HURUN SPECIAL REPORT ON ‘WEALTH IMPACT 4MTHS AFTER COVID-19 OUTBREAK’

BIGGEST WINNERS: OF SAW WEALTH SHOOT UP US$20BN TO US$160BN IN 4MTHS SINCE COVID-19 OUTBREAK. ANOTHER E-TAILER HUANG ZHENG, 40, OF CHINESE ECOMMERCE GIANT PINDUODUO, WAS SECOND BIGGEST WINNER, UP US$17BN, DOUBLING WEALTH TO US$35BN. BEZOS ADDED US$7 MILLION AN HOUR EVERY HOUR FOR THE PAST FOUR MONTHS

GIOVANNI FERRERO, 55, SCION OF ITALIAN CHOCOLATE PRODUCERS THAT MAKE KINDER SURPRISE, NUTELLA AND FERRERO ROCHER, SAW WEALTH RISE US$8BN TO US$42BN

ELON MUSK, 48, UP US$7BN TO US$53BN, ON BACK OF TESLA SHARE RISE TO BECOME WORLD’S MOST VALUABLE CAR COMPANY

BIGGEST WINNERS OF COVID-19 FROM HURUN TOP 100 WERE ONLINE RETAILERS, PHARMACEUTICALS AND HOME IMPROVEMENT RETAILERS AS WELL AS CHOCOLATE, SOYA SAUCE AND PORK PRODUCERS

FASTEST INCREASE: -BORN ERIC YUAN ZHENG, 50, OF POPULAR -BASED VIDEO CONFERENCING APP ZOOM SAW WEALTH TRIPLE FROM US$4.5BN TO US$13BN, UP FROM 555TH TO TOP 150 IN WORLD

“EVEN AFTER HIS DIVORCE, JEFF BEZOS IS US$60BN RICHER THAN , THE BIGGEST EVER DIFFERENCE BETWEEN THE WORLD’S TOP TWO,” SAID HOOGEWERF.

WORLD’S TOP 100 CLAW BACK ALMOST ALL LOSSES IN SECOND TWO MONTHS OF COVID OUTBREAK, AFTER US$408BN LOSS IN FIRST TWO MONTHS. DOWN ONLY 2% IN FOUR MONTHS

‘VACCINE KING’ CYRUS POONAWALLA OF SERUM INSTITUTE OF INDIA, UP 25% AND 57 PLACES TO US$15BN AND 86TH PLACE, ON BACK OF COVID-19 VACCINE DISTRIBUTION POTENTIAL

V-SHAPED RECOVERIES: MUKESH AMBANI OF RELIANCE SAW WEALTH BOUNCE BACK US$18BN IN LAST TWO MONTHS, AFTER LOSING US$19BN IN FIRST TWO MONTHS AFTER OUTBREAK, TAKING HIM TO 8TH PLACE IN THE WORLD. SIMILARILY, SAW WEALTH DROP US$13BN IN FIRST TWO MONTHS OF OUTBREAK, BUT THEN CLAW BACK US$13BN, TO TAKE HIM TO 4TH IN THE WORLD.

BY COUNTRY, USA HAS 36%, UP 1%, OF THE HURUN GLOBAL TOP 100, FOLLOWED BY CHINA ON 24%, UP 2% ON FOUR MONTHS AGO.

BIGGEST LOSERS: AND LOST US$18BN EACH, FOLLOWED BY CARLOS SLIM DOWN US$17BN EQUIVALENT TO US$6MN AN HOUR OVER 4MTHS. 14 INDIVIDUALS LOST MORE THAN US$5BN.

OTHER BIG RISERS INCLUDE CHINESE ‘SOYA SAUCE KING’ PANG KANG, 58, OF HAITIAN, UP 36% OR US$4BN TO US$15BN.

LEADING AUTHORITY ON GLOBAL WEALTH RELEASES SPECIAL REPORT ON WEALTH IMPACT 4MTHS AFTER COVID-19 OUTBREAK

1 / 9 23 June 2020, , Mumbai and Oxford. Hurun Research today released Wealth Impact 4mths after Covid-19 Outbreak, a special report looking into wealth changes of the world’s most successful entrepreneurs in the four months ending 31 May 2020. This special report follows on from the Wealth Impact 2mths after Covid-19 Outbreak looking into wealth changes in the two months ending 31 March 2020 and the Hurun Global Rich List 2020, which had a wealth cut-off of 31 January 2020.

