The Hurun list, recently published by Hurun magazine, shows a sharp decline in the number of wealthy Chinese over the past year, partly due to the real estate crisis.
On October 24, Hurun magazine (Shanghai, China) published its list of China's richest people. According to the list, the number of individuals with assets exceeding 5 billion yuan (US$690 million) in the country has decreased by 15% compared to its peak in 2021.
This year's list includes 1,241 people. Their total assets also decreased by 4% compared to last year, to $3.2 trillion. Approximately 898 individuals saw their assets decrease or remain unchanged. Hurun said this reflects the economy being impacted by the real estate crisis and increased competition in the e-commerce industry.
179 individuals dropped off Hurun's list of China's richest people this year. Of these, 15% were in the real estate sector, which has been in crisis for the past two years and shows no significant signs of recovery.
Wang Jianlin, founder of Dalian Wanda Group, a real estate company. Photo: Reuters
"The number of US dollar billionaires in China has decreased by 52 in one year and 290 in two years. However, China still has the most billionaires in the world , with 895 individuals, about 200 more than the US and nearly three times more than India," said Rupert Hoogeweft, chairman of Hurun.
This year, Zhong Shanshan, the owner of bottled water company Nongfu Spring, is the richest man in China for the third consecutive year, with a net worth of $62 billion. He is followed by Ma Huateng of Tencent with $38.6 billion.
Real estate billionaires were hit hardest last year. Wang Jianlin, founder of Dalian Wanda Group, lost the most on the list, $7.3 billion. He dropped 57 places to 89th with $6.4 billion. Wang was once the richest man in China.
China Evergrande founder Hui Ka Yan is ranked 268th this year. Hui Ka Yan is under investigation for suspected "illegal conduct," Evergrande announced last month.
The person whose wealth increased the most this year is Colin Huang, the founder of the budget e-commerce company Pinduoduo. He added $13.8 billion to his fortune over the past year, now making him the third richest person in China with $37.2 billion. This is the first time he has held this position.
Meanwhile, Alibaba founder Jack Ma dropped one place to 10th this year. The number of Alibaba shareholders on the list also decreased to 12, instead of 18 last year.
Richard Liu, the founder of e-commerce giant JD.com, also saw his net worth decrease by $6.2 billion, to $8.26 billion. The company's stock hit a record low earlier this month after banks lowered their price target forecasts due to weaker-than-expected consumer spending recovery.
Ha Thu (according to Nikkei Asia, Reuters)
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