China lost 229 billionaires in the last year as a faltering economy, sliding stocks and a depreciating yuan hit the country’s super-rich harder than their peers in any other nation, according to a new list published by Hurun Report. Rupert Hoogewerf, chairman and chief researcher of Hurun Report, “Chinese entrepreneurs will actively look to expand abroad from this year as they have a global perspective,” says Hoogewerf, according to the South China Morning Post.
The South China Morning Post:
The total wealth of the listed Chinese billionaires, which includes 77 people from Hong Kong and 46 from Taiwan, plummeted 15 per cent, compared to a loss of 10 per cent in net worth globally. A total of 26 Chinese tycoons rank among the world’s 100 richest people.
“Interest rate hikes, the appreciation of the US dollar, the popping of a Covid-19-driven tech bubble and the continued impact of the Russia-Ukraine war have all combined to hurt stock markets,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report, a consultancy…
“Chinese entrepreneurs will actively look to expand abroad from this year as they have a global perspective,” said Hoogewerf. “The reopening give them opportunities to copy their growth model [in China] to other countries.”
Overall, China remains the biggest source of known billionaires, with the total number standing at 969 – 40 per cent more than the US with 691.
The two countries together account for 53 per cent of the total 3,112 billionaires globally.
More at the South China Morning Post.
Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.
Are you looking for more stories by Rupert Hoogewerf? Do check out this list.