Stock markets across the world dropped significantly in the first two months after the outbreak but clawed back some of the losses in the second two months. India, the UK and France were down around 20%, with the NYSE, Japan, HK and Germany down around 10%. Mainland China’s stock exchanges were down slightly at 4%, whilst the only major stock market to see a gain was NASDAQ, up 4%.

The British Pound and Indian Rupee were down 5.6% down 5.3% against the dollar, whilst the Chinese Yuan and Euro were up 2% and 1%.

In the four months since the outbreak, 60% of the Hurun Global Rich List Top 100 saw their wealth rise or stay the same, whilst 40% were down. , Hurun Report chairman and chief researcher, said “Whilst the first two months of the outbreak saw a massive wealth wipeout of the Hurun Global Top 100, the second two months saw a V-shaped recovery for two thirds of the Hurun Global Top 100, reminding us that it is dangerous to bet against the world’s best wealth creators.”

“The two biggest ‘winners’ from the Hurun Top 100 of Covid-19 were online retailers Jeff Bezos of Amazon and Colin Huang Zheng of Chinese low-end ‘social shopping’ giant Pinduoduo, who added US$20bn and US$18bn to their fortunes, pretty much all the gains coming in the past two months. For Bezos and Huang, Covid-19 has seen their wealth increase in the shape of a ‘Nike tick’”, added Hoogewerf. “Another big winner was Eric Yuan Zheng, 50, of popular video conferencing app Zoom, who saw his wealth triple from US$4.5bn in January to US$13bn today, propelling him up from 555th in the world four months ago to knocking on the door of the world’s Top 100 today.”

Table: Biggest Wealth Creations of the Hurun Global 100 in the 4mths to 31 May 2020 Wealth Country of Name change Main Company Main Industry Residence US$bn 1 Jeff Bezos 20 Amazon Online Retail USA 2 Huang Zheng 17 Pinduoduo Online Retail China 3 MacKenzie Bezos 9 Amazon Online Retail USA 4 Giovanni Ferrero 8 Ferrero Rocher Chocolates Belgium 5 7 Tesla Motors E-Cars USA 6 Bertrand Puech & family 6 Hermes Luxury France 7 Robson Walton 4 Walmart Groceries USA 7 Sun Piaoyang & 4 Hengrui, Hansoh Pharmaceuticals China 7 Pang Kang 4 Haitian Soya Sauce China 7 Liu Yonghao & Family 4 New Hope Pork Production China 7 Zhang Yong & Shu Ping 4 Haidilao Restaurants China Source: Hurun Research Institute 2020

Huang Zheng, 40, of e-commerce platform Pinduoduo, was the fastest riser of the Hurun Global Rich List Top 100 of the past four months, seeing his wealth almost double. The top 5 fastest risers were all from China.

Table: Fastest Risers of the Hurun Global 100 in the 4mths to 31 May 2020

Net % Main Country of Name Worth Main Industry change Company Residence US$Bn 1 Huang Zheng 94% 35 Pinduoduo China Online Retail 2 Pang Kang 36% 15 Haitian China Soya Sauce 3 Xu Hang 31% 14 Mindray China Medical Equipment 4 Liu Yonghao & family 28% 16 New Hope China Pork Production 5 Zhang Yong & Shu 25% 20 Haidilao China Restaurants

2 / 9 Ping 5 Cyrus Poonawalla 25% 15 Serum India Vaccines 7 Liu Qiangdong 24% 16 JD China Online Retail Ferrero 7 Giovanni Ferrero 24% 42 Belgium Chocolates Rocher Home Improvements 9 John Menard Jr 23% 17 Menards USA Stores 10 MacKenzie Bezos 20% 53 Amazon USA Online Retail Source: Hurun Research Institute 2020

Biggest losers

The biggest losers in the last four months were Bernard Arnault of LVMH and Warren Buffett, each down US$18bn, followed by Carlos Slim Helu down US$17bn and Amancio Ortega of down US$14bn. Hoogewerf said “Bernard Arnault and Warren Buffett were the biggest losers, down US$18bn each over the past 4mths. For Arnault it could have been a lot worse, since he was down US$30bn in the first two months after the outbreak, but managed to claw back US$12bn in the following two months.”

As a category, investors made the biggest losses. Sheldon Adelson of Las Vegas Sands saw his wealth drop US$7bn, on the back of poor performance of his casinos since the outbreak.

