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Tycoons in China drop.

 


The wealth of China’s 100 wealthiest people shrank by more than a third in 2022, as Beijing’s zero-Covid policy, faltering growth and a push for «common prosperity» dented valuations of top companies and ate into private wealth. According to Forbes, the fortunes of the wealthiest tycoons fell 39 per cent to $907.1bn from $1.48tn last year. It was the most significant decline since the publication compiled China’s 100 Richest lists more than 20 years ago. Forbes said the wealth of only two people grew, while 79 billionaires became poorer.

«The past year has been one of China’s most difficult in recent decades,» said Russell Flannery, Forbes editor-at-large. Zhong Shanshan, the chair of bottled water company Nongfu Spring, remained in the top spot with $62.3bn, down 5 per cent from the year before. Robin Zeng, chair of CATL, the world’s largest electric vehicle battery maker, remained in third place after his fortune dropped 43 per cent to $28.9bn. Finally, Alibaba founder Jack Ma saw his fortune almost halve after his company’s value dropped roughly 60 per cent.

China’s economy has faltered after repeated Covid-19 lockdowns, with policymakers battling to boost consumer spending. Analysts said the official goal of 5.5 per cent annual growth was already well out of reach, while the World Bank predicted the country would grow more slowly than the rest of Asia for the first time in more than three decades. Gross domestic product expanded just 3.9 per cent year on year in the third quarter. The rapid decline in wealth also follows a push for «common prosperity», a political agenda that seeks to reduce inequality through wealth distribution and welfare policies.

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  1. Eleonor11 November 2022 at 13:24


    It's no wonder that the rich people from China are looking at ways to transfer their wealth in other countries. Some have been doing this for many years while a few have already moved outside of the country to places like Singapore, Switzerland, etc. I understand the desire to lift people's standard of living but discouraging the wealthy to stay and invest in the country is not the way to do it.

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