Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Tuesday, Apr 23, 2024

China’s billionaire population drops: 229 knocked off Hurun rich list

China’s billionaire population drops: 229 knocked off Hurun rich list

Sliding stocks and a depreciating yuan hit the country’s super-rich harder than their peers in any other nation in the last year, according to a new list published by Hurun Report.

China lost 229 billionaires in the last year as a faltering economy, sliding stocks and a depreciating yuan hit the country’s super-rich harder than their peers in any other nation, according to a new list published by Hurun Report.

Chinese moguls accounted for more than half of the 445 people worldwide who lost their status as US-dollar billionaires and dropped off of the Hurun Global Rich List. The number represents the biggest decline in Chinese billionaires since the list was first published in 2013.

China also added the largest number of new billionaires to the list, which is based on net worth as of January 16, with 69.

Zhong Shanshan, 69, founder of bottled water brand Nongfu Spring, retained his position as China’s richest person with a fortune of US$69 billion, down 4 per cent on year. He is the world’s 15th richest person.

China’s richest person, Zhong Shanshan, founder of bottled water brand Nongfu Spring, is the 15th wealthiest person globally.


The total wealth of the listed Chinese billionaires, which includes 77 people from Hong Kong and 46 from Taiwan, plummeted 15 per cent, compared to a loss of 10 per cent in net worth globally. A total of 26 Chinese tycoons rank among the world’s 100 richest people.

“Interest rate hikes, the appreciation of the US dollar, the popping of a Covid-19-driven tech bubble and the continued impact of the Russia-Ukraine war have all combined to hurt stock markets,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report, a consultancy.

Tencent’s founder Pony Ma, 52, is in second place among Chinese billionaires, up two spots from a year earlier despite losing 25 per cent of his net worth to US$39 billion. He is the 31st wealthiest person worldwide.

Pony Ma, Tencent Holdings’ chairman and CEO, is now the second-richest person in China despite losing 25 per cent of his net worth since a year ago, according to Hurun Report.


ByteDance founder Zhang Yiming, 40, dropped one place to third, as his wealth shrank by 31 per cent to US$37 billion.

Jack Ma, founder of Alibaba, owner of this newspaper, fell from fifth to ninth among Chinese billionaires, with his net worth dropping 32 per cent to US$25 billion, which equates to 52nd place worldwide.

Li Ka-shing remains Hong Kong’s richest person and is the 39th richest person in the world, as his fortune declined 6 per cent to US$31 billion.

Zhang Yiming, CEO and founder of Bytedance, dropped from second place to third among Chinese billionaires, according to the list.


China’s economy expanded 3 per cent in 2022, one of its slowest rates of growth in decades, battered by the country’s zero-Covid strategy that caused multiple citywide lockdowns and manufacturing suspensions.

In the 12 months up to January 16, the Nasdaq plunged 26 per cent, the S&P 500 shed 14 per cent, the NYSE Composite fell 8 per cent and benchmarks in Shanghai and Shenzhen dropped 8 per cent and 17 per cent, respectively.

During the same period, the yuan depreciated 6 per cent against the US dollar, leading to shrinking fortunes for Chinese billionaires, as the list calculates net worth in US dollar terms.

Hong Kong’s richest man, Li Ka Shing, is the 39th wealthiest person in the world.


Overall, China remains the biggest source of known billionaires, with the total number standing at 969 – 40 per cent more than the US with 691.

The two countries together account for 53 per cent of the total 3,112 billionaires globally.

China surpassed the US as the leading country on the list in 2016 and has retained the title ever since.

“The year 2022 proved to be tough for Chinese businesspeople because the Covid-19 pandemic curbs either crippled their operations or hurt consumers’ demand for products and services,” said Wang Feng, the chairman of Shanghai-based financial services group Ye Lang Capital.

“But China’s vast market size and its exit from the zero-Covid strategy will continue to spawn more high-net-worth individuals in the years to come.”

Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×