Hurun Rich List: China’s wealthiest lose money from slowing economy and market slides
The collective wealth of China’s wealthiest people slumped 10 per cent from a year earlier to US$2.97 trillion
The consultancy found that 1,094 individuals from the mainland, Hong Kong, Taiwan and Macau had personal fortunes of at least 5 billion yuan (US$700 million) as of August 30. That was 12 per cent lower than the 1,241 individuals a year earlier.
Their collective wealth slumped 10 per cent from a year earlier to US$2.97 trillion, Hurun said in its China Rich List, published on Tuesday.
“The Chinese economy faced downward pressure, and the stock markets were stuck in a downward spiral,” said Rupert Hoogewerf, chairman and chief researcher of Hurun. “It was for the third consecutive year that the number of China’s ‘super riches’ declined.”
For the first three quarters of 2024, China’s gross domestic product growth came in below the 5 per cent target set by Beijing in March. The nation has also been dealing with a depressed property market and weak consumer demand. And, as of August 30, the benchmark Shanghai Composite Index was down 8.9 per cent over the previous 12 months, while the blue-chip Hang Seng Index shed 2.1 per cent.
Markets have recovered since Beijing unveiled a series of measures in late September aimed at lifting stocks, the property market and the overall economy. But the durability of the rebound has been questioned and traders are eagerly awaiting additional fiscal stimulus.
