The Wall Street JournalThe Wall Street Journal

China’s Billionaires See Huge Losses as Economy, Markets Sputter

By Dan Strumpf

10 Nov 2022 · 2 min read

We heard a lot about the super-rich individuals that emerged from China at the height of its boom. These days, many of them are paying the price for Covid and other impediments to economic growth.

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Hong Kong — China’s richest saw the biggest drop in their collective wealth in decades over the past year, as the country’s stock markets plunged and the economy slowed, in large part due to Beijing’s zero-tolerance policy toward Covid-19.

Both the Forbes and Hurun Rich List of China’s wealthiest people released this week showed a sharp drop in the fortunes of the country’s tycoons. Forbes on Thursday said China’s 100 richest saw their collective wealth decline by $573 billion since last year’s rankings, the biggest drop since the magazine began tracking the country’s wealthiest more than two decades ago.

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