China has an extensive increase on the global rich list as the "Socialist" country gets more than 250 new entrants to the global rich list.

The news comes after the country announced to be free from absolute poverty.

China's increase in billionaires is due to the booming stock market last year. The country believed to be the origin of the coronavirus pandemic, outpaced other countries in economic progress due to its dramatic recovery from the Pandemic.

With this extensive increase in the billionaires' index, China has a total o 1,058 billionaires. The Asian country is the only country with more than 1,000 billionaires.

China's billionaire population is now more than the rest of the world combined.

The United States of America sees an increase in the number of billionaires by 70. The number of billionaires reached 696 in the USA.

Overall, China is leading the world in terms of wealth creation. According to Hurun, China has added 490 new billionaires in the past five years, while the United States has added 160. 

Rupert Hugworth, chairman of the Hurun Report, said that despite the coronavirus epidemic, some people had managed to earn the most in a decade last year.