Fifty-three entrepreneurs or families from Shenzhen made it onto the latest Fortune 500 rich list, ranking third among Chinese mainland cities, according to the latest report released in Macao on Wednesday.

Pony Ma Huateng, chairman and CEO of internet giant Tencent, grabbed the fourth spot, with the market value of his shares hitting 212.2 billion yuan ($29 billion). Chairman and president of electric car maker BYD Wang Chuanfu, whose share holdings amounted to 101.7 billion yuan, secured 15th place.

From a regional perspective, Guangdong province has the highest number of wealthy entrepreneurs or families on the Chinese mainland, with 89 on the list. Eastern Zhejiang province has 71, the second highest among the provinces

Wang Wei, chairman of express delivery firm SF Express, ranked 18th, while Wang Tao, founder of drone maker DJI, was at the 68th place.

READ MORE: Hurun: Greater Bay Area has more than 200 billionaires

Average market value of share holdings among the top 500 wealthiest entrepreneurs or families stood at 24.7 billion yuan, with 336 of them having 10 billion yuan or more.

Beijing ranked highest with 74 superrich business people, followed by Shanghai with 64.

From a regional perspective, Guangdong province has the highest number of wealthy entrepreneurs or families on the Chinese mainland, with 89 on the list. Eastern Zhejiang province has 71, the second highest among the provinces.

The latest ranking reflects that the private economy in the Guangdong-Hong Kong-Macao Greater Bay Area is gathering steam. According to official data, private entities in the nine mainland cities of the GBA took up 96.7 percent of the region’s total as of May.

Shenzhen, in particular, is active in the private economy with a high density of private enterprises. The private economy of the city contributes roughly 40 percent of its fixed-asset investment, 50 percent of its gross domestic product, 60 percent of its foreign trade, 70 percent of its tax revenue and 80 percent of its technological innovation.

Greater efforts will be made to open up more application scenarios for private enterprises to enable them to gain wider market access in such areas as operation and management of smart city, low-altitude delivery, autonomous driving, and vehicle charging

The city launched 20 measures last year in an effort to create a more open and favorable market environment for private enterprises and help them grow bigger and stronger. The measures cover a range of aspects, including the construction of major projects, the opening up of application scenarios and the expansion of international markets.

Guo Ziping, director of Development and Reform Commission of Shenzhen Municipality, said more concrete measures will be introduced this year to further promote Shenzhen’s private economy.

READ MORE: Twelve GBA companies make the 2023 Hurun Global 500

The city will strive to reduce operating costs of private enterprises and provide support for them to attract high-end talents, she said earlier this year.

Greater efforts will be made to open up more application scenarios for private enterprises to enable them to gain wider market access in such areas as operation and management of smart city, low-altitude delivery, autonomous driving, and vehicle charging.

The government will also integrate resources to help private enterprises explore overseas markets, providing legal services, industrial policy consultation and investment risk alert, she added.

Contact the writer at sally@chinadailyhk.com