China's super-rich suffered the biggest drop in wealth in more than two decades in 2022

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The war between Russia and Ukraine, the strict “COVID zero” policy in the country, and the fall in the stock markets of Beijing and Hong Kong depressed the fortunes of asian millionaires

China's super-rich suffered in 2022 the biggest drop in their wealth in more than two decades

Jack Ma, billionaire founder of Alibaba Group (REUTERS/Charles Platiau)

China's super-rich have this year suffered the biggest drop in their wealth in more than two decades, as the war between Russia and Ukraine, Beijing's “zero COVID” measures and tumbling stock markets in China and Hong Kong have dented their fortunes, according to an annual rich list released Tuesday. >

The Hurun Rich List, which ranks the wealthiest people in China with a minimum net worth of 5 billion yuan ( $692 million), said only 1,305 people hit the mark this year, down 11% from last year. His total wealth was 3.5 trillion dollars, 18% less.

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

“This year has seen the biggest drop in the Hurun China Rich List in the last 24 years,” said Rupert Hoogewerf, president and chief researcher at the research firm Hurun Report, which makes the list.

China's super-rich suffered the biggest drop in wealth in more than two decades in 2022

The Alibaba Group logo stands on the floor of the New York Stock Exchange in Manhattan, New York, United States, August 3, 2021. REUTERS/Andrew Kelly/File

This year, the global economic outlook has been hit hard by the war in Ukraine and slowing economic growth in China, which has been aggravated by the country's ultra-modern policies on COVID and a prolonged slump in the real estate sector.

The regulatory measures that for two years have affected the main Chinese technology companies, such as Alibaba Group (9988.HK) and Tencent Holdings(0700.HK), and concerns that President Xi Jinping will sacrifice growth for ideology in his third term, have also weighed on investor sentiment, with stocks in Hong Kong and in mainland China have fallen in recent weeks.

Yang Huiyan, the businesswoman behind Country Garden Holdings Co Ltd (2007.HK), which like many other Chinese developers has been struggling with debt problems, saw its assets shrink by $15.7 billion, the biggest drop on the 2022 list.

< p>China's super-rich suffered the biggest drop in wealth in more than two decades in 2022

Jack Ma, Pony Ma and Zhong Shanshan (Archive)

Zhong Shanshan, whose listed companies are water bottling company Nongfu Spring (9633.HK) and vaccine promoter Beijing Wantai Biological Pharmacy Enterprise (603392.SS), topped the list for the second consecutive year, with a fortune that grew by 17% to $65 billion.

The founder of ByteDance, which owns TikTok, came in second, but saw his wealth drop 28% to $35 billion dollars, due to the drop in the valuation of ByteDance. In third place was Zeng Yuqun, chairman of battery giant CATL (300750.SZ).

Tencent founder Pony Ma< /b>, recorded the second-biggest drop in wealth, with $14.6 billion, amid falling tech stock prices, to rank fifth on the list. Alibaba founder Jack Ma and his family fell four places to rank 9.

(With information from Reuters)