Table: Biggest Wealth Drops in 4 mths to 31 May 2020 in the Hurun Global 100 Wealth Country of Name Main Company Main Industry drop US$bn Residence 1 Bernard Arnault 18 France LVMH Luxury 1 Warren Buffett 18 USA Berkshire Hathaway Investments 3 Carlos Slim Helu & family 17 Mexico America Movil Investments 4 Amancio Ortega 14 Inditex Single Brand Retailing 5 8 USA Bloomberg Media 5 Carl Icahn 8 USA Icahn Enterprises Investments 7 Sheldon Adelson 7 USA Las Vegas Sands Casinos 8 Bill Gates 6 USA Microsoft Investments 8 Xu Jiayin 6 China Evergrande Real Estate 8 Jorge Paulo Lemann 6 Switzerland 3G Capital Investments 8 Vagit Alekperov 6 Russia Lukoil Energy Source: Hurun Research Institute 2020

By country In the four months to 31 May 2020, China added 3 individuals to the world’s Top 100 billionaires, with the USA, Russia and Italy each adding one. The USA today has 39 in the Top 100, compared with 26 from China. “China has narrowed the gap with the USA at the top of the Hurun Global Rich List, from 13 down to 11.”

World’s Top 10

Jeff Bezos of Amazon and Steve Ballmer of Microsoft were the only two from the Hurun Global Top 10 to see their wealth increase.

Table: Hurun Global Top 10 , as of 31 May 2020, compared with 31 Jan 2020 Rank Net Worth % Country of Name Main Company Change US$Bn change Residence 1 - Jeff Bezos 160 14% Amazon USA 2 Up 1 Bill Gates 100 -6% Microsoft USA 3 Down 1 Bernard Arnault 89 -17% LVMH France

3 / 9 4 - Warren Buffett 84 -18% Berkshire Hathaway USA 4 Up 1 Mark Zuckerberg 84 0% Facebook USA 6 Up 3 Steve Ballmer 68 1% Microsoft USA 7 Down 1 Amancio Ortega 67 -17% Inditex Spain 8 - Sergey Brin 66 -3% Google USA 8 Up 1 Mukesh Ambani 66 -1% Reliance India 10 Down 1 65 -3% Google USA Source: Hurun Research Institute 2020

Related links

Wealth Impact 2mths after Covid-19 Outbreak https://www.hurun.net/EN/Article/Details?num=E62B0CAA355A

Hurun Global Rich List 2020 https://www.hurun.net/EN/Article/Details?num=775CEFAE8BF8

Hurun Richest Women in the World 2020 https://www.hurun.net/CN/Article/Details?num=76824AC0C3BB

Hurun 40 & Under Self-Made Billionaires 2020 https://www.hurun.net/EN/Article/Details?num=9A660E5EF44A

Hurun Global Real Estate Rich List 2020 https://www.hurun.net/EN/Article/Details?num=CCCB9E3C7369

Hurun Global Education Rich List 2020 https://www.hurun.net/EN/Article/Details?num=8AF475DC1457

About Hurun Report Inc.

Promoting Entrepreneurship through Quality Lists and Research Hurun Report generated 300 million views globally each month on average last year, through putting out quality lists and research.

Established in 1999, Hurun Report Inc. has grown into a leading research platform based in Oxford, Shanghai and Mumbai, best-known for its China and India rich lists, and with 150 employees today.

Hurun Research Institute ‘World’s Largest Rich List Provider’ These past twenty years have seen the fastest wealth creating period in the history of the world.

Other lists Hurun puts out include: 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’

4 / 9 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 300 million views a month in China’ The Hurun brand has become one of the few media brands to become a household name across China and India.

Hurun Media monetizes 2 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 does events across the world. In the last year, Hurun Report has held events in Toronto, , LA, London, Paris, Istanbul, Luxembourg, Sydney and Singapore. 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 investments into tech, media, design, education as well as a vintage car race and a tailor.

For media inquiries, please contact: Hurun Report Porsha Pan Tel: +86-21-50105808*601 Mobile: +86-139 1838 7446 Email: [email protected]

