The boom in the China's home market, which lasted for several decades, has led to the emergence of new billionaires, but the economic decline that began in the country has destroyed many entrepreneurs who had previously had huge wealth and were closely linked to construction companies. According to Financial Times, according to Hurun research group, the number of billionaires in China has decreased by more than a third over the last three years.
At the peak in 2021, there were 1,185 billionaires in the country, but by the second half of 2024 their number decreased to 753, which was approximately 36%. This significant fall exceeds a ten percent decrease in the Yuan rate to the dollar that occurred over the same period. Thus, the sharp decline in the number of billionaires was a consequence not only of the weakening of the national currency.
This year alone, the number of billionaires in China decreased by 16%, while the Yuan course decreased by only 2.5%. The economic downtime was struck not only by business, but also by wealthy, which suffered significant losses.
Rupert Hugueverf, the head of Hurun Report, commenting on the results of the study, noted that the list of Chinese billionaires is "unprecedentedly reduced for the third year in a row because the economy and stock markets of China are undergoing a difficult year."
The list of billionaires is headed by the founder of BYTEDANCE Zhang Imin with $ 49.3 billion, bypassing the King of Bottled Water Zhong Shangoshan. New billionaires represent "a new generation of entrepreneurs in China, which is much more international than their predecessors," Hurun reports.
