54, from Thai-based Central Group, was fifth with US$19bn. Chirathivat owns shopping malls and department stores across Thailand. Central Group was founded by Chirathivat’s grand-father a century ago, and recently invested US$200mn in Singapore ride-hailing and food-delivery platform Grab.

Donald Bren, 86, with US$17bn, of US-based Irvine Company, making him the most successful real estate developer in the US.

Hugh Grosvenor, 28, is the youngest on the list. Grosvenor, who is worth US$17bn, is the 7^th Duke of Westminster, inheriting the title and wealth three years on the death of his father. Interestingly, he is godfather to Prince George.

Wang Jianlin & family, 65, drop to the sixth position, with a fortune of US$17bn. This past year has seen Wang continue to divest his global real estate portfolio, most recently in February this year, when he sold 37 Wanda department stores to another Chinese company. Wang made the Hurun Philanthropy List 2018, with a donation of US$80 million.

Henry Cheng & family, 71, of HK-based real estate developer New World, was also sixth equal with US$17bn. Founded by his late father Cheng Yu-Tung, Cheng also controls jewellery brand Chow Tai Foo. At the end of 2018, New World announced the US$2.7bn acquisition of FTLife Insurance.

Joseph Lau Luen Hung & family, 68, of HK-based Chinese Estates, was tenth with US$16bn, based on his 75% stake in the business. Lau has been increasing his shareholding in Evergrande, run by Xu Jiayin, and today has 9% of its equity.

Where they live.

By country, China tops the list with 139 billionaires, followed by USA with 26 billionaires and UK with 17 billionaires.

Table 2: Real Estate Billionaires by Country of Residence

Source: Loong Palace·Hurun Global Rich List 2019

Greater China: the region is the world’s absolute No 1 with 139 Real Estate Billionaires. The combined net worth of the Chinese Real estate billionaires is US$550 billion. Real Estate has generated the most number of billionaires (139). Led by Hong Kong, 7 Chinese cities make the Top 10 and 16 the Top 30. Average age is 60, four years younger than the average of the global list. Xu Jiayin of Evergrande is the wealthiest Real Estate billionaire in the world with US$37bn.

The USA is second behind China with 26 real estate billionaires. Their combined wealth is US$110 billion. New York has the highest concentration of billionaires with 9, followed by Los Angeles and Newport Beach with 2 each. The average age of US real estate billionaires is 76, 12 years higher than the average age of the global list. With US$17bn, Donald Bren of Irvine Company is the richest real estate tycoon in the USA.

The UK grabbed third place with 17 real estate billionaires. London is the undisputed city of choice for 14 of them. UK billionaires have a combined wealth of US$66bn. The average age of real estate billionaires in the UK is 67. London is the real estate capital of the UK. Four of the UK real estate billionaires are sixth generation or more, led by Hugh Grosvenor and Charles Cadogan.

Singapore secured fourth place with 10 billionaires. The combined net wealth of Singapore real estate billionaires is US$26bn and their average age was 68, four years higher than the average age of the global list. With US$5.8bn each, brothers Philip Ng and Robert Ng of Far East are the richest real estate Singaporeans.

India was fifth with 9 real estate billionaires. The combined wealth of the Indian real estate billionaires is US$16bn. Average age is 57. Mumbai is the preferred hub for most Indian billionaires followed by Bengaluru. For the past two years, Hurun Report has launched the GROHE Hurun India Real Estate Rich List, a listing of the Top 100 richest Indian developers. Jitendra Virawani of Embassy Properties won the “GROHE Hurun Most Respected Real Estate Entrepreneur of the Year 2018”.

Australia makes it to the 6^th with 5 real estate billionaires. Sydney is the real estate capital of the country with 3 living there. Average age is 82. The combined net wealth of Australian real estate billionaires is US$17bn. With US$8.9bn, Harry Triguboff of Meriton is the wealthiest real estate Australian. All are self-made.

Canada shares 6th position with Russia and Australia, with 5 real estate billionaires. Toronto is Canada’s real estate billionaire capital. The combined wealth of the Canadian real estate billionaires is US$11bn. The average age is 63. Naomi Azrieli is the richest real estate billionaire in Canada with US$3.9bn.

Russia shares 6th place with Canada and Australia, with 5 real estate billionaires. All are self-made. Moscow is the real estate capital and home for all of them. The combined wealth of the Russian billionaires comes to US$16bn. With US$3.9bn Zarakh Iliev and God Nisanov, of Kievskaya Ploschad, are the richest Russian real estate billionaires.

Japan secures the 9^th position with 3 real estate billionaires. Tokyo is the real estate hub for Japan. The combined wealth of real estate billionaires is US$7.7bn. The average age of the Japanese real estate billionaires is 78. Akira Mori of Mori Trust is the wealthiest real estate Japanese in the world with US$3.6bn.

Switzerland, Brazil, Thailand, UAE, Indonesia, Sweden and Israel had two real estate billionaires each.

By city, Hong Kong led with 25 billionaires, followed by Shenzhen with 17 and Beijing with 15.

Table 3: Real Estate Billionaires by City

Source: Loong Palace·Hurun Global Rich List 2019

Biggest Gainers

Tong Jinquan (64) of Shanghai-based Changfeng was the biggest gainer, more than doubling his wealth to US$5.3bn. Last year, Changfeng invested US$3bn in a large tourism complex near Shanghai.

Adam Neumann (39) of WeWork was the second biggest gainer of the year with his wealth doubling, on the back of WeWork’s value doubling to US$42bn.

Largest real estate companies

Country Garden and Evergrande's annual sales last year were US$100bn and US$85bn, up 30% and 10% from the previous year. However, the valuations of the two companies are down on last year and are still only one tenth of the market value of Chinese IT giants Alibaba and Tencent.

