Sharp decline in numbers in latest China Rich List - World Socialist Web Site
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Sharp decline in numbers in latest China Rich List
By Robert Campion
23 October 2018
The Hurun Research Institute released its annual China Rich List for 2018 on October 10, the 20th annual ranking of the richest individuals in China. The number of individuals with a personal wealth greater than 2 billion yuan ($US290 million) fell to 1,893 in 2018, a sharp 11 percent decrease from last year’s tally of 2,130 billionaires.
This is the first absolute drop in numbers since 2012 and the highest turnover in names ever. Moreover, some 219 new names appear on the list, which means that in all 456 multi-millionaires are no longer on the list—a fall of 21 percent. The decline reflects the impact of a slowing Chinese economy, the impact of the US trade war measures and sharp falls in China’s share markets this year.