China has lost 229 billionaires from the Hurun Global Rich List 2023, accounting for more than half of the 445 people who disappeared from the list.
Hundreds of China’s wealthy lose billionaire status
More than 400 people lost their billionaire status last year, most from China, as global monetary tightening, COVID-19 disruptions and Beijing’s crackdown on major tech companies hurt the super wealthy, a ranking of the world’s wealthiest shows.
China lost 229 billionaires from the Hurun Global Rich List 2023, accounting for more than half of the 445 people who disappeared from the list, which ranks moguls with a minimum net worth of $US1 billion ($A1.5 billion), the Hurun Report said on Thursday.
The world’s second-biggest economy also added 69 new billionaires to the list during the period.
“The number of billionaires in the world is down by eight per cent, whilst their total wealth dropped 10 per cent,” said Rupert Hoogewerf, founder and chairman of the Hurun Report.