China’s super-rich saw their wealth tumble by the most in over two decades this year, as the Russia-Ukraine war, Beijing’s zero-Covid measures and falling mainland and Hong Kong stock markets pummeled fortunes, according to an annual rich list
. The Hurun rich list, which ranks China’s wealthiest people with a minimum net worth of 5 billion yuan , 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 individuals with $10 billion fell by 29 to 56, and the number of dollar billionaires dropped by 239 to 946 this year, it added.
A two-year regulatory crackdown that has hit China’s biggest tech names such as Alibaba Group \n \n and Tencent\n \n and concerns that leader Xi Jinping will sacrifice growth for ideology in his third term, have also weighed on investor confidence, with Hong Kong and mainland stock markets tumbling in recent weeks. Yang Huiyan, the businesswoman behind Country Garden Holdings Co Ltd, which like many other Chinese developers has been battling debt issues, saw her wealth fall by $15.
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