Due to the tech crackdown and other global forces, China's population of exceedingly rich people is declining.

A list of the world's wealthiest people revealed that more than 400 people, mostly from China, lost their billionaire title last year as a result of the global financial tightening, Covid-19 upheavals, and Beijing's crackdown on key digital businesses.

The Hurun World Rich List 2023, which ranks business moguls with a minimum net worth of $1 billion, lost 229 billionaires from China, making up more than half of the 445 people who vanished from the list, the Hurun Report reported on Thursday.

During that time, the second-largest economy in the world added 69 new billionaires to the list.



The number of billionaires worldwide is down 8%, but their combined wealth is down 10%, according to Hurun Report founder and chairman Rupert Hoogewerf. He noted that 3,112 individuals made the list overall, down from 3,381 the year before.


229 of the 445 billionaires who vanished from the World Rich List in 2023 are Chinese.

As of January 16, 2023, China still accounted for the majority of the world's billionaires, with 969, surpassing the United States' 691.

On January 26, 2023, in Paris, France, Bernard Arnault, Chairman and CEO of LVMH Moet Hennessy Louis Vuitton, talks during a news conference. 
Luxury brands had a successful year, with Hermes heirs Bertrand Puech and family finishing in third and LVMH CEO Bernard Arnault rising to the top of the list.

Sam Bankman-Fried, a former chief executive of FTX, leaves the Manhattan federal court on February 16, 2023 in New York City, USA.
Sam Bankman-Fried, who lost his $21 billion fortune following the failure of the cryptocurrency exchange FTX, was among the notable names to drop off the list.

Jack Ma, the founder of China's largest e-commerce company Alibaba Group Holding, fell from 34th to 52nd position in China from a year earlier, partly as a result of China's regulatory assault on the country's digital sector.
Stock markets have been negatively impacted by increasing interest rates, the strengthening US dollar, the burst of a Covid-driven IT bubble, and the ongoing effects of the Russia-Ukraine conflict, according to Hoogewerf.

The S&P 500 fell by more than 14 percent through the end of January while the Shanghai Composite index, China's benchmark, fell by around 11 percent.

As a result of the Federal Reserve's relentless rate hikes and the faltering domestic economy, the country's yuan lost almost 8% of its value in 2022 when measured against a rising dollar, the largest annual decline since 1994.

Hoogewerf declared that, after assessing scales of economic confidence and happiness among Chinese high-net-worth individuals, he was generally optimistic about this year.

The only thing he was unsure of was whether a world financial crisis would occur. Bank crises have occurred in the US and then Switzerland. If there would be contagion, I'm not sure. If not, wealth will increase significantly.

 

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