China's super-rich see fortunes plunge as economy slows

Nongfu Spring

08/11/2022 02:00

By Brenda Goh
       Nov 8 (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 Group  9988.HK  and Tencent Holdings
 0700.HK , 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  2007.HK , 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  9633.HK  and vaccine developer Beijing Wantai
Biological Pharmacy Enterprise  603392.SS , 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  300750.SZ . 
    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 Chinese yuan renminbi)
 (Reporting by Brenda Goh
Editing by Mark Potter)
 ((brenda.goh@thomsonreuters.com; +86 (0) 21 2083 0088; Reuters
Messaging: brenda.goh.thomsonreuters.com@reuters.net))