Nov 8 (Reuters) – China’s super-rich noticed their wealth tumble by probably the most in over 20 years this 12 months, because the Russia-Ukraine warfare, Beijing’s zero-COVID measures and falling mainland and Hong Kong inventory markets pummelled fortunes, an annual wealthy checklist stated on Tuesday.
The Hurun Wealthy checklist, which ranks China’s wealthiest folks with a minimal internet price of 5 billion yuan ($692 million), stated only one,305 folks made the mark this 12 months, down 11% from final 12 months. Their complete wealth was $3.5 trillion, down 18%.
In the meantime, the variety of people with $10 billion fell by 29 to 56, and the variety of greenback billionaires dropped by 239 to 946 this 12 months, it added.
“This 12 months has seen the largest fall within the Hurun China Wealthy Record of the final 24 years,” stated Rupert Hoogewerf, chairman and chief researcher of analysis agency Hurun Report which compiles the checklist.
The worldwide financial outlook has this 12 months been closely impacted by the warfare in Ukraine and slowing financial development in China that has in flip been exacerbated by the nation’s ultra-strict COVID insurance policies and a protracted property stoop.
A two-year regulatory crackdown that has hit China’s greatest tech names resembling Alibaba Group (9988.HK) and Tencent Holdings (0700.HK), and issues that President Xi Jinping will sacrifice development for ideology in his third time period, have additionally weighed on investor confidence, with Hong Kong and mainland inventory markets tumbling in latest weeks.
Yang Huiyan, the businesswoman behind Nation Backyard Holdings Co Ltd (2007.HK), which like many different Chinese language builders has been battling debt points, noticed her wealth fall by $15.7 billion, the largest drop on the 2022 checklist.
Zhong Shanshan, whose listed corporations are water bottler Nongfu Spring (9633.HK) and vaccine developer Beijing Wantai Organic Pharmacy Enterprise (603392.SS), took first place on the checklist for the second 12 months operating, with a fortune that grew 17% to $65 billion.
The founding father of TikTok proprietor ByteDance, Zhang Yiming, took second place, however noticed his wealth fall 28% to $35 billion on account of a drop in ByteDance’s valuation. In third place was Zeng Yuqun, chairman of battery large CATL (300750.SZ).
Tencent founder Pony Ma posted the second largest drop in wealth of $14.6 billion amid sliding tech inventory costs, to take fifth place on the checklist. Alibaba founder Jack Ma and his household tumbled 4 locations to be ranked No. 9.
($1 = 7.2215 Chinese language yuan renminbi)
Reporting by Brenda Goh
Modifying by Mark Potter
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