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Number of Chinese billionaires shrank by a fifth this year

10 November 2022 09:16 (UTC +04:00)

The number of Chinese billionaires shrank by a fifth this year, the largest fall in the 24 years since the Hurun Rich List was first compiled, APA reports.

The number of dollar billionaires dropped to 946, with their total wealth falling 18 percent. The decrease can be blamed largely on the global economic downturn and disruptions caused by coronavirus outbreaks, but they hint at the impact of policies by Xi Jingping that seek to regulate the wealthy.

“The result? China’s stock market has fallen sharply,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report, the group that publishes the list. However, China still has far more billionaires than five years ago, he stressed.