recently released forbes China’s richest 2022Of the top 100 richest people, 79 have seen their wealth decline.
It was the biggest decline in wealth since Forbes began recording, down 39%.From $1.48 trillion in 2021 to $907.1 billion in 2022.
at the same time,”Hurun China Rich List‘ also shows that the number of Chinese billionaires in 2022 will see the biggest drop in 24 years.
The information below is from a Forbes report dated November 11, 2022, with previous year totals as of November 17, 2021.
- Nongfuquan, Zhongshanshan, the richest people in mainland China, their wealth fell 5% to $62.3 billion from $65.9 billion in 2021.
- ByteDance’s Zhang Yiming’s fortune was $49.5 billion, down $9.9 billion from $59.4 in 2021.
- CATL, battery maker Zeng Yuqun, had assets of $28.9 billion, down 43% from last year’s $50.8 billion.
- Tencent, Ma Huateng, with $23.4 billion in assets, plummeted by $25.7 billion (almost 50%) from 2021.
- Alibaba, Jack Ma, $20.3 billion fortune.
- SF Holding, One Way, $19.6 billion.
- Midea Group, He Chun Jian, $18.8 billion.
- NetEase Inc., Ding Lei, $19.7 billion.
- Pinduoduo, Huang Zheng, $18.6 billion.
- Muyuan Shares, Qin Yinglin, $18.4 billion.
Xiaomi, founder Leijun dropped 50% of its assets Ranked 37th this year, rising from $17.9 billion in 2021 to $7.6 billion in 2022
JD.comChairman Liu Qiang East, fell more than 50% from $17.6 billion to $8.3 billion, ranking 32nd this year.
Worst drop from real estate
The largest drop of 82% in net worth by real estate mogul Yang Huiyan’s Country Garden (Property Development) fell from $27.8 billion to $4.91 billion.
China Evergrande, founder Xu Jiayin, and many other real estate billionaires didn’t even make it onto the list this time around.
Biggest Loss of a Billionaire in 24 Years
The 2022 Hurun China Rich List, released by the Hurun Research Institute on November 8, shows that this year’s decline in China’s billionaire numbers is the largest in 24 years.
China’s total wealth of 1,305 entrepreneurs exceeded 5 billion yuan (about $710 million) this year, down 160 from last year, or 11%, while total wealth also fell 18% from last year to 24.5 became. trillion yuan (US$3.5 trillion).
Only 411 people on the list have increased their wealth compared to last year. Compared to last year, he decreased or remained about the same by 1,187, but this time her 293 were off the list.
On the list, 1,121 billionaires live in mainland China, 90 in Hong Kong, 67 in Macau and Taiwan, and the remaining 27 live outside China.
Of the 293 companies off the list, the real estate sector was the hardest hit, accounting for 14% of losses, followed by the health industry with another 12%. In terms of location, Shanghai had the highest number of dropouts at 15%, and Beijing his 11%.
Traditional industry overtakes information technology
Hurun Report chairman Rupert Hoogewerf, also known by his Chinese alias Hu Run, said traditional industries had risen significantly this year.
In an era of rapid technological development, it is surprising that China’s richest person is Zhongshanshan of mineral water company Nongfuquan, whose wealth is almost the same as ByteDance’s Zhang Yiming in two years combined. You should.nd location, and Zeng Yuqun, 3rd Ranked owner of electric vehicle battery manufacturers.
Li Ka-shing overtakes Tencent’s Ma Huateng for the first time in five years.
Pig farmer Qin Yinglin overtook Alibaba’s Ma Yun for the first time.
“Global recession and inflation will continue”
Xie Tian, a professor at the University of South Carolina’s Aiken School of Business, told The Epoch Times on Nov. 12 that China’s wealth in tech and internet companies is declining. Raised by people in traditional industries such as mineral water and pig farming. This is a global trend.
The overall U.S. stock market has fallen 30% to 40% this year, with technology stocks dominating the majority and many e-commerce and internet giants such as Twitter and Facebook laying off employees.
Xie analyzed that the decline in US technology stocks is the result of global inflation and economic recession, and that such a decline in US technology stocks will also have a negative impact on Chinese technology stocks. . Chinese technology stocks have long been criticized for being overpriced and frothy. Combined with the current economic downturn in China, it is no surprise that it will have a huge negative impact on the wealth of the wealthy in mainland China. High-tech, internet, e-commerce, and other industries will experience lower inventories, while more traditional primitive industries such as mineral water and pig farming will see their inventories increase.
Xie also speculates that this trend will continue for at least the next six months to a year as the global recession and inflation problems continue into 2023, and we’ll see a similar trend in next year’s rich list.
Political and economic commentator Simon Lee Saiman (under a pseudonym) told the Epoch Times on Nov. 12 that it wasn’t just the wealth of China’s wealthy that fell. The fortunes of wealthy people, including Tesla CEO Elon Musk and Amazon founder Jeff Bezos, are also shrinking. It is true that the strong dollar itself has had a certain impact on the global economy.
Simon Lee also believes that how much wealth the richest people have is not the best indicator of a local economy. I’m a person. To analyze the economic situation of a region, it is better to refer to indicators such as the employment rate of graduates.