By market cap, Simon Property is the world’s largest with US$54.5bn, just ahead of Sun Hung Kai US$48 billion.

*At the close of 5 March 2019.

Largest Non-Chinese Real Estate Companies

Stats

Points of interest

1.     79% totally self-made, 13% partly self-made and 8% inherited

2.     Donald Trump came in at 82^nd place with US$3bn, mainly on the back of his New York real estate and golf courses.

3.     14 women made the list, 6% of the list, with the self-made women led by Wu Yajun of Longfor with US$9.8bn.

4.     Real estate was the main source of wealth for 9.8% of the Hurun Global Rich List 2019, coming in second behind TMT, and followed by Manufacturing and Investments.

5.     China senior political appointments. Among the 139 entrepreneurs in the greater China region, 7 are deputies to the 13th National People's Congress: Yan Zhi, Shi Guilu, Yang Keng, Lin Tengjiao, Chen Jinshi, Li Ciaolin and Lin Longan; In addition, there are 19 delegates to the CPPCC: Xu Jiayin, Victor Li (Li Ka-shing’s son), Peter Lee (Shau Kee’s son), Yang Guoqiang (Yang Huiyan’s father), Xu Rongmao, Raymond Kwok, Ji Haipeng, Ou Zongrong, Chen Hongtian, Ken Chu, Zhang Li, Lin Dingqian, Zhai Meiqing, Gong Junlong, Tu Huilong, Ding Zuohong, Xu Jiankang, Zhang Guiping and Zhang Songqiao.

6.     Philanthropy. 27 of the Chinese made the Hurun China Philanthropy List last year, and donated US$1.5bn. Among them, Xu Jiayin donated US$500 million. John Sobrato of Sobrato Development donated US$100 million to his alma mater, Santa Clara University; Stephen Ross, of Related, donated US$50 million to his alma mater, University of Michigan; Bren Simon of Simon Property donated US$30 million to the American Songben Foundation.

7.     A total of 13 real estate brands entered the 2018 Hurun Most Valuable Brands in China, a ranking of the 200 most valuable brands in China, led by Evergrande, Wanda, Country Garden, Longfor, Fortune Land Development, Sunac, Century Golden Resources, Shimao, Agile, Logan Estate, R&F, Yango and Mission Hills.

8.     Zygi Wilf of Minnesota Vikings inherited Garden Homes Development from his father Joseph Wilf, who was a holocaust survivor.

9.     Social media. Donald Trump had far and away the largest social media impact.  In China it was led by husband and wife Pan Shiyi and Zhang Xin.

Table: Self-Made Score Card and Percentage of Real Estate billionaires and top countries

Source: Loong Palace·Hurun Global Rich List 2019

Hurun Real Estate Global Rich List 2019

About Hurun Report Inc.

Nobody Knows China’s Rich Better!

Established in 1999 by British accountant Rupert Hoogewerf, Hurun Report Inc. has grown into a leading research platform based in Shanghai and Mumbai, best-known for its China and India rich lists, and with 150 employees today. Hurun Report Inc. has four main divisions.

Hurun Research Institute ‘World’s Largest Rich List Provider’

2019 marks the 20^th anniversary of Hurun Report, highlighting the fastest wealth creating period in the history of the world.

The Hurun Richest Self-Made Women in the World has been highlighting for over ten years the fact that over 70% of the world’s most successful women in business herald from China, ie Chinese are completely dominant in the world of women in business. This has changed the way the world looks at Chinese women in business.

The Hurun China Philanthropy List ranks the most generous individuals in China and is now in its 15th anniversary.  With no inheritance tax, Chinese give much more generously than many have previously understood. 

Two recent lists with an impact include the Hurun China Unicorn Index, ranking the most dynamic businesses with a valuation of US$1bn or more in China; and the Hurun Most Successful University Alumni.

In India, Hurun Research has launched the Hurun India Rich List for the seventh time last year, and has an active events business there.

‘World Authority on the Chinese High Net Worth Individual’

Recent research partners include financial institutions (PingAn, Bank of China, Taikang Life, Minsheng, Citic), local government (Shanghai, Changbaishan) and Global 500 multinationals (Marriott, Country Garden, Agile, Audi, Volvo).

Three breakthrough lists this past year: Hurun Good Doctors’ List, a ranking of the 9500 most respected doctors in China, broken down by region and speciality; Hurun Best International Schools List; and Hurun Creative Works Intellectual Property List, in Search of the Harry Potter of China, ranking those online novels with the most valuable IPs.

The Hurun Art List ranks the top artists alive today in China for the 12th year and has become a household name amongst artists.

Media and Events ‘The Hurun brand gets 200 million views a month in China’

The Hurun brand has become one of the few non-Chinese media brands to become a household name across China.

Hurun Media monetizes 1 million views a month in China, through its wechat, weibo, website and legacy magazine.

Recent themed events include blockchain, fintech and 30 under 30, with industry-respected awards. We deliver 100+ events a year in China, with 200 entrepreneurs from the Hurun China Rich List attending.

Hurun Report kicked off the world's largest Chinese New Year dinner series in Shanghai on January 16, and is going to 8 cities across 4 continents. Toronto on Jan 20, New York Jan 23, LA Jan 25, London Jan 28, Istanbul Jan 29, Luxembourg Jan 31 and ending up in Sydney on Feb 18. Hurun Report’s mission is to create the world's largest platform of China gatekeepers.

Investments

Hurun Investments has a portfolio of 20 companies with a market value of US$50 million, with investments into tech, media, design, education as well as a vintage car race and a tailor.

The number "20" is integrated into the Chinese character ‘谊’ pronounced 'yi', meaning 'friendship', symbolizing how building friendships is at the core of how Hurun Report does business with its partners.

For further information, see www.hurun.net

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