China is hundreds of billionaires poorer

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China is hundreds of billionaires poorer

In the past year, more than 400 super-rich have seen their wealth fall below a billion, losing their billionaire status. The majority of these ex-billionaires come from China, Reuters writes.

In the past year, more than 400 super-rich have seen their wealth fall below a billion, losing their billionaire status. (ANP / AFP)

This shift on the annual Hurun Global Rich List has been attributed to global financial market uncertainty, market disruptions from Covid-19 and China’s crackdown on tech companies. Despite this, China continues to lead the list with 969 billionaires, ahead of the United States with 691 billionaires.

SBF can also call itself a former billionaire

“The number of billionaires has decreased by 8 percent, and their wealth has shrunk by 10 percent,” said director of Hurun Rupert Hoogewerf. Despite the fact that a large number of Chinese are no longer allowed to call themselves billionaires, 69 Chinese have been allowed to do so since this year.

The most notable brand new ex-billionaire is the American accused of fraud Sam Bankman-Fried. He lost his 21 billion wealth after the collapse of the crypto exchange FTX. The criminal investigation into Bankman-Fried and his business partners is still ongoing.


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