China's ultra-rich squeezed by slowing economy: Hurun ranking / Photo: Johannes EISELE - AFP/File
-
STARPRIME Completes Beta Testing of Market-Maker Model for Retail Brokers
-
Southern African mothers plead for sons lured to Russia's war
-
Campaigns kick off in Nigerian presidential race
-
Palestinian-American hoists US flag on home besieged by settlers
-
Aussie Rules club suspends five players for drinking, bringing women to hotel
-
Freedom Holding Marks New Türkiye Milestone as Freedom Yatırım Secures Brokerage License
-
Trump pauses 50% tariffs on Canadian goods for three days
-
Humanoid resources: China's robots search for workforce breakthrough
-
Five Premier League stars to watch this season
-
China goes rural with data centres in quest to power AI
-
China's robots open to opportunities in search of commercial breakthrough
-
Trump pauses planned 50% tariffs on Canadian goods for three days
-
Tech leads losses as Asian stocks track Wall St selloff
-
Ikitau, Suaalii named in Australia squad for Argentina Tests
-
US, South Korea cut drills short after Trump criticism
-
'American Doctor' shows brutality of conflict in Gaza
-
Italian scientists bet on octopus to fight crab invasion
-
New Zealand blocks lawsuits against firms over climate harm
-
New 'Insidious' reflects anxiety of being a new parent: director
-
Aussie Rules club suspends five players amid police probe
-
No.1 Sabalenka slams Wang to advance at Cincinnati
-
No.1 Sabalenka slams Wang to power ahead in Cincinnati
-
Turkey rejects Israeli claims after strike on Syria air base
-
Israel blames Turkey after strike on Syria air base
-
Climate change main driver of European ocean warming: study
-
Trump, Carney talk as Canada seeks to hold off new US tariffs
-
Gauff finds a way into the Cincinnati fourth round
-
NASA images reveal crater left by SpaceX rocket's Moon crash
-
ZZ Top drummer Frank Beard dies at age 77
-
UN atomic watchdog says found tons of nuclear material at Syria site
-
Bayern's Musiala reveals 'neurological disorder' after on-field collapse
-
Ecuadoran diplomat enters race to be next UN chief
-
Angelique Kidjo immortalised on Hollywood Walk of Fame
-
US sanctions ICC chief Tomoko Akane of Japan
-
France to expel two Iranian diplomats: foreign minister
-
US moves to open vast tracts of pristine forests to logging
-
Spain's Granada closes iconic Alhambra as new quake hits
-
US sanctions International Criminal Court chief Tomoko Akane of Japan
-
Venus, Stephens, Monfils named among US Open wild cards
-
Meta hooked children and misled public: prosecutors
-
Rodri joins La Liga champions Barcelona from Manchester City
-
France's first women's rights minister Yvette Roudy dies, aged 97
-
Disney, ABC sue US regulator over threat to broadcast licenses
-
French producer Nicolas Altmayer, Dior PR chief Favier die in car crash
-
Trump, Carney hold talks as new US tariffs on Canada loom
-
Bezos consortium bought nearly 40 percent of Liverpool: report
-
Germany opens new drone research centre as security threats mount
-
Trump says no Iran talks planned, claims Hormuz 'new US territory'
-
How only a few tree species drive Amazon forest recovery
-
Canada seeks to avert new US tariffs as deadline looms
China's ultra-rich squeezed by slowing economy: Hurun ranking
The wealth of China's billionaires this year dropped by the largest amount in more than two decades, according to an annual ranking, as zero-Covid curbs and a property market crisis stall the world's second-largest economy.
The Hurun China Rich List, released Tuesday, said the total wealth of all individuals with a minimum net worth of 5 billion yuan ($691 million) dropped by 18 percent to $3.5 trillion.
Only 1,305 people made it onto the list -- an 11 percent net decrease compared with last year, and the biggest drop in 24 years.
The fortunes of China's ultra-rich have been battered by Beijing's harsh zero-Covid policy, which has heavily disrupted production and supply chains.
They have also taken a hit from stock market routs during a two-year crackdown on the tech industry, and suffered from geopolitical volatility caused by events such as the war in Ukraine.
The property and healthcare sectors were hit especially hard, according to the list.
Property developer Yang Huiyan of Country Garden Holdings lost the most personal wealth at $15.7 billion this year, while Pony Ma, founder of tech and gaming giant Tencent, lost $14.6 billion after a sweeping crackdown on the gaming industry last year.
China's three richest people stayed the same as last year, with Zhong Shanshan, founder of bottled water company Nongfu Spring, increasing his wealth by 17 percent to $65 billion.
Zhang Yiming, the founder of TikTok parent ByteDance, retained second place but saw his wealth drop by 28 percent to $35 billion after the company's valuation dropped.
Alibaba founder Jack Ma fell from fifth to ninth place after losing 29 percent of his wealth to $25.7 billion, while Pony Ma slipped from fourth place to fifth.
Nearly 300 individuals listed last year were absent from this year's list, most from the property industry, which has faced a spiralling debt crisis after the government imposed borrowing curbs in 2020.
The chairman of property giant Evergrande, Xu Jiayin, fell out of the 100 richest to 172nd place as his company sagged under over $300 billion of debt.
The International Monetary Fund has predicted that China's annual GDP growth will only reach 3.2 percent this year.
F.AbuZaid--SF-PST