Assets of the Wealthy Shrink, and Internet Technology Moguls Drop on China's Rich ListNews Analysis
A newly released list of China's 100 richest people indicates that the total wealth of entrepreneurs, in particular fortunes in Internet technology, diminished significantly. Experts believe that this may be related to the overall economic decline and that their assets would be further reduced from a future trend.
Compared with the year before, the total wealth of entrepreneurs on the list dropped 18 percent, to 24.5 trillion yuan ($3.38 trillion), according to the annual China Rich List in 2022, released on Nov. 8 by Hurun Research Institute.
There are 11 percent fewer, or 1,305 Chinese entrepreneurs with personal wealth of 5 billion yuan ($690 million) or more, on the list. The number of entrepreneurs, 1,187, saw their wealth diminish or remain stagnant, with 293 of them falling off the list this year. Only 411 entrepreneurs grew richer, including 133 newcomers....
Source: Assets of the Wealthy Shrink, and Internet Technology Moguls Drop on China's Rich List (https://www.theepochtimes.com/assets-of-the-wealthy-shrink-and-internet-technology-moguls-drop-on-chinas-rich-list_4864009.html)