China’s super-rich see fortunes plunge as economy slows

📆 11/8/2022 6:59 PM
📰 inquirerdotnet

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China’s super-rich saw their wealth tumble by the most in over two decades this year, as the Russia-Ukraine war, Beijing’s zero-COVID measures and falling mainland and Hong Kong stock markets pummelled fortunes, an annual rich list said. | Reuters

The global economic outlook has this year been heavily impacted by the war in Ukraine and slowing economic growth in China that has in turn been exacerbated by the country’s ultra-strict COVID policies and a prolonged property slump.

Yang Huiyan, the businesswoman behind Country Garden Holdings Co Ltd, which like many other Chinese developers has been battling debt issues, saw her wealth fall by $15.7 billion, the biggest drop on the 2022 list. Zhang Yiming, founder and global CEO of TikTok owner ByteDance, poses in Palo Alto, California, U.S., March 4, 2020. REUTERS/Shannon Stapleton/File photo

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