China lost 161 billionaires after a year because the stock plunged

By Olala Updated: 06 Mar, 2019
The wobbly financial market makes Chinese super-riches suffer huge losses in 2018. Dalian Wanda's boss's fortune "evaporates" to 37% of its value.
The number of billionaires in China, including Taiwan and Hong Kong, declined by 161 in 2018, according to research firm Hurun Report. The fall of the stock market by more than 25% along with the devaluation of the yuan last year has seriously affected the Chinese super rich.
Concerns about slowing economic growth and the trade war with the United States are the reasons for China 's financial market to falter last year. Many analysts predict China's growth will hit the bottom this year.
As of January 31, the number of USD billionaires in China was 658 people compared with the number of 819 of the same period last year. However, China still has more billionaires than the US when the world's largest economy now has 584 billionaires, up 13 people from the previous year, according to Hurun.
One of the worst billionaires last year was owner Wang Jianlin of Dalian Wanda Real Estate Group. He saw his assets "evaporate" 37%, the remaining 17 billion USD . The richest man in China for a time is focusing on transferring assets from his real estate and entertainment companies.
Ma Huateng, CEO of Tencent, was also "blown away" 19% after a year and now has 38 billion dollars . Tencent's share price was strongly affected when China halted its licensing of many games.
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Billionaire Ma Huateng, boss of technology giant Tencent. Photo: CNBC .
However, there are still billionaires in China rising in the last turbulent year like Jack Ma.
The asset of Alibaba founder is currently about 39 billion USD , up 20% over the same period last year, making Jack Ma the richest person in China. This impressive increase in assets was attributed to the strong growth of Alibaba's payment firm Ant Financial last year.
However, compared to Amazon boss, Alibaba's biggest rival globally, Jack Ma is still very far away. The fortune of Jeff Bezos , the world's richest man, is currently estimated at $ 147 billion .
Many initial public offering (IPO) deals also brought many new Chinese entrepreneurs to the list of super rich.
Zhang Yong, hotpot chain boss Haidilao, is now the richest restaurant billionaire in the world with $ 8.8 billion in assets after his company IPO on the Hong Kong stock exchange in 2018.
Another new billionaire is Zhang Yiming, founder of ByteDance, a technology company behind a series of emerging social networking applications such as TikTok . Bytedance is currently priced at $ 75 billion .
"Although China's economy grows more slowly, innovation in China continues with evidence that China's new billionaires are the most in the world," said Rupert Hoogewerf, president of Hurun Report.
Hurun's research is based on the net asset value of billionaires until January 31. In February, Chinese stocks rose when there were optimistic signs that the US-China trade war would end soon.