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

2 weeks ago 121

Nov 8 (Reuters) - China’s super-rich saw their wealthiness tumble by the astir successful implicit 2 decades this year, arsenic the Russia-Ukraine war, Beijing’s zero-COVID measures and falling mainland and Hong Kong banal markets pummelled fortunes, an yearly affluent database said connected Tuesday.

The Hurun Rich list, which ranks China’s wealthiest radical with a minimum nett worthy of 5 cardinal yuan ($692 million), said lone 1,305 radical made the people this year, down 11% from past year. Their full wealthiness was $3.5 trillion, down 18%.

Meanwhile, the fig of individuals with $10 cardinal fell by 29 to 56, and the fig of dollar billionaires dropped by 239 to 946 this year, it added.

“This twelvemonth has seen the biggest autumn successful the Hurun China Rich List of the past 24 years,” said Rupert Hoogewerf, president and main researcher of probe steadfast Hurun Report which compiles the list.

The planetary economical outlook has this twelvemonth been heavy impacted by the warfare successful Ukraine and slowing economical maturation successful China that has successful crook been exacerbated by the country’s ultra-strict COVID policies and a prolonged spot slump.

A two-year regulatory crackdown that has deed China’s biggest tech names specified arsenic Alibaba Group and Tencent Holdings , and concerns that President Xi Jinping volition sacrifice maturation for ideology successful his 3rd term, person besides weighed connected capitalist confidence, with Hong Kong and mainland banal markets tumbling successful caller weeks.

Yang Huiyan, the businesswoman down Country Garden Holdings Co Ltd, which similar galore different Chinese developers has been battling indebtedness issues, saw her wealthiness autumn by $15.7 billion, the biggest driblet connected the 2022 list.

Zhong Shanshan, whose listed companies are h2o bottler Nongfu Spring and vaccine developer Beijing Wantai Biological Pharmacy Enterprise, took archetypal spot connected the database for the 2nd twelvemonth running, with a luck that grew 17% to $65 billion.

The laminitis of TikTok proprietor ByteDance, Zhang Yiming, took 2nd place, but saw his wealthiness autumn 28% to $35 cardinal owed to a driblet successful ByteDance’s valuation. In 3rd spot was Zeng Yuqun, president of artillery elephantine CATL.

Tencent laminitis Pony Ma posted the 2nd largest driblet successful wealthiness of $14.6 cardinal amid sliding tech banal prices, to instrumentality 5th spot connected the list. Alibaba laminitis Jack Ma and his household tumbled 4 places to beryllium ranked No. 9.

$1 = 7.2215 Chinese yuan renminbi Reporting by Brenda Goh Editing by Mark Potter


Read Entire Article