China's ultra-rich squeezed by slowing economy: Hurun ranking / Photo: Johannes EISELE - AFP/File
-
Kulusevski return can spark Spurs: De Zerbi
-
Mbappe ends Nike partnership to join Swiss brand On
-
Shakira to cap off world tour with Madrid 12-gig run
-
Liverpool boss Iraola puts Bournemouth love affair on hold
-
Isolated Syrian-Druze city blames Damascus for shortages
-
'A disaster' if Man City do not win says Maresca after flawless start
-
Isolated Syrian-Druze city shortages
-
Kerry James Marshall: American 'blackness' painter celebrated in Europe
-
Dutch drop Depay for Germany match in Xavi's first pick
-
Spain coach De la Fuente offers 'full support' to people of Ceuta
-
Ronaldo named in Portugal squad for Nations League
-
Russia seizes assets of Nestle, French firms over West's Ukraine support
-
Stock markets diverge after central bank rate hikes
-
England can build on World Cup 'spirit', says Tuchel
-
Anti-Assad music star makes triumphant return to Syria
-
UNESCO can be 'moderator' in AI debate: chief to AFP
-
In-form Fernandez included in Spain Nations League squad
-
Infantino 'must go', says German FA vice-president
-
Arteta buries hatchet with Hurzeler ahead of Brighton clash
-
Russia seizes assets of Nestle, French firms
-
Alexander-Arnold and Palmer return to England squad for Nations League
-
Japan's busiest rail station tests robot bins
-
Russians vote as Ukraine war drags on for fifth year
-
Anthropic says AI systems moving towards building themselves
-
Backpackers fret over Australian visa crackdown
-
Asian stocks boosted by falling oil, yen weakens after BoJ rate hike
-
Most Asian stocks track Wall St rally, yen drops after BoJ rate hike
-
Pakistan court blocks expulsion of Afghan medical college students
-
Russians begin voting in controlled election as war drags on
-
Athletes 'can't take it any more' as Asian Games issues mount
-
Trump 'clearly' wants dialogue with Pyongyang: South Korean President
-
Allen lights up Bills' new stadium with 41-31 win over Lions
-
Bank of Japan hikes rates to 31-year high to battle inflation
-
Afghan medical students in Pakistan hope court stops college expulsions
-
Thailand's Muslim separatists vow to fight to the end
-
AI doomsday warnings unlikely to slow IPOs but questions linger
-
Mideast turmoil, AI set to dominate UN gathering of world leaders
-
ICC eyes China in bid to expand cricket
-
Australia to detain tourists who overstay visa, minister says
-
Nkunku craving freedom and fun on RB Leipzig return
-
Championship rivals brace for renewal of bitter feuds
-
Bhutan's traditional archers lose ground to development
-
In Brazil's Amazon, the hunt for oil fuels hopes and fears
-
Asian stocks track Wall St rally as oil prices drop
-
Australian athlete who soiled herself apologises for continuing Hyrox race
-
South Korea makes Asian Games complaint over Japan warlord ceremony
-
Baby orangutans in India expose 'frightening' scale of trafficking
-
US aid cuts are killing Kenyan sex workers
-
Doom Loop? Ed Sheeran struggles against Gaza tide
-
October 7 survivors, families take centre stage in Israel vote
China's ultra-rich squeezed by slowing economy: Hurun ranking
The wealth of China's billionaires this year dropped by the largest amount in more than two decades, according to an annual ranking, as zero-Covid curbs and a property market crisis stall the world's second-largest economy.
The Hurun China Rich List, released Tuesday, said the total wealth of all individuals with a minimum net worth of 5 billion yuan ($691 million) dropped by 18 percent to $3.5 trillion.
Only 1,305 people made it onto the list -- an 11 percent net decrease compared with last year, and the biggest drop in 24 years.
The fortunes of China's ultra-rich have been battered by Beijing's harsh zero-Covid policy, which has heavily disrupted production and supply chains.
They have also taken a hit from stock market routs during a two-year crackdown on the tech industry, and suffered from geopolitical volatility caused by events such as the war in Ukraine.
The property and healthcare sectors were hit especially hard, according to the list.
Property developer Yang Huiyan of Country Garden Holdings lost the most personal wealth at $15.7 billion this year, while Pony Ma, founder of tech and gaming giant Tencent, lost $14.6 billion after a sweeping crackdown on the gaming industry last year.
China's three richest people stayed the same as last year, with Zhong Shanshan, founder of bottled water company Nongfu Spring, increasing his wealth by 17 percent to $65 billion.
Zhang Yiming, the founder of TikTok parent ByteDance, retained second place but saw his wealth drop by 28 percent to $35 billion after the company's valuation dropped.
Alibaba founder Jack Ma fell from fifth to ninth place after losing 29 percent of his wealth to $25.7 billion, while Pony Ma slipped from fourth place to fifth.
Nearly 300 individuals listed last year were absent from this year's list, most from the property industry, which has faced a spiralling debt crisis after the government imposed borrowing curbs in 2020.
The chairman of property giant Evergrande, Xu Jiayin, fell out of the 100 richest to 172nd place as his company sagged under over $300 billion of debt.
The International Monetary Fund has predicted that China's annual GDP growth will only reach 3.2 percent this year.
Th.Gonzalez--AT