China loses 432 billionaires since 2021 due to economic challenges
Date
11/3/2024 3:31:46 AM
(MENAFN) The 2024 Rich List from Hurun reveals that China has lost 432 billionaires since 2021 when the number peaked at 1,185. This sharp decline highlights China's ongoing economic struggles, with some of the country’s wealthiest citizens discreetly shifting their wealth abroad, as reported by Hurun, a private research group.
Since 2021, China's billionaire population has dropped by nearly a third, reflecting the impact of the nation’s economic challenges. Hurun, which has been tracking Chinese billionaires since 1999, noted that the total number has fallen to 753 in 2024, a 36 percent decrease from the peak. This trend coincides with a tendency among some wealthy Chinese to keep a low profile or even relocate, moving their assets out of the country when possible.
The Chinese economy’s difficulties have significantly affected traditional sectors like real estate, making room for a new wave of wealth generation in technology, energy, and e-commerce. "The stories of individuals on the Hurun China Rich List reflect the story of the Chinese economy," commented Hurun Chairman Robert Hoogewerf. He added that many new entries this year are from Taiwan, which has benefited from a strong stock market driven by its semiconductor industry.
Hurun’s list only includes those “born and raised, or started and lived in Greater China” until at least age 18, regardless of their current nationality. China’s economic woes, including a prolonged housing crisis, high unemployment, significant local government debt, and weak consumer demand, have all weighed on the country’s wealthy population.
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