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China’s super-rich saw their wealth fall by the largest amount in over two decades, as the Russia-Ukraine war, Beijing’s zero-Covid measures and falling local stock markets pummelled fortunes, an annual rich list showed.
The Hurun Rich list, which ranks China’s wealthiest people with a minimum net worth of 5 billion yuan ($690m), said only 1,305 people made the threshold this year, down 11% from last year. Their total wealth was $3.5tn, down 18% from last year.
The number of individuals with $10bn or more fell by 29, and the number of billionaires, in US dollars, dropped by 239 this year, according to the list.
“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 Hurun Report which compiles the list.
