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 U.S.-dollar billionaires and dropped off 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 USD69 billion, down 4% on year. He is the world’s 15th richest person. The total wealth of the listed Chinese billionaires, which includes 77 people from Hong Kong and 46 from Taiwan, plummeted 15%, compared to a loss of 10% 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 U.S. 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. Tencent’s Founder Pony Ma, 52, is in second place among Chinese billionaires, up two spots from a year earlier despite losing 25% of his net worth to USD39 billion. He is the 31st wealthiest person worldwide. ByteDance Founder Zhang Yiming, 40, dropped one place to third, as his wealth shrank by 31% to USD37 billion. Jack Ma, Founder of Alibaba, fell from fifth to ninth among Chinese billionaires, with his net worth dropping 32% to USD25 billion, which equates to 52nd place worldwide. In the 12 months up to January 16, the yuan depreciated 6% against the U.S. dollar, leading to shrinking fortunes for Chinese billionaires, as the list calculates net worth in U.S. dollar terms. Li Ka-shing remains Hong Kong’s richest person and is placed 39th in the world, as his fortune declined 6% to US31 billion.
“Chinese entrepreneurs will actively look to expand abroad from this year as they have a global perspective,” said Hoogewerf. “The reopening gives them opportunities to copy their growth model to other countries.” Overall, China remains the biggest source of known billionaires, with the total number standing at 969 – 40% more than the U.S. with 691. The two countries together account for 53% of the 3,112 billionaires globally. China surpassed the U.S. as the leading country on the list in 2016 and has retained the title ever since. Bernard Arnault of LVMH, with a net worth of USD202 billion, is the world’s richest person, followed by Elon Musk with USD157 billion, the South China Morning Post reports.
