Alibaba’s Jack Ma and China’s super-rich see billions wiped out of fortunes as economy slows

China’s super-rich saw their wealth fall by the most in more than two decades this year, as the Russia-Ukraine war, Beijing’s zero-Covid measures and slumping mainland and Hong Kong stock markets Kong hit fortunes, according to an annual rich list.

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

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

“This year has seen the biggest drop in China’s Hurun Wealth List in 24 years,” said Rupert Hoogewerf, president and chief researcher at the Hurun Report research firm that compiles the list.

The global economic outlook this year has been hit hard by the war in Ukraine and slowing economic growth in China, which in turn has been exacerbated by the country’s ultra-tight Covid policies and a prolonged housing slump.

Tencent founder Pony Ma posted the second-biggest drop in wealth amid falling tech stock prices.

A two-year regulatory crackdown that has hit China’s biggest tech names such as Alibaba Group ( BABA ) and Tencent ( TCEHY ) and concerns that leader Xi Jinping will sacrifice growth for ideology in his third term have also weighed on investor confidence, with Hong. Stock markets in Kong and the mainland have fallen in recent weeks.

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

Zhong Shanshan, whose listed companies include water bottler Nongfu Spring and vaccine developer Beijing Wantai Biological Pharmacy Enterprise, topped the list for the second year running, with fortunes growing 17 % to $65 billion.

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

Tencent ( TCEHY ) founder Pony Ma posted the second-biggest drop in wealth at $14.6 billion amid falling tech stock prices, to take fifth place on the list. Alibaba ( BABA ) founder Jack Ma and his family fell four spots to take the No. 1 spot. 9.

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