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.
