Fewer billionaires in China this year as fortunes sink along with struggling stock market
Jack Ma is China’s richest individual with a personal wealth of US$39 billion
China’s stock market downturn has hit the fortunes of mainland’s wealthiest individuals, with the number of super rich dropping to fewer than 2,000 for the first time since 2015, according to the latest data compiled by Hurun Report.
The number of the wealthiest individuals, with holdings worth at least 2 billion yuan (US$209 million), fell to 1,893 this year, down 11 per cent from 2,130 in 2017. That is only marginally better than the 1,877 who made the list in 2015.
There were 219 new names on the list this year.
“A 20 per cent drop in the mainland stock exchanges, on the back of a slowing economy and the US-China trade war, resulted in 456 drop-offs this year, the highest since records began 20 years ago,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report, adding that he remains cautiously upbeat about further growth among China’s wealthiest.
Jack Ma, chairman of Alibaba Group Holding, regained the top spot on the list just weeks after he announced his retirement plan.
Ma, 54, saw his net worth grow US$10 billion to US$39 billion mainly driven by the revaluation of Ant Financial, an affiliate of Alibaba, following a new round of financing by the financial technology behemoth.