China’s Richest See Sharp Wealth Decline Amid Economic Struggles
The net worth of China’s wealthiest individuals took a major hit this past year due to economic challenges and declining stock markets, according to data from the Hurun Research Institute. Specifically, 1,094 individuals across mainland China, Hong Kong, Taiwan, and Macau held personal fortunes exceeding $700 million as of August 30. This number represents a 12% decrease from the previous year’s 1,241 individuals, while their combined wealth dropped 10% to US$2.97 trillion.
Economic headwinds have included China’s GDP growth falling short of Beijing’s 5% target set in March for the first three quarters of 2024, a sluggish property market, and lower consumer demand. As of August 30, the Shanghai Composite Index had fallen 8.9% over the previous 12 months, while the Hang Seng Index declined by 2.1%.
While markets have seen some recovery following Beijing’s late-September initiatives to bolster stocks, the property market, and the broader economy, concerns about the sustainability of this rebound persist, with traders watching for further fiscal support.
Among the wealthiest, only 30%—or 331 individuals—saw their fortunes increase, while 967 reported declines. Zhang Yiming, the 41-year-old founder and CEO of ByteDance, which owns TikTok, rose to the top of the list, his net worth rising 43% to US$49.3 billion from fourth place last year.
Zhong Shanshan, who topped the list last year, fell to second place as his fortune dropped 24% to US$47.9 billion. Known for his bottled water company, Nongfu Spring, Zhong saw his wealth decline amid market changes.
Hong Kong’s wealthiest individuals, Li Ka-shing, 96, and his eldest son Victor Li, 60, experienced a 5% decrease in their wealth to US$28.2 billion, tying them for sixth place on the list.
Alibaba co-founder Jack Ma, with a fortune of US$23.2 billion, saw a 3% drop in his wealth, placing him 10th. Meanwhile, Robin Zeng Yuqun, chairman of electric car battery giant Contemporary Amperex Technology, recorded a 20% decline in net worth to US$28.2 billion, also tying for sixth place.
GDP (nominal) | Capital | Head of State | Head of Government | GDP (nominal) per capita | GDP (PPP) | GDP (PPP) | GDP (PPP) per capita |
---|---|---|---|---|---|---|---|
China | Beijing | Xi Jinping | Li Qiang | 17.700.899 | 12.541 | 35.004.000 | 23.309 |
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