The shrinking economic growth hits the number of super-rich in China, reports the annual Hurun China rich list, reports Reuters. “This year has seen the biggest fall in the Hurun China Rich List of the last 24 years,” said Rupert Hoogewerf, chairman and chief researcher of research firm Hurun Report which compiles the list.
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 pummelled fortunes, an annual rich list said on Tuesday.
The Hurun Rich list, which ranks China’s wealthiest people with a minimum net worth of 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 individuals with $10 billion fell by 29 to 56, and the number of dollar billionaires dropped by 239 to 946 this year, it added.
“This year has seen the biggest fall in the Hurun China Rich List of the last 24 years,” said Rupert Hoogewerf, chairman and chief researcher of research firm Hurun Report which compiles the list.
The global economic outlook has this year been heavily impacted by the war in Ukraine and slowing economic growth in China that has in turn been exacerbated by the country’s ultra-strict COVID policies and a prolonged property slump.
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