Saturday, May 24, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

China’s super-rich see fortunes plunge as economy slows By Reuters

by Reuters
November 8, 2022
in Stock Market
Reading Time: 2 mins read
A A
0
Home Stock Market
Share on FacebookShare on Twitter


© Reuters. FILE PHOTO: Zhang Yiming, founder and global CEO of ByteDance, poses in Palo Alto, California, U.S., March 4, 2020. REUTERS/Shannon Stapleton

By Brenda Goh

(Reuters) – China’s super-rich saw their wealth tumble by the most in over two decades this year, as the Russia-Ukraine war, Beijing’s zero-COVID measures and falling mainland and Hong Kong stock markets pummelled fortunes, an annual rich list said on Tuesday.

The Hurun Rich list, which ranks China’s wealthiest people with a minimum net worth of 5 billion yuan ($692 million), said only 1,305 people made the mark this year, down 11% from last year. Their total wealth was $3.5 trillion, down 18%.

Meanwhile, the number of individuals with $10 billion fell by 29 to 56, and the number of dollar billionaires dropped by 239 to 946 this year, it added.

“This year has seen the biggest fall in the Hurun China Rich List of the last 24 years,” said Rupert Hoogewerf, chairman and chief researcher of research firm Hurun Report which compiles the list.

The global economic outlook has this year been heavily impacted by the war in Ukraine and slowing economic growth in China that has in turn been exacerbated by the country’s ultra-strict COVID policies and a prolonged property slump.

A two-year regulatory crackdown that has hit China’s biggest tech names such as Alibaba (NYSE:) Group and Tencent Holdings (OTC:), and concerns that President Xi Jinping will sacrifice growth for ideology in his third term, have also weighed on investor confidence, with Hong Kong and mainland stock markets tumbling in recent weeks.

Yang Huiyan, the businesswoman behind Country Garden Holdings Co Ltd, which like many other Chinese developers has been battling debt issues, saw her wealth fall by $15.7 billion, the biggest drop on the 2022 list.

Zhong Shanshan, whose listed companies are water bottler Nongfu Spring and vaccine developer Beijing Wantai Biological Pharmacy Enterprise, took first place on the list for the second year running, with a fortune that grew 17% to $65 billion.

The founder of TikTok owner ByteDance, Zhang Yiming, took second place, but saw his wealth fall 28% to $35 billion due to a drop in ByteDance’s valuation. In third place was Zeng Yuqun, chairman of battery giant CATL.

Tencent founder Pony Ma posted the second largest drop in wealth of $14.6 billion amid sliding tech stock prices, to take fifth place on the list. Alibaba founder Jack Ma and his family tumbled four places to be ranked No. 9.

($1 = 7.2215 renminbi)



Source link

Tags: ChinasEconomyfortunesplungeReutersSlowssuperrich
Previous Post

11 Signs That Economic Activity Is Plunging Off A Cliff – Investment Watch

Next Post

Theravance Biopharma, Inc. (TBPH) Q3 2022 Earnings Call Transcript

Related Posts

Is United Parcel Service Stock The Best Contrarian Play In 2025? (NYSE:UPS)

Is United Parcel Service Stock The Best Contrarian Play In 2025? (NYSE:UPS)

by Motti Sapir
May 24, 2025
0

This text was written byComply withWith over 15 years of expertise within the markets and a level in economics, I...

Seagate Know-how Holdings plc (STX) Seagate 2025 Investor and Analyst Convention – (Transcript)

Seagate Know-how Holdings plc (STX) Seagate 2025 Investor and Analyst Convention – (Transcript)

by Index Investing News
May 24, 2025
0

Seagate Know-how Holdings plc (NASDAQ:STX) Seagate 2025 Investor and Analyst Conference Identify Might 22, 2025 9:00 AM ET Agency Members...

2 BDCs That Qualify For The Retirement Earnings League

2 BDCs That Qualify For The Retirement Earnings League

by Index Investing News
May 23, 2025
0

This textual content was written by Roberts Berzins has over a decade of experience throughout the financial administration serving to...

QQQI: It Passed The Test (Upgrade) (NASDAQ:QQQI)

QQQI: It Passed The Test (Upgrade) (NASDAQ:QQQI)

by John Bowman
May 23, 2025
0

This text was written byComply withJohn "Jack" Bowman is a registered funding advisor, economics educator, analysis analyst, and commentator from...

Booz Allen Hamilton Holding Company 2025 This fall – Outcomes – Earnings Name Presentation (NYSE:BAH)

Booz Allen Hamilton Holding Company 2025 This fall – Outcomes – Earnings Name Presentation (NYSE:BAH)

by Index Investing News
May 23, 2025
0

Looking for Alpha’s transcripts workers is accountable for the occasion of all of our transcript-related initiatives. We at current publish...

Corning Stock: An Unexpected Picks And Shovels Option In AI (GLW)

Corning Stock: An Unexpected Picks And Shovels Option In AI (GLW)

by Gen Z Investor
May 23, 2025
0

This text was written byObserveI'm a devoted monetary threat supervisor and investor specializing in financials, client, and know-how industries. I've...

Next Post
Theravance Biopharma, Inc. (TBPH) Q3 2022 Earnings Call Transcript

Theravance Biopharma, Inc. (TBPH) Q3 2022 Earnings Call Transcript

Royalty-enforcing NFTs a ‘new asset class,’ South Korea buys NFTs with CBDC, and more

Royalty-enforcing NFTs a 'new asset class,' South Korea buys NFTs with CBDC, and more

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ugandan activist alleges she was raped while in Tanzanian detention

Ugandan activist alleges she was raped while in Tanzanian detention

May 24, 2025
Investors Pour .75 Billion Into Bitcoin ETFs As Price Skyrockets

Investors Pour $2.75 Billion Into Bitcoin ETFs As Price Skyrockets

May 24, 2025
LIC sets Guinness World Record for most life insurance policies sold in a day

LIC sets Guinness World Record for most life insurance policies sold in a day

May 24, 2025
LIC bags Guinness world record for selling highest number of life insurance policies in 24 hrs

LIC bags Guinness world record for selling highest number of life insurance policies in 24 hrs

May 24, 2025
US Seizes 8K in Crypto From Dating Scam That Drained Wallets

US Seizes $868K in Crypto From Dating Scam That Drained Wallets

May 24, 2025
EU Weighs Cutting 20 Banks From SWIFT In New Russia Sanctions

EU Weighs Cutting 20 Banks From SWIFT In New Russia Sanctions

May 24, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

Ugandan activist alleges she was raped while in Tanzanian detention

Investors Pour $2.75 Billion Into Bitcoin ETFs As Price Skyrockets

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In