An annual list of China’s wealthiest people revealed today, Tuesday, that their wealth decreased at the fastest rate in more than 20 years this year as a result of the conflict between Russia and Ukraine, Beijing’s efforts to eradicate the Corona virus, the decline in mainland and Hong Kong stock markets, and other factors.
According to the Horon Rich list, which categorises the wealthiest individuals in China as having a net worth of at least five billion yuan (692 million dollars), this year, only 1305 people were able to reach this milestone, a decline of 11% from the previous year. Their overall wealth decreased by 18% to $3. 5 trillion.
The number of people who each have 10 billion dollars less has reduced by 29 to 56, and there are now 946 billionaires, down 239 from last year.
According to Robert Hoguiraf, Chairman and Specialist of the Research Company, Horon Report, “this year has seen the largest reduction in the Horon China Rich list in the last 24 years.” “This year has seen the highest decrease in the Horon China Rich list in the last 24 years,” said Robert Hoguiraf.
This year’s global economic outlook was significantly impacted by the conflict in Ukraine and China’s slower-than-expected economic development, which in turn aggravated that nation’s tough laws against the Corona virus and its protracted real estate slump.
Major Chinese technology firms like Ali Baba and Tinent Holdings Group ran a two-year organisational campaign, and in recent weeks, the stock markets in Hong Kong and the main ground have declined, raising investor concerns that President Xi Jinping will sacrifice economic growth for political ideology during his third term.
Businesswoman Yang Huyan, the primary shareholder of Kntre Garden Holdings, which has debt issues, would like other real estate development businesses in China, as her worth plummeted 15. 7 billion dollars, ranking first in the review of their wealth in 2022.
As for Chung Shanshan, the owner of the Nungfu Spring, Water Packing Water and Wittai Biological Farmsey Entarrez to research vaccines, two firms listed on the stock exchange, ranked first in the list for the second year in a row, with a wealth that climbed 17% to reach $ 65 billion.
The creator of Malikk Tek Tok, Shang Yi Ming, came in second, but because to the drop in Bate Dance’s reputation, his wealth fell by 28% to $35 billion.
Zeinj Yokon, the CATL’s director, visited the world’s largest battery company in third place.
Bonnie Ma, the creator of Tinent, fell to fifth place on the list after experiencing the second-largest wealth fall of $ 14.6 billion due to a decline in technology shares. The family of Ali Baba founder Jack dropped four spots to land in ninth position.
With the recession in the economy, both the wealth and the number of billionaires in China decreased.
About Author
