Tencent, ByteDance, Alibaba founders see fortunes plunge as China billionaire list loses nearly 300 members

The number of billionaires on the annual Hurun China Rich List falls to 1,305, while their overall wealth declines by 18 per cent to US$3.5 trillion
Nongfu Spring founder Zhong Shanshan tops the list for the second year, while Hong Kong tycoon Li Ka-shing surpasses Pony Ma and Jack Ma

China Evergrande Group

Yulu Ao

Published: 4:38pm, 8 Nov 2022

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An annual ranking of Chinese billionaires lost nearly 300 members this year, as Tencent’s Pony Ma, ByteDance’s Zhang Yiming and Alibaba’s Jack Ma saw their fortunes plunge by as much as 32 per cent amid the country’s economic slowdown.

The latest Hurun China Rich List, which ranks the wealthiest people in China with a minimum net worth of 5 billion yuan (US$691 million), saw 293 billionaires drop off the list compared with last year, while 133 newcomers joined. The net loss of 160 billionaires is an 11 per cent drop and the largest decline in 24 years. The minimum threshold was 2 billion yuan prior to this year.

The total wealth of the 1,305 people who made this year’s list, released on Tuesday, slumped by 18 per cent to US$3.5 trillion compared with last year.

Property and healthcare entrepreneurs were especially hard-hit, while the global economic downturn, sharp drops in technology shares and slow economic growth amid Beijing’s Covid-19 measures drove the losses, said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.

Yang Huiyan, majority shareholder of Country Garden Holdings, saw her wealth decline by 59 per cent, according to the ranking. Photo: Weibo

Zhong Shanshan, founder of bottled water brand Nongfu Spring, won the top spot on the list for the second year, hitting a historical record with a fortune of US$65 billion, up 17 per cent.

ByteDance founder Zhang Yiming retained second place, but saw his wealth slip 28 per cent to US$35 billion due to a drop in ByteDance’s valuation.

Tencent’s Pony Ma dropped from fourth place to fifth as his wealth endured the second-largest decline on the list, dropping 32 per cent to US$30.7 billion.

Hui Ka-yan, chairman of China Evergrande, pictured in March 2019, fell out of the top 100 after topping the list five years ago. Photo: SCMP / Nora Tam

Alibaba founder Jack Ma lost 29 per cent of his wealth to US$25.7 billion, falling from fifth to ninth place.

Hong Kong tycoon Li Ka-shing climbed from eighth to fourth on the list, with his wealth increasing by 2 per cent to US$31.4 billion, surpassing Pony Ma and Jack Ma for the first time in the past five years.

Tycoons in the property sector suffered the largest losses. Yang Huiyan, the majority shareholder in Country Garden Holdings saw her fortune plunge by 59 per cent to US$10.7 billion, the biggest drop on this year’s list.

Property entrepreneurs accounted for 50 per cent of the list 20 years ago, 20 per cent 10 years ago, 15 per cent five years ago, and 10 per cent this year, Hoogewerf said.

China Evergrande chairman Hui Ka-yan, who topped the list five years ago, plunged 102 places to 172nd, falling out of the top 100, as the value of his flagship company tumbled under the weight of more than US$300 billion in liabilities.