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China’s Super Rich Suffer as Tech Crackdowns, Covid Costs Hit

China saw 229 of its billionaires drop off the Hurun Global Rich List with Jack Ma, founder of e-commerce giant Alibaba, falling to 52nd place from 34th

Alibaba founder Jack Ma is seen at a conference in Shanghai in Sept 2018. File photo: Reuters


More than two hundred Chinese billionaires dropped off a global rich list last year as worldwide monetary tightening, Covid-19 disruptions and Beijing’s tech crackdown took a toll on the country’s super rich.

China lost 229 billionaires from the Hurun Global Rich List 2023, accounting for more than half of the 445 people who disappeared from the list, which ranks moguls with a minimum net worth of $1 billion, the Hurun Report said on Thursday.

The world’s second biggest economy also added 69 new billionaires to the list during the period.


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“The number of billionaires in the world is down by 8%, whilst their total wealth dropped 10%,” said Rupert Hoogewerf, founder and chairman of the Hurun Report. A total of 3,112 people made the list, versus 3,381 a year earlier, he added.

China remained the biggest source of the super rich, with its total number of billionaires standing at 969 as of January 16, 2023, ahead of the United States with 691.

Luxury brands had a good year, with LVMH chief Bernard Arnault rising to the top of the list and Hermes heirs Bertrand Puech and family coming in third.

Stand-out names falling off the list included Sam Bankman-Fried, who lost his $21 billion fortune after the collapse of crypto exchange FTX.

In China, Jack Ma, founder of China’s e-commerce giant Alibaba Group Holding, dropped to 52nd place from 34th a year earlier, due largely to China’s regulatory crackdown on its tech sector.


Impact of China’s Falling Yuan

“Interest rate hikes, the appreciation of the US dollar, the popping of a Covid-driven tech bubble and the continued impact of the Russia-Ukraine war have all combined to hurt stock markets,” Hoogewerf said.

In the past year to end-January, the S&P 500 plunged by more than 14%, while in China, the benchmark Shanghai Composite index lost nearly 11%.

Meanwhile the country’s yuan lost about 8% of its value against a surging dollar in 2022, the biggest annual drop since 1994, due largely to Federal Reserve’s aggressive rate hikes and a slowing domestic economy.

Hoogewerf said he was generally positive towards this year after gauging scales of economic confidence and happiness among Chinese high-net-worth individuals.

“The only thing I am not certain of is whether there would be a global financial crisis,” he said. “We have seen bank crises in the United States and then Switzerland. I am not sure if there would be contagion. If not, wealth will grow by a huge margin.”


  • Reuters with additional editing by Sean O’Meara


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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.


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