Founder of the heavily indebted property developer China Evergrande Group, Hui Ka Yan, has seen his net worth drop by $25 billion over the past year, reports the Financial Times. According to the annual Hurun Rich List, published on Wednesday, Hui’s net worth has fallen almost 70% to $11.3 billion since 2020, making him China’s 70th richest person. He ranked as the country’s fifth richest person last year and topped the list four years ago.
Zhong Shanshan, the 67-year-old founder of bottled water giant Nongfu Spring, was ranked China’s richest person with a fortune estimated at just over $60bn.
“Half of this year’s list are new faces compared with five years ago, showing the dynamism of China’s private sector,” says Rupert Hoogewerf, founder of the Hurun Rich list. “New sectors and business models are changing the landscape,” he added, pointing to the surging wealth of new-energy tycoons in the electric vehicle, solar and mining sectors.
The Hurun Rich List tracks the fortunes of 2,918 people each with a net worth of at least RMB 2 billion ($310 million). Over the past year, the total wealth of people on the list increased 24% to $5.3 trillion.