China’s super-rich see fortunes plunge as economy slows

Nov 8 (Reuters) – China’s super-rich saw their fortunes shrink the most in two decades this year, as the Russia-Ukraine war, Beijing’s zero-covid-19 strategy and a slump in Hong Kong’s stock market saw the fortunes of the world’s wealthiest, the wealthiest, drop for the year. list said on Tuesday.

The Hurun Rich List, which includes China’s richest people with a net worth of at least 5 billion yuan ($692 million), said only 1,305 people made the mark this year, down 11% from last year. Their total wealth was $3.5 trillion, down 18%.

Meanwhile, the number of people with $10 billion decreased by 29 to 56, and the number of billionaires decreased by 239 to 946 this year, it added.

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“This year has seen the biggest drop in the Hurun China Rich List in the past 24 years,” said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report research firm that compiles the list.

The global economic outlook this year has been heavily impacted by the war in Ukraine and the slowdown in China’s economic growth, which has been exacerbated by tougher COVID-19 policies and a prolonged recession.

The two-year regulatory crackdown has affected China’s biggest technology names such as Alibaba Group ( 9988.HK ) and Tencent Holdings ( 0700.HK ), and concerns that President Xi Jinping will abandon the growth mindset in his third term. on business confidence, with Hong Kong and major markets falling in recent weeks.

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Yang Huiyan, the entrepreneur behind Country Garden Holdings Co Ltd (2007.HK), which like many other Chinese manufacturers has been struggling with debt, saw its assets fall by $15.7 billion, the biggest drop in the 2022 list.

Zhong Shanshan, whose listed companies include water bottle Nongfu Spring (9633.HK) and vaccine maker Beijing Wantai Biological Pharmacy Enterprise (603392.SS), took first place on the list for the second year, with assets that grew 17% to $65 billion.

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The founder of TikTok owner ByteDance, Zhang Yiming, took second place, but saw his fortune drop 28% to $35 billion due to ByteDance’s decline in value. In third place was Zeng Yuqun, chairman of battery giant CATL (300750.SZ).

Tencent founder Pony Ma posted the second-biggest drop in net worth of $14.6 billion among tech stocks, taking fifth place on the list. Alibaba founder Jack Ma and his family dropped four places to number nine.

($1 = 7.2215 yuan Chinese renminbi)

Brenda Goh Reports Editing by Mark Potter

Our Standards: Thomson Reuters Trust Principles.

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