An annual list of China’s wealthiest people revealed on Tuesday that their wealth had decreased at the fastest rate in more than 20 years due to the conflict between Russia and Ukraine, Beijing’s efforts to eradicate the Corona virus, the slump 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 5 billion yuan (692 million dollars), this year, only 1305 individuals succeeded in doing so, a decline of 11% from the previous year. While their overall wealth decreased by 18% to $3. 5 trillion.
Meanwhile, the number of individuals with a wealth of $ 10 billion decreased, by 29 to 56, and the number of billionaires decreased by 239 to 946 this year.
According to Robert Hoguiraf, Chairman and Specialist of the Research Company, Horon Rebport, who is this year, “this year has witnessed the largest decrease in the Horon China Rich list in the last 24 years.”
Global economic expectations this year was severely affected by the war in Ukraine, and the slowdown in economic growth in China, which in turn exacerbated the country’s strict policies on the Corona virus and the long real estate stagnation.
While a two-year organisational campaign was impacted by the biggest technology firms in China, including Ali Baba and Tinent Holdings Group, investors’ confidence has been shaken by concerns that President Xi Jinping will sacrifice economic growth for political ideology during his third term as Hong Kong Waller mainland stock markets have fallen in recent weeks.
Businesswoman Yang Huyan, the primary shareholder of Kntre Garden Holdings, which has debt issues, would like other real estate development companies in China, as her wealth decreased 15. 7 billion dollars, ranking first in the review of their wealth in 2022.
With a wealth that increased 17% to reach $65 billion, Chung Shanshan, the owner of the Nungfu Spring, Water Packing Water, and Wittai Biological Farmsey Entarrez to develop vaccines, two companies listed on the stock exchange, ranked first in the list for the second year in a row.
Shang Yi Ming, the founder of the Malikk Tek Tok, came second, but his wealth decreased 28% to 35 billion dollars due to the decline in the evaluation of the byte Dance, and in the third place came Zeinj Yokon, the president of the giant CTAL company For batteries.
The owner of Tinent, Bonnie Ma, saw the second-largest decline in wealth, totaling $14. 6 billion, despite a drop in technology stock prices, to take the fifth spot on the list.
The family of Ali Baba founder Jack dropped four spots to land in ninth place.
The Russian war on Ukraine and Corona’s policies hurt China’s billionaires.
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