THE Chinaone of the world’s largest economies, has many billionaires. However, according to the Hurun list, the number of very rich people in the country has decreased recently.
More than 400 people lost billionaire status last year, most from China, as global currency tightening, the problems caused by COVID-19 and its crackdown Beijing in large technology companies they hit the tycoonsaccording to a ranking of the richest people in the world.
China lost 229 billionaires from the Hurun Global Rich List 2023, accounting for more than half of the 445 people removed from the list, which includes tycoons with minimal net worth $1 billionas the Hurun Report reported today.
The world’s second-largest economy also added 69 new billionaires to the list during the period. “The number of billionaires in the world has decreased by 8%, while their total wealth has decreased by 10%,” said Rupert Hoogeverf, founder and president of the Hurun Report. A total of 3,112 people are on the list compared with 3,381 a year earlier, he added.
China remained the largest source of super-rich, with the total number of billionaires standing at 969 on January 16, 2023, in front of them USA with 691 tycoons.
Luxury goods companies had a good year, with LVMH chief Bernard Arnault rising to the top of the list and Hermes heir Bertrand Pouys and his family in third place.
Among the names removed from the list stands out Sam Bankman-Fried who lost the fortune of the height 21 billion dollars after the collapse of the FTX cryptocurrency exchange platform.
In China, Jack Ma, founder of Chinese e-commerce giant Alibaba Group Holding, slipped to 52nd place from 34th a year earlier, largely due to China’s regulatory crackdown on the tech industry, APE reports.
“Rising interest rates, the appreciation of the US dollar, the tech bubble created by COVID-19 and which blew up and the ongoing impact of the Russian-Ukrainian war have all combined to hit the stock markets,” Hoogeverf said. Over the past year to the end of January, the S&P 500 has lost more than 14%, while in China the Shanghai Composite lost almost 11%.
Meanwhile, the Chinese yuan lost about 8% of its value against the dollar in 2022, its biggest annual decline since 1994, due mainly to aggressive rate hikes by the Federal Reserve and a slowing domestic economy.
Source: News Beast

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