China Underground > China Finance > In 2018 China lost 161 billionaires as its stock markets plunged

In 2018 China lost 161 billionaires as its stock markets plunged

Chinese billionaires.

The recent problems affecting the Chinese stock market have influenced the rankings of billionaires in the country.

The number of billionaires in Greater China, which also includes Hong Kong and Taiwan, has fallen by 161 unit compared to the previous year, according to the Hurun Report, with a decrease of almost 25% in a single year.

The Hurun index measures individual wealth up to 31 January, not taking into account the strong recovery of the Chinese markets in February, driven by the prospects of new government stimuli and the possibility of reaching a resolution of the trade war.

Chinese financial markets in 2018 have been weakened by the uncertainties deriving from the trade war, and by a general slowdown of the local economy.

The number of Chinese billionaires has fallen from 819 to 658 in the year ended January 31, according to Hurun.

Although the sharp decline, the country is still home to more billionaires than the United States, which has 584, according to Hurun.

Despite the turmoil, China is the country that catapults the largest number of new billionaires in the rankings, with 52 new faces.

Ma Huateng, CEO of the technology giant Tencent has seen a reduction of its assets of 20%, to 38 billion dollars.

The loss is probably due to freezing licensing of video games in the Chinese market, only recently unlocked.

Wang Jianlin of Dalian Wanda Group suffered a loss of 37% of its assets, now at 17 billion.

Jack Ma instead recorded a growth of more than 20%, now to 39 billion, thanks to the success of Ant Financial, once Alipay.

A series of Chinese technology companies catapulted a series of new names into the super-rich chart.

Zhang Yiming, the founder of internet startup ByteDance, behind TikTok, is one of these.

Zhang Yong with his wife Shu Ping, with assets of 8.8 billion, has become the richest restaurateurs in the world, after the listing on the Hong Kong market of their chain of hot pot Haidilao.

Zeng Yuqun, 51, of CATL, which sells lithium batteries for the electric automotive industry.

Zhongfang, based in Beijing, 77, and his son Li Yongxin, 43, with 4, $ 7 billion, of the Offcn training platform, which ran a backdoor price list with an assessment of $ 8 billion last month.

Zhan Ketuan, 40, of bitcoin miner Bitmain, who has become the richest blockchain tycoon.

Among the top ten billionaires in the world, there is no Chinese.

The ‘Big Two’ are Greater China and the USA with 658 and 584 billionaires, making up half of the known billionaires on the planet.

Germany and the United Kingdom got third and fourth place.

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Shots From the Hip by Daniel Reid


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