Because of Zero-COVID, Communist Party crackdowns, and investors leaving the country’s equity markets, China’s richest citizens are getting poorer.
Key Details
- China’s richest people have lost money—roughly four out of five of China’s 100 richest are poorer than last year, according to the Forbes list of 100 richest in China.
- China was plagued by the pandemic causing huge downturns in the economy as well as facing political issues that also affected it.
- All of the problems within the economy caused China to lose a lot of money—especially the richest people.
Why it’s news
China has had a rough few years. The country has suffered through the pandemic, economic, and political issues that have affected the country as a whole.
The combined wealth of China’s 100 richest people dipped 39% this year falling from $1.48 trillion to $907.1 billion, based on the Forbes list.
The list has shown just how much money China’s elite have lost in the last year. Of the 100 names 79 of them had lost money—only two had gotten richer.
Big drops…
- Yang Huiyan, real-estate developer: down 82%
- Ma Huateng, Tencent chairman: down 50%
- Robin Zeng, chairman of electric battery company: down 43%
- Zhang Yiming, CEO of TikTok parent company: down 17%
While many people lost a considerable amount of money only two people gained money on the list and their wealth is from renewable energy. The two are Jin Baofang, CEO of a solar company is up 16% and Gao Jifan, founder of another solar company is up 2%.
It is no surprise that they are the only two who gained money considering many companies around the world are trying to adopt clean energy.
New Additions
Although many people lost a large amount of money there were a few who gained money and were even added to this list.
The 12 people who were removed from the list over the years were added back this year and three new people were added.
The three newcomers are: Chris Xu, founder of popular fast-fashion company SheIn, Xue Min, largest shareholder of a medical equipment company, and Zhang Hejun, chairman of solar manufacturer.
