China lost 229 billionaires in the last year as a faltering economy, sliding stocks and a depreciating yuan hit the country’s super-rich harder than their peers in any other nation, according to a new list published by Hurun Report. Rupert Hoogewerf, chairman and chief researcher of Hurun Report, “Chinese entrepreneurs will actively look to expand abroad from this year as they have a global perspective,” says Hoogewerf, according to the South China Morning Post.
The South China Morning Post:
The total wealth of the listed Chinese billionaires, which includes 77 people from Hong Kong and 46 from Taiwan, plummeted 15 per cent, compared to a loss of 10 per cent in net worth globally. A total of 26 Chinese tycoons rank among the world’s 100 richest people.
“Interest rate hikes, the appreciation of the US dollar, the popping of a Covid-19-driven tech bubble and the continued impact of the Russia-Ukraine war have all combined to hurt stock markets,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report, a consultancy…
“Chinese entrepreneurs will actively look to expand abroad from this year as they have a global perspective,” said Hoogewerf. “The reopening give them opportunities to copy their growth model [in China] to other countries.”
Overall, China remains the biggest source of known billionaires, with the total number standing at 969 – 40 per cent more than the US with 691.
The two countries together account for 53 per cent of the total 3,112 billionaires globally.
More at the South China Morning Post.
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