Billionaire wealth in China fell in the past year, according to the Hurun Rich List 2022, due to the Russia-Ukraine conflict, a drop in tech share prices and a slow post-Covid economic recovery.
China recorded 1,305 individuals with more than 5 billion yuan ($710 million), according to the Hurun Rich List 2022, marking an 11 percent year-on-year drop. Within this group, total wealth fell 18 percent to $3.5 trillion, marking a record for the research firm.
«This year has seen the biggest fall in the Hurun China Rich List of the last 24 years,» said Hurun Report Chairman and chief researcher Rupert Hoogewerf.
«Part of the reason has been a global economy downturn, led by the fallout from the Russia-Ukraine war, a sharp drop in tech prices and the generally slow post-Covid economic recovery, but also at the national level, the continued disruptions to the economy from localized Covid outbreaks.»
Major Drops
In terms of the number of dollar billionaires, the list saw the departure of 239 individuals to 946 this year. Unsurprisingly, China’s real estate sector accounted for the majority of the billionaire reduction (14 percent) with Country Garden’s Elizabeth Yang Huiyan recording the steepest wealth loss at $17.5 billion. Tencent’s Pony Ma Huateng registered the second greatest wealth loss at $14. 6 billion.
By cities, Shanghai account for the largest portion of billionaires dropped off at 15 percent followed by Beijing’s 11 percent.
Bottled Water King
At the very top, 68-year old Zhong Shanshan maintained the leading position as China’s wealthiest with $65 billion, up 17 percent. Zhong is the founder and chair of beverage firm Nongfu Spring and is nicknamed China’s «bottled water king».
«Where was growth coming from? More than 400 entrepreneurs saw their wealth increase over the past year, mainly in the sectors of Industrial Products, F&B and Energy,» Hoogewerf added.
