In China there are 12% fewer super rich people. It’s not paradise there either
According to the Hurun Research Institute, China's richest people have seen their net worth drop sharply over the past year due to economic turmoil and flagging stock markets.
The consultancy found that 1,094 people across mainland China, Hong Kong, Taiwan and Macau had personal assets of at least 5 billion yuan ($700 million) as of Aug. 30. This is 12% lower than the 1,241 individuals a year earlier.
Their collective wealth fell 10% from a year earlier to $2.97 trillion, Hurun said in his China Rich List, released on Tuesday.
“The Chinese economy has come under downward pressure and stock markets have been stuck in a negative spiral,” said Rupert Hoogewerf, president and chief researcher at Hurun, in Shanghai. “For the third consecutive year, the number of China's 'super rich' has decreased.”
The richest man in China, Zhang Yiming of Bytedance
In the first three quarters of 2024, China's gross domestic product growth fell short of the 5% target set by Beijing in March, and even corporate profits grew less than a year earlier.
The country also had to deal with a depressed real estate market and weak consumer demand. As of Aug. 30, the benchmark Shanghai Composite Index was down 8.9% from the previous 12 months, while the blue-chip Hang Seng Index was down 2.1%.
Markets have recovered since Beijing unveiled a series of measures in late September aimed at boosting stocks, the property market and the broader economy. But the durability of the rebound has been questioned and traders are anxiously awaiting further fiscal stimulus.
Among China's 1,094 richest individuals, only 331 – or 30% – saw their net worth increase, while 967 saw their fortunes decline, the Hurun Rich List revealed.
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The article In China there are 12% fewer super rich people. Paradise isn't there either comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/in-cina-ce-il-12-di-super-ricchi-in-meno/ on Wed, 30 Oct 2024 08:00:34 +0000.