China’s struggling stock market has had a clear influence on the number of billionaires in the country. The latest Hurun Report, that keeps track of the rich and famous in China, reports that the number of billionaires had dropped below 2,000 for the first time since 2015.
One of the few billionaires that keep earning big money is Jack Ma. The founder of Alibaba is still the richest individual in China, with an estimated personal wealth of just under €34 billion.
South China Morning Post reports that the bank accounts of mainland China’s wealthiest individuals have been hit hard by the country’s stock market downturn. In the Hurun Report only people with a personal wealth of over 2 billion yuan (€251 million) as ‘super rich’. Their number dropped 11 per cent, from 2,130 in 2017 to 1,893 today.
Hui Ka-yan, chairman of property developer Evergrande Group, is China’s second-richest person with assets of €31 billion. Pony Ma Huateng, 47, chairman and chief executive of Tencent, came in third place with €30 billion. Other rich people on the list are Colin Huang Zheng, 38, founder of e-commerce giant Pinduoduo and Elisabeth Yang Huiyan of the Country Garden company.
Further reading on scmp.com