China’s super-rich see wealth plunge as economy slows
November 8, 2022 - China’s super-rich have seen the biggest fall in their wealth in over two decades, as the Ukraine war, Beijing’s ultra-strict Covid policies and falling local stock markets slashed fortunes.
The Hurun Rich list, which ranks China’s wealthiest people with a minimum net worth of 5 billion yuan ($690m), said only 1,305 people made the threshold this year, down 11% from last year. Their total wealth was $3.5tn, down 18% from last year.
The number of individuals with $10bn or more fell by 29, and the number of billionaires, in U.S. dollars, dropped by 239 this year, according to the list.
China's strict zero-Covid policy of using lockdowns, mass testing and quarantines to curb the spread of the virus has hampered its economic growth. At the same time, a real estate crisis has added to recession fears.
More recently, President Xi Jinping’s consolidation of power and signs that Beijing’s focus has turned to ideology rather than the economy in its decision making have sparked pessimism about the economy.