China has lost a total of 155 billionaires after slowing growth wiped off wealth, according to a new report.
“China is down 155 billionaires but still world number one with 814,” a Hurun Global Rich List 2024 report said on Tuesday.
The Hurun Research Institute, a China-based research firm, unveiled the “Hurun Global Rich List 2024” on Tuesday, revealing major shifts in China’s wealth landscape.
The revelation comes as China’s economy witnesses a systematic slowdown, with the growth cycle yet to rebound since the COVID-19 pandemic.
Amid these developments, the economic slowdown in China has increased pressure on Chinese leader Xi Jinping to implement growth-reinvigorating measures.
In February, China’s manufacturing sector exhibited signs of contraction, with the official Purchasing Managers’ Index (PMI) registering at 49.1, a slight dip from January’s 49.2, Newsweek reported earlier.
The signs of trouble for the Chinese economy have been flashing red since troubles for real estate giant Evergrande began in 2021.
The real estate giant’s collapse, resulting from staggering debts of over $300 billion, has had far-reaching effects on the market, wiping out approximately $52.8 billion in market value, Newsweek reported earlier.
Despite these economic headwinds, China remains a titan in the billionaire count, boasting 814 billionaires even after losing 155, according to the Hurun Report. This makes it the global leader, closely followed by the U.S., which has 800 billionaires after adding 109 to its ranks. Together, these two powerhouses account for 49 percent of the globe’s billionaires, a slight decrease from previous years.
Notably, 40 percent of the billionaires featured in the Hurun Global Rich List from two years ago have since lost their billionaire status. Even so, China has introduced 120 new members to this exclusive club.
This shift reflects transformative changes in the sources of wealth generation within China, moving away from traditional industries toward new, emerging markets, Hurun’s report said.
The list further illustrates the fortunes of the world’s billionaires and shows that despite economic uncertainties and market fluctuations in 2023, the wealth of the ultra-rich continues to grow.
India has made remarkable strides, adding 84 billionaires to nearly double the count of the U.K. Meanwhile, Brazil, Indonesia, and Japan have seen significant growth in their billionaire populations, contrasting with China’s challenging year.
STR/AFP via Getty
Despite the turbulent economy, China’s “Bottle Water King” Zhong Shanshan tops the nation’s rich list, with Pinduoduo’s Huang Zheng overtaking Tencent’s Pony Ma for the second spot.
Furthermore, the report sheds light on the emigration trend among China’s affluent, noting that many have relocated, mainly to Southeast Asia and the U.S., with Singapore emerging as a favored destination.
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.