China’s rich have become one of the major casualties at the 2022 Hurun Rich List, including Tencent’s CEO Ma Huateng, who lost 52 billion US dollars from last year’s listing, although China’s billionaires still top the list. Hurun chief researcher Rupert Hoogewerf gives an overview of the damage to the VOA.
According to the 2022 list, which Hurun released last week, the tech billionaires in China who were hit hard last year included Ma Huateng, founder and CEO of China’s internet conglomerate Tencent. Ma saw his wealth drop to $52 billion, as he slumped to the slot of the fourth-richest billionaire in China and a ranking of number 28 globally. Jack Ma ranked fifth among Chinese billionaires. This was the first time that the two entrepreneurs had not been in China’s top three slots since 2015.
And China shed 160 billionaires in 2021, accounting for half the world’s total of 337 list laggards who are now mere multimillionaires.
“China’s billionaires have been hit hard in the past year, with nine of the top 10 biggest wealth shrinkages and 160 drop-offs,” said Rupert Hoogewerf, Hurun Report chairman and chief researcher. He added that many of China’s biggest companies have lost as much as half their value, the steepest drop in value since the global financial crisis in 2008.
Hoogewerf said that e-commerce platforms, real estate, education, generic drugs and vaping were the hardest-hit sectors. COVID control measures, tensions with the United States, anti-monopoly regulations and China’s recently introduced push for common prosperity were behind the declines, he added.
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