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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 percent from last year. Their total wealth was $3.5 trillion, down 18 percent.
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.
