Due to the worsening economic conditions in China, the number of billionaires has decreased drastically. According to a recent report by Hurun, the number of billionaires in China has decreased by about 25% to 1,100 this year compared to last year. In 2021, this number was 1,185, which was the highest ever. This list has been witnessing a decline continuously for three years.

Impact of economic challenges

According to the report, this year has been very challenging for China's economy and stock market. Hurun Report chairman Rupert Hoogewerf said that the number of people included in this list has decreased by 12% last year. Now, in 2021, this number has come down to around 1,100 as compared to 1,465 billionaires.

The impact of incentive measures

However, the Chinese government has announced some stimulus measures at the end of September 2024. These measures are aimed at getting key sectors, such as real estate and the technology industry, back on track. The stock market has improved for some time, but its sustainability is still questionable.

The rise of new billionaires

This year, Bytedance founder Zhang Yiming has become the richest person in China. His wealth is $49.3 billion. He has come to the first place by surpassing Nongfu Spring chairman Zhong Shanshan. According to the report, the number of new entrepreneurs included in this list is the lowest in the last two decades.

Decrease in total assets

Although the number of Chinese billionaires has declined, the wealth of the top 10 individuals on the list has increased. Overall, the total wealth of billionaires on the Hurun List has come down to $3 trillion, which is less than last year. This decline is mainly due to economic conditions and changes in regulations, which have affected major sectors.

Future challenges

China's economic situation is still challenging. If these economic difficulties continue, the number of billionaires may decrease even further. This situation can have a serious impact not only on the rich, but also on the entire economy.