Chinese billionaires are poorer

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An analysis of the data collected over the past two decades shows that more and more Chinese millionaires are entering the Hurun list, especially owners of leading technology companies. Even in the first tumultuous year of the pandemic, the Chinese outnumbered Americans in the number of new rich and billionaires. While the rest of the world has returned to normal, Chinese authorities are continuing their harsh zero-COVID policy, keeping the economy partially stagnant. The stock markets in Mainland China and Hong Kong began to decline. Added to this was the global instability caused by the war in Ukraine. As a result, the Chinese economy stopped growing at the rate predicted by the ruling communist party. The crisis has even hit the wealthy elite that have become impoverished over the past year. The Hurun list lists the richest people in China with a minimum net worth of 5 billion yuan ($ 690 million). This year, this threshold was reached by 1,305 people, i.e. by 11 percent. less than in 2021. Their combined wealth was $ 3.5 trillion, or 18 percent. less than a year earlier. The number of people with assets of at least $ 10 billion has fallen from 56 to 29, while the number of billionaires has shrunk from 946 to 239. This year saw the biggest decline in the Hurun China Rich List in the last 24 years, said Rupert Hoogewerf, founder of Hurun Report, to CNN. According to experts, one of the reasons for this state of affairs – apart from the global economic slowdown caused by the consequences of the Russian-Ukrainian war – was the sharp drop in technology prices and the slowed economic recovery after the pandemic. The biggest drop on the list ($ 15.7 billion) was made by Yang Huiyan, a 40-year-old businesswoman who inherited from her father’s empire in the Country Garden Group real estate industry. The ranking is again led by Zhong Shanshan, founder of Nongfu Spring, a company that filters, mineralizes and bottles water from the Changbai Mountains in Northeast China. Its red-cap bottles are ubiquitous in China today. You can find them in luxury hotels, restaurants, and even in the seats of Didi, the equivalent of Uber in Europe. Zhong is also the majority shareholder of Beijing Wantai Biological Pharmacy Enterprise, which in 2020 manufactured and sold test kits for the detection of Covid-19. His fortune has increased by 17% this year. – up to $ 65 billion. Second on the list is Zhang Yiming, founder of ByteDance, to which TikTok belongs. Due to the decline in the company’s market capitalization, its fortune fell by 28%. – up to $ 35,000 million. Property loss, also by 28 percent. year on year, also experienced Zeng Yuqun, founder and president of CATL – a battery supplier. Nevertheless, it rose to third place in the ranking from $ 31.6 billion. The regulatory crusade against big tech companies over the past two years has hit industry giants such as Alibaba and Tencent. Investors are also distancing themselves from the political course chosen by the Middle Kingdom, which could be observed at the end of October. Chinese stocks have plunged, with tech companies mostly taking heavy losses. Thus, the market responded to the support given to Xi Jinping by the Congress of the Communist Party so that he could continue his unprecedented third term. The Hang Seng index, a benchmark in Hong Kong, fell 6.3 percent on October 24, the biggest drop since November 2008. Although a few days later Chinese third-quarter growth figures were released by 3.9 percent. Compared to the previous year, the experts are under no illusions – an aggressive policy towards Taiwan, problems in the real estate market or a fight against technology companies are the perfect combination for China to record its weakest economic result in over 40 years. The article Chinese billionaires are poorer comes from the website of the Polish Economy Forum.

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