China's super rich population drops as the tech crackdown, global factors hurt wealth

MORE THAN 400 people lost their billionaire status last year, most from China, as global monetary tightening, Covid-19 disruptions and Beijing's crackdown on major tech companies hurt the super wealthy, a ranking of the world’s wealthiest showed.

China lost 229 billionaires from the Hurun Global Rich List 2023, accounting more than half of the 445 people who disappeared from the list, which ranks moguls with a minimum net worth of $1 billion (R18.8bn), the Hurun Report said yesterday.

The world’s second biggest economy also added 69 new billionaires to the list during the period. “The number of billionaires in the world is down by 8%, whilst their total wealth dropped 10%,” said Rupert Hoogewerf, the founder and chairperson of the Hurun Report.

A total of 3 112 people made the list, versus 3 381 a year earlier, he added.

China remained the biggest source of the super rich, with its total number of billionaires standing at 969 as of January 16, 2023, ahead of the US with 691.

Luxury brands had a good year, with LVMH chief Bernard Arnault rising to the top of the list and Hermes heirs Bertrand Puech and family coming in third.

Stand-out names falling off the list included Sam Bankman-Fried, who lost his $21bn fortune after the collapse of crypto exchange FTX.

In China, Jack Ma, founder of China's e-commerce giant Alibaba Group Holding, dropped to 52nd place from 34th a year earlier, due largely to China's regulatory crackdown on its tech sector