Caixin
Nov 09, 2022 05:39 AM
BUSINESS

China’s Super Rich Are Poorer, and There Are Fewer of Them

Jack Ma (right) and Hui Ka Yan (left) in Beijing on Nov. 6, 2015.
Jack Ma (right) and Hui Ka Yan (left) in Beijing on Nov. 6, 2015.

The wealth of China’s super-rich plunged by the most in more than two decades as Russia’s war in Ukraine, Beijing’s pandemic controls, the prolonged property slump and falling stock markets hammered their fortunes, an annual list released Tuesday showed.

The Hurun Rich List, which ranks China’s wealthiest people with a minimum net worth of 5 billion yuan ($690 million) as of Sept. 15, is often considered a barometer of China’s private sector. Only 1,305 people made the threshold this year, down 11% from last year, and their total wealth was $3.5 trillion, down 18% from last year, the list showed.

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