China lost 11% of its billionaires in one year

The number of billionaires in China has experienced its strongest decrease in 24 years this year, according to an annual classification, while the second world economy slows down under its strict Zero Covid policy and the real estate crisis.

According to the ranking established by Chinese cabinet Hurun and published Tuesday, 1305 people in China have a fortune estimated at at least 5 billion yuan ($ 691 million), a figure of 11% over a year.

Their cumulative fortune is around 3.500 billion dollars, down 18%. Both in number of billionaires as in cumulative fortune, it is the strongest fall in 24 years.

China is the last great economy to pursue a strict health policy against COVVID, but the repeated confinements that this entails have turned upside down the production and supply chains, putting a brake on activity.