top of page

China's super-rich population drops as tech crackdown, global factors hurt wealth

China remained the biggest source of the super-rich, with its total number of billionaires standing at 969 as of Jan. 16, 2023, ahead of the United States with 691.


China's super-rich population drops as tech crackdown, global factors hurt wealth
Jack Ma, Twitter(NDTV)

More than 400 people lost their billionaire status last year, most from China, as global monetary tightening, Covid-19 disruptions, and Beijing's crackdown on major tech companies hurt the super wealthy, a ranking of the world's wealthiest showed.



China lost 229 billionaires from the Hurun Global Rich List 2023, accounting for more than half of the 445 people who disappeared from the list, which ranks moguls with a minimum net worth of $1 billion, the Hurun Report said on Thursday.


The world's second-biggest economy also added 69 new billionaires to the list during the period.


"The number of billionaires in the world is down by 8 percent, whilst their total wealth dropped 10 percent," said Rupert Hoogewerf, founder and chairman of the Hurun Report. A total of 3,112 people made the list, versus 3,381 a year earlier, he added.



China remained the biggest source of the super-rich, with its total number of billionaires standing at 969 as of Jan. 16, 2023, ahead of the United States with 691.

Luxury brands had a good year, with LVMH chief Bernard Arnault rising to the top of the list and Hermes heirs Bertrand Puech and family coming in third.


Stand-out names falling off the list included Sam Bankman-Fried, who lost his $21 billion fortune after the collapse of the crypto exchange FTX.


In China, Jack Ma, founder of China's e-commerce giant Alibaba Group Holding, dropped to 52nd place from 34th a year earlier, due largely to China's regulatory crackdown on its tech sector.

"Interest rate hikes, the appreciation of the US dollar, the popping of a Covid-driven tech bubble, and the continued impact of the Russia-Ukraine war have all combined to hurt stock markets," Hoogewerf said.



In the past year to the end of January, the S&P 500 plunged by more than 14 percent, while in China, the benchmark Shanghai Composite index lost nearly 11 percent.


Meanwhile, the country's yuan lost about 8 percent of its value against a surging dollar in 2022, the biggest annual drop since 1994, due largely to Federal Reserve's aggressive rate hikes and a slowing domestic economy.


Hoogewerf said he was generally positive towards this year after gauging scales of economic confidence and happiness among Chinese high-net-worth individuals.


"The only thing I am not certain of is whether there would be a global financial crisis," he said.


"We have seen bank crises in the United States and then Switzerland. I am not sure if there would be a contagion. If not, wealth will grow by a huge margin."


Read more at Deccan Herald


Read more topics:

8 views0 comments
Planner 5D- Interior design app

Planner 5D- Interior design app

Flipkart Online Shopping App

Flipkart Online Shopping App

World population to reach 8 billion this year, as the growth rate slows

July 12, 2022 at 6:57:56 AM

15 November 2022 is predicted to be the day that the global population reaches eight billion. The projection is revealed in the UN’s World Population Prospects 2022 report, which also shows that India is on course to surpass China as the world’s most populous country in 2023.

World population to reach 8 billion this year, as the growth rate slows

WHO: Nearly one billion people have a mental disorder

June 22, 2022 at 7:20:50 AM

Nearly one billion people worldwide suffer from some form of mental disorder, according to the latest UN data – a staggering figure that is even more worrying if you consider that it includes around one in seven teenagers.

WHO: Nearly one billion people have a mental disorder

What can the UN do? Check the top 5 questions answered

April 6, 2022 at 10:51:48 AM

The current war in Ukraine, following the Russian invasion, has sparked all sorts of questions about the United Nations, particularly the role of the Security Council, the General Assembly and the Secretary-General.

What can the UN do? Check the top 5 questions answered

Ukraine: UN’s Guterres joins call for Bucha war crimes probe

April 6, 2022 at 8:22:29 AM

UN chief António Guterres on Tuesday added his voice to the growing international calls for a war crimes investigation into the killing of civilians in the Ukrainian town of Bucha.

Ukraine: UN’s Guterres joins call for Bucha war crimes probe

Recent terrorist attacks in Israel undermine ‘prospects for peace’: Guterres

March 31, 2022 at 8:29:57 AM

Secretary-General António Guterres on Tuesday night condemned recent terrorist attacks in Israel that have claimed the lives of at least 11 Israeli citizens.

Recent terrorist attacks in Israel undermine ‘prospects for peace’: Guterres

China's BYD ceases to produce gasoline-powered vehicles

4/4/22, 7:00 AM

Chinese auto manufacturer BYD announced Sunday that it has already ceased the production of traditional gasoline-powered vehicles starting from March.

China's BYD ceases to produce gasoline-powered vehicles

Performance-oriented all-new ŠKODA SLAVIA 1.5 TSI Launched creates a segment of its own

3/27/22, 10:42 AM

All new ŠKODA SLAVIA 1.5 TSI starts at ₹ 16.19 lacs

Performance-oriented all-new ŠKODA SLAVIA 1.5 TSI Launched creates a segment of its own

CARS24 Raises $450 Million, Nearly Doubles Its Valuation To $1.84 Billion

9/25/21, 6:16 AM

CARS24, India’s leading e-commerce platform for pre-owned vehicles, announced today the closing of a $450M round of funding including a $340M Series F equity round alongside $110M debt from diversified financial institutions.

CARS24 Raises $450 Million, Nearly Doubles Its Valuation To $1.84 Billion

Tata Motors launches the ‘XPRES’ brand for fleet customers

7/18/21, 6:13 PM

Tata Motors, one of India’s leading automobile manufacturers, today announced the launch of a new brand ‘XPRES,’ exclusively for fleet customers.

Tata Motors launches the ‘XPRES’ brand for fleet customers

Audi India announces curated ownership plans for Audi e-tron and Audi e-tron Sportback customers

7/18/21, 5:56 PM

Special Service Plans, Extended Warranty and Buyback for a hassle-free ownership experience

Audi India announces curated ownership plans for Audi e-tron and Audi e-tron Sportback customers

TikTok hits 1 billion global active users

9/28/21, 8:56 AM

TikTok mission is to inspire creativity and bring joy.

TikTok hits 1 billion global active users

FACT CHECK: Crypto is increasingly being used for criminal activity and is a haven for illicit finance

6/23/21, 6:11 AM

Because cryptocurrency is still new, we are often asked about the biggest myths surrounding it. It’s common for a new market or product to confuse people until they get familiar with it. Think about Airbnb: the idea of staying in a stranger’s home seemed crazy until it didn’t.

FACT CHECK: Crypto is increasingly being used for criminal activity and is a haven for illicit finance

PUBG: NEW STATE surpasses 17 Million Google play store PRE-REGISTRATIONS following its recent ALPHA TEST

6/19/21, 4:40 AM

KRAFTON, Inc. to open pre-registration for the game on Apple’s App Store in Q3 2021

PUBG: NEW STATE surpasses 17 Million Google play store PRE-REGISTRATIONS following its recent ALPHA TEST
bottom of page