5 / 9 Hurun Global Rich List Top 100 – 4 months since outbreak of Covid-19

% change Net in Wealth Rank Main Country of Rank Name Worth 4mths change Main Industry Change Company Residence US$Bn to 31 US$bn May 2020 1 0 Jeff Bezos 160 14% 20 Amazon USA Online Retail 2 1 Bill Gates 100 -6% -6 Microsoft USA Investments 3 -1 Bernard Arnault 89 -17% -18 LVMH France Single Brand Retailing 4 1 Mark Zuckerberg 84 0% 0 Facebook USA Media & Entertainment 4 0 Warren Buffett 84 -18% -18 Berkshire USA Investments Hathaway 6 3 Steve Ballmer 68 1% 1 Microsoft USA Technology 7 -1 Amancio Ortega 67 -17% -14 Inditex Spain Single Brand Retailing 8 1 Mukesh Ambani 66 -1% -1 Reliance India Oil & Gas 8 0 Sergey Brin 66 -3% -2 Google USA Technology 10 -1 Larry Page 65 -3% -2 Google USA Technology 11 1 62 5% 3 Walmart USA Multi Brand Retailing 12 4 Bertrand Puech & 61 11% 6 Hermes France Single Brand family Retailing 13 1 59 4% 2 Walmart USA Multi Brand Retailing 13 3 Robson Walton 59 7% 4 Walmart USA Multi Brand Retailing 15 0 Francoise 58 4% 2 L'Oreal France Cosmetics Bettencourt Meyers 16 2 57 6% 3 Oracle USA Technology 17 -10 Carlos Slim Helu & 55 -24% -17 America Movil Mexico Investments family 18 2 Elon Musk 53 15% 7 Tesla Motors USA E-cars 18 4 MacKenzie Bezos 53 20% 9 Amazon USA Online Retail 20 -7 Michael Bloomberg 50 -14% -8 Bloomberg USA Media 20 -1 50 2% 1 Nike USA Retail 22 0 Ma Huateng 45.0 2% 1 Tencent China Media & Entertainment 23 -2 Ma Yun & Family 43 -4% -2 Alibaba China Online Retail 24 6 Giovanni Ferrero 42 24% 8 Ferrero Rocher Belgium Chocolates 25 0 39 0% 0 Koch Industries USA Energy 25 -3 Francois Pinault & 39 -11% -5 Kering France Multi Brand family Retailing 25 0 Julia Koch & family 39 0% 0 Koch Industries USA Energy 28 -1 David Thomson & 37 -3% -1 Thomson Canada Media & family Entertainment 29 31 Huang Zheng 35 94% 17 Pinduoduo China Online Retail 30 -2 34 -6% -2 Mars USA Food & Beverages 30 -2 John Mars 34 -6% -2 Mars USA Food &

6 / 9 Beverages 32 3 Sun Piaoyang & 32 14% 4 Hengrui, China Pharmaceuticals Zhong Huijuan Hansoh 33 2 Michael Dell 28 0% 0 Dell USA Technology Technologies 33 0 Vladimir Potanin 28 -3% -1 Interros Russia Metals & Mining 35 -4 Xu Jiayin 27 -18% -6 Evergrande China Real Estate 35 3 Yang Huiyan & 27 0% 0 Country China Real Estate Family Garden 37 4 He Xiangjian & 25 -4% -1 Midea China Home appliances Family 37 -5 Sheldon Adelson 25 -22% -7 Las Vegas USA Casinos Sands 39 6 Dieter Schwarz 24 9% 2 Schwarz Germany Multi Brand Retailing 39 6 Ding Lei 24.0 9% 2 Netease China Media & Entertainment 39 -6 Leonardo Del 24 -17% -5 Luxottica Italy Luxury Goods Vecchio 39 12 Takemitsu Takizaki 24 14% 3 Keyence Japan Automation & family Sensors 43 2 Alain Wertheimer 23 5% 1 Chanel France Single Brand Retailing 43 2 Gerard Wertheimer 23 5% 1 Chanel USA Single Brand Retailing 43 -5 Lee Shau Kee 23.0 -15% -4 Henderson China Real Estate Land 43 -8 Li Ka-shing 23 -18% -5 Cheung Kong China Investments 43 1 Masayoshi Son 23 0% 0 Softbank Japan Investments 43 -5 SP Hinduja & 23 -15% -4 Hinduja UK Conglomerate family 49 2 James Simons 22 5% 1 Renaissance USA Hedge Funds Technologies 50 6 Qin Yinglin & Qian 21 11% 2 Muyuan China Pork Production Ying 51 -8 Laurene Powell 20 -17% -4 Walt Disney USA Entertainment Jobs & family 51 31 Zhang Yong & Shu 20.0 25% 4 Haidilao China Restaurants Ping 53 3 Rupert Murdoch 19 0% 0 News USA Media 53 1 Stephen 19 -5% -1 Blackstone USA Investments Schwarzman 53 3 Wang Wei 19 0% 0 SF Express China Express Delivery 53 7 Zhang Zhidong 19.0 6% 1 Tencent China Media & Entertainment 57 -16 Carl Icahn 18 -31% -8 Icahn USA Investments Enterprises 57 -3 Charoen 18 -10% -2 Thai Beverage Thailand Food & Sirivadhanabhakdi Beverages 57 25 Dietrich Mateschitz 18 13% 2 Red Bull Austria Food & Beverages 57 3 Eric Schmidt 18 0% 0 Google USA Media & Entertainment 57 11 Joseph Lau Luen 18 6% 1 Chinese China Real Estate Hung Estates 57 -12 Leonid Mikhelson 18 -18% -4 Novatek Russia Energy 57 3 Ray Dalio 18 0% 0 Bridgewater USA Hedge Funds Associates 64 27 Beate Heister 17 13% 2 Aldi Sued Germany Multi Brand

