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
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.
