The fortunes of China’s wealthiest have plunged by the most in over two decades as a property market crisis and Beijing’s strict COVID curbs hammer growth, according to the Hurun Rich List, an annual rich list published on Tuesday, reports Nikkei Asia. Leading the drop was businesswoman Yang Huiyan of developer Country Garden Holdings, who lost $15.7 billion from her net worth this year, while technology group Tencent’s Pony Ma saw his personal fortune cut by $14.6 billion.
Forrest Li, chairman of Singapore-based e-commerce group Sea, posted the third-biggest loss with a drop of $13.7 billion, the Hurun China Rich List 2022 says.
The total wealth of 1,305 people with a minimum net worth of RMB 5 billion ($710 million) declined 18% from a year ago to $3.5 trillion, according to the report. And the number of superrich with $10 billion tumbled by 29, to 56 individuals, while the number of dollar billionaires fell by 239, to 946, the report says.