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China’s ultra wealthy buffeted as trade war bites
BEIJING, Oct 10, 2018 (BSS/AFP) – China’s ultra wealthy saw their ranks
thinned this year as the trade war with the US pummelled stocks and shredded
billions of dollars of paper wealth, a survey showed Wednesday.
The number of Chinese, or China-based magnates, with a net worth over 2
billion yuan ($290 million) fell by 237 to 1,893 individuals this year,
according to the annual ranking compiled by Shanghai-based luxury magazine
publisher Hurun Report.
More than half of the richest Chinese saw their wealth shrink or remain
unchanged during the year, the survey showed, while a record number of
individuals were knocked from the rankings.
A 20 percent drop in the stock exchange, “on the back of a slowing economy
and the US-China trade war, resulted in 456 drop-offs this year, the highest
since records began twenty years ago,” said Hurun Report Chairman Rupert
Hoogewerf.
Gone from the list are chemical industry magnate Zhu Shuangquan, lighting
titan Zhang Yutao and electric components makers Zhong Xiaoping and wife Liu
Qiuxiang, all of whom have seen their companies’ share prices sink this year.
The manufacturing sector has been hit particularly hard by US President
Donald Trump’s tariffs on roughly half of China’s imports — and the
proportion of those with fortunes made in the sector fell to 26.1 percent
from 27.9 percent last year.
While the world’s second largest economy still boasts the most dollar
billionaires of any country in the world, their ranks were thinned to 620
people, according to Hurun.
– Ma back on top –
Alibaba’s Jack Ma, on the other hand, saw his fortunes improve, retaking
the mantle of China’s richest from real estate mogul Xu Jiayin, who dropped
to number two.
Ma’s wealth shot up to $39 billion as his large stake in Ant Financial,
operator of the world’s largest money market fund and a mobile payment
goliath, saw its valuation rise.
His endeavours also boosted the fortunes of 13 others who made the rich
list on his coattails.
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But Ma lags far behind American titans like Jeff Bezos, Warren Buffet and
Bill Gates, with Forbes recently valuing Bezos’ wealth at $112 billion.
Ma recently announced his planned retirement from the e-commerce giant he
founded with plans to follow Gates down the path of philanthropy.
Chinese women saw their share of wealth shoot up, making up 28.7 percent
of the list this year, a 20-year high, according to Hurun.
The richest woman was Yang Huiyan, heir to a property fortune, with a net
worth of $22 billion.
Making it to the top in China is by no means a get out of jail free card –
– 12 individuals faced problems with the authorities, including nine under
investigation, according to Hurun.
With a fortune estimated at 25 billion yuan, Tomorrow Holdings owner Xiao
Jianhua has not been seen since Chinese authorities whisked him across the
border from a Hong Kong luxury hotel last year.
China’s Top Ten:
1 Jack Ma (Alibaba) & family $39bn
2 Xu Jiayin (Evergrande) $36bn
3 Pony Ma (Tencent) $35bn
4 Yang Huiyan (Country Garden) $22bn
5 Wang Jianlin (Wanda Group) & family $20bn
6 He Xiangjian & He Jianfeng (Midea) $19bn
7 Wang Wei (SF Express) $17.5bn
8 Yan Hao (China Pacific Construction) & family $17.5bn
9 Robin Li & Melissa Ma (Baidu) $17bn
10 Lei Jun (Xiaomi) $16bn
10 Wang Wenyin (Amer)& family $16bn
BSS/AFP/HR/1355