Zhong Shanshan, the chair of bottled water firm Nongfu Spring, stays China’s richest individual © Oriental Picture through Reuters Conne

The wealth of China’s 100 richest folks shrank by greater than a 3rd in 2022, because the nation’s zero-Covid coverage, faltering financial progress and a push for “widespread prosperity” dented valuations of the nation’s prime firms and ate at its non-public wealth.

The wealth of the nation’s wealthiest tycoons shrank 39 per cent to $907.1bn in 2022 from $1.48tn the yr earlier than, in line with the Forbes wealthy record, the largest decline because the publication began compiling the record greater than 20 years in the past.

Solely two of the names on the record noticed their wealth improve, Forbes stated, whereas 79 billionaires turned poorer.

Forbes blamed the decline on Beijing’s tech crackdown, its economically throttling zero-Covid insurance policies, gradual financial progress and issues over the end result of the twentieth Communist occasion congress in October.

The slide within the worth of the renminbi, additional dented fortunes.

Zhong Shanshan, the chair of Nongfu Spring, the bottled water firm, remained within the prime spot on the record with wealth of $62.3bn, down simply 5 per cent from the yr earlier than.

Robin Zeng, chair of CATL, the world’s largest electrical automobile battery maker, noticed his wealth decline by 43 per cent to $28.9bn, whereas Pony Ma, chief govt of web large Tencent, the share worth of which has plumbed four-year lows this yr, noticed his wealth fall by greater than half.

Alibaba founder Jack Ma additionally noticed his private fortune nearly halved after his firm dropped roughly 60 per cent in worth over the previous yr.

Shein-founder Chris Xu was a notable newcomer, with a fortune estimated at $10bn, whereas Evergrand chair Hui Ka Yan, as soon as one of many nation’s richest people, dropped overseas’s 100 wealthiest.



Supply hyperlink

LEAVE A REPLY

Please enter your comment!
Please enter your name here