7 / 9 Retailing 64 4 Elaine Marshall & 17 0% 0 Koch Industries USA Energy family 64 -8 Gennady 17 -11% -2 Gunvor Switzerland Energy Timchenko 64 50 John Menard Jr 17 23% 3 Menards USA Home Improvements Stores 64 27 Karl Albrecht Jr & 17 13% 2 Aldi Sued Germany Multi Brand family Retailing 64 18 Lukas Walton 17 6% 1 Walmart USA Multi Brand Retailing 64 27 Xu Rongmao & 17 13% 2 Shimao China Real Estate family 64 4 Yan Hao 17 0% 0 China Pacific China Infrastructure Construction 72 10 Andrey 16 0% 0 Suek Russia Energy Melnichenko 72 -4 Hugh Grosvenor 16 -6% -1 Grosvenor UK Real Estate 72 -27 Jorge Paulo 16 -27% -6 3G Capital Switzerland Investments Lemann 72 10 Klaus-Michael 16 0% 0 Kuehne & Switzerland Shipping Kuhne Nagel 72 -12 Leonard Blavatnik 16 -11% -2 Lyondellbasell UK Energy 72 53 Liu Qiangdong 16 24% 3 JD China Online Retail 72 58 Liu Yonghao & 16.0 28% 4 New Hope China Pork Production Family 72 43 Massimiliana 16 16% 2 Menarini Italy Pharmaceuticals Landini Aleotti & Family 72 10 Roman 16 0% 0 Millhouse Russia Investments Abramovich 72 -4 Shiv Nadar & 16 -6% -1 HCL India Software & family Services 72 -4 Tadashi Yanai 16 -6% -1 Fast Retailing Japan Multi Brand Retailing 72 -12 16 -11% -2 Interactive USA Financial Brokers Services 72 -12 Vladimir Lisin 16 -11% -2 Novolipetsk Russia Metals & Mining Steel 72 10 Yao Zhenhua 16.0 0% 0 Baoneng China Investments 86 -4 15 -6% -1 Fidelity USA Investments 86 -18 Donald Bren 15 -12% -2 Irvine USA Real Estate Company 86 35 Dustin Moskovitz 15 12% 2 Facebook USA Technology 86 -18 Henry Cheng Kar- 15 -12% -2 Chow Tai Fook China Real Estate shun & family 86 72 Pang Kang 15 36% 4 Haitian China Soya Sauce 86 -18 Petr Kellner 15 -12% -2 PPF Czech Banking Republic 86 -35 Vagit Alekperov 15 -29% -6 Lukoil Russia Energy 86 -18 Wang Jianlin & 15.0 -12% -2 Wanda China Real Estate family 86 57 Cyrus Poonawalla 15 25% 3 Serum India Vaccines 95 13 Alexey Mordashov 14 -3% 0 Severstal Russia Metals & Mining 95 19 Alwaleed Bin Talal 14 1% 0 Kingdom Saudi Investments Alsaud Holding Arabia 95 19 14 1% 0 Discovery USA Media

8 / 9 Communication 95 -27 Gautam Adani & 14 -18% -3 Adani India Conglomerate family Enterprises 95 -27 Joseph Safra 14 -18% -3 Safra Brazil Banking 95 -27 Lee Kun Hee 14 -18% -3 Samsung South Electronics Korea 95 -4 & family 14 -7% -1 Geely China Automobile 95 -34 R Budi Hartono 14 -22% -4 Bank Central Indonesia Banking Asia 95 -4 Reinhold Wurth & 14 -7% -1 Wurth Germany Automobiles & family Components 95 -4 Ronald Perelman 14 -7% -1 Scientific USA Investments Game 95 -4 Steve Cohen 14 -7% -1 Sac Capital USA Hedge Funds 95 -13 Viktor Vekselberg 14 -13% -2 Renova Russia Energy 95 16 Wu Yajun & Family 14 -1% 0 Longfor China Real Estate 95 71 Xu Hang 14 31% 3 Mindray China Medical Equipment

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