HONG KONG—, in large part due to Beijing’s zero-tolerance policy toward Covid-19.
Both the Forbes and Hurun Rich List of China’s wealthiest people released this week showed a sharp drop in the fortunes of the country’s tycoons. Forbes on Thursday said China’s 100 richest saw their collective wealth decline by $573 billion since last year’s rankings, the biggest drop since the magazine began tracking the country’s wealthiest more than two decades ago.
As long as holding paramount communism, nothing matters.
I think getting those 100m out of poverty was more important. Creating also 100m consumers in the long run is not too bad for the economy and those billionaires.
Funny thing is a lot of countries (US included) have debt with China and if it gets too bad they may start to collect it. How they go about this the real question.
Try to see what happened to the Russian oligarchs...
Yay global recession!
Those losses are nothing. They’re more worried about Xi Jinping confiscating their wealth & send them to rot in prison. 😉
Seems only fair since they're responsible for killing millions of people and destroying the world economy.
Seriously, the billionaires will be fine.
With US billionaires busy playing ponzi scheme and got busted overnight? Thank you but no thank you!
❤️
Eat the rich 🍴
Karma
This should be permanent . . . only, not just in China, but